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tarhoo
Level 1

I have a limited set of fixed assets, and want to track expenses associated with them. Should I use sub-accounts (by asset) under maintenance and repair, or use "name"?

Using quickbooks online, thanks.
4 Comments 4
Kristine Mae
Moderator

I have a limited set of fixed assets, and want to track expenses associated with them. Should I use sub-accounts (by asset) under maintenance and repair, or use "name"?

You can create sub-accounts of any main or parent account, Tarhoo. 

 

Having said that, the sub-account should be under the parent fixed asset account. Here's how to create it:

  1. Click Accounting.
  2. Go to the Chart of Accounts tab.
  3. Click New.
  4. Select the Account Type and Detail Type.
  5. Enter a desired name.
  6. Tick the Is sub-account box, then select the fixed asset account.
  7. Click Save and Close.

I'll include the article on how to create subaccounts in your chart of accounts in QuickBooks Online for more information. 

 

Reach out to us if you have other concerns. We'd be happy to work with you again. 

Rustler
Level 15

I have a limited set of fixed assets, and want to track expenses associated with them. Should I use sub-accounts (by asset) under maintenance and repair, or use "name"?

@tarhoo 


No, costs to maintain a fixed asset is just an expense, you do not add those costs to the fixed asset item.  Creating a sub account would add those costs.

Fatih
Level 2

I have a limited set of fixed assets, and want to track expenses associated with them. Should I use sub-accounts (by asset) under maintenance and repair, or use "name"?

So, is there a way to track the expense, and somehow "link" it to the fixed asset, so you can track the expenses related to the asset like maintenance, interest payments etc.

 

Thanks

sandyholtz
Level 1

I have a limited set of fixed assets, and want to track expenses associated with them. Should I use sub-accounts (by asset) under maintenance and repair, or use "name"?

Reading these replies does not help.  A lot of reply's are not correct.  Then when someone replies that it is not correct no one answers the original question??

 

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