Importing fixed assets with accumulated depreciation

Thanks for laying out the details of your concern, @claudiaSp.

You're correct that QB will calculate the accumulated depreciation amount based on the parameters you've chosen. Please keep in mind that the total depreciation value must align with QuickBooks' calculated amount for the schedule to be accurately generated. QuickBooks utilizes the purchase date, useful life, and depreciation method to compute the accumulated depreciation amount.

If there's a difference, you'll need to manually enter an adjusting entry to match your books and the fixed assets. I highly recommend seeking assistance from your accountant to ensure that your books are accurate and to avoid messing up the data. They'll also guide you in choosing the proper accounts and provide more expert ways of dealing with this.

For further details about the process, please refer to this article: Add and manage fixed assets in QuickBooks Online Advanced.

Additionally, you can modify your reports in QuickBooks to show the correct data for each company. Here are articles you can use to make changes to the filters and other information:

• Customize reports in QuickBooks Online using modern view
• How to create custom reports in QuickBooks Online Advanced

Should you require further assistance in managing your fixed assets or other business transactions, just notify me by dropping a comment below. I'll be right here to help you at any time.

Kevin_C,

Thanks for prompt reply.

We have ~100 fixed assets that we have acquired over the last 15 years. They all have different purchase prices, different lifetimes, different salvage values, different book values, etc...

I am the accountant and have used an excel spreadsheet to calculate and track these fixed assets. I've been using qb desktop for the last 15 years and very comfortable entering acquisiton, depreciation and disposal of fixed assets.

To make a 100 manual adjustments for these 100 fixed assets makes little sense. Why doesn't QB use the accumulated depreciation that was entered in the import spreadsheet?? Or at least, let the user make an adjustment in the fixed asset setup, instead of with a journal entry.

And why can't one choose the depreciation schedule, annually rather than monthly?

I upgraded to QB advanced for this fixed asset manager but with its limited capabilites, I can't justify the added expense.

imho, your development team should make this fixed asset manager more user friendly, for those of us who recently have moved from QB desktop.

Kevin_C,

Thanks for prompt reply.

We have ~100 fixed assets that we have acquired over the last 15 years. They all have different purchase prices, different lifetimes, different salvage values, different book values, etc...

I am the accountant and have used an excel spreadsheet to calculate and track these fixed assets. I've been using qb desktop for the last 15 years and very comfortable entering the data on acquisiton, depreciation and disposal of fixed assets.

To make a 100 manual adjustments for these 100 fixed assets makes little sense. Why doesn't QB use the accumulated depreciation that was entered in the import spreadsheet?? Or at least, let the user make an adjustment in the fixed asset setup, instead of with a journal entry.

And why can't one choose the depreciation schedule, annually rather than monthly?

I upgraded to QB advanced for this fixed asset manager but with its limited capabilites, I can't justify the added expense.

imho, your development team should make this fixed asset manager more user friendly, for those of us who recently have moved from QB desktop.

I can see the challenges you've experienced when migrating from QuickBooks Desktop (QBDT) to QuickBooks Online (QBO), claudiaSp. I'm here to help you send your product comments and suggestions using your QBO account.

Please know that our developers are working tirelessly to improve the program for the benefit of every user. Your feature feedback and recommendations are essential in helping our team enhance QuickBooks and its functions.

That said, kindly follow these steps to submit them to our engineers:

1. Log in to your QuickBooks account.
2. Go to the Gear icon and select Feedback.
3. Enter your suggestions in the designated field.
4. Once done, click Next to submit.

You may track the status of your request through this link: QuickBooks Online - Customer Feedback.

I'm also adding this article to help you with a seamless reconciliation process: Reconcile an account in QuickBooks Online. It helps check for any discrepancies in your transactions. It can also aid in ensuring your QuickBooks data matches your bank or credit card statement.

If you have more questions about your fixed assets, other transactions, or about sending your suggestions, just hit the Reply button. I'm just a reply away.