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lyndaj
Level 2
posted
‎March 26, 2022 04:46 AM
last updated ‎March 26, 2022 4:46 AM

QUICKBOOKS ONLINE MAKING A CHANGE TO A FIXED ASSET SET UP IN CHART OF ACCOUNTS

New client - tried to help him fix his QB online balance sheet.  Added accounts for assets (I am not good with QBO-I have been using QB desktop for 30+ years).  Anyway, asked if I wanted to track depreciation.  I checked the box and put in the original cost.  On one, I entered the wrong original cost.  How do I change - will not let me edit.  Also, it shows on BS as shown below.  Why is it double?  The Trailer cost $6300 and the leaf vac was $3630.32.  How do i correct this?  Any help would be greatly appreciated.  Thank you.

Fixed Assets

Leaf Vacuum                                                    3,630.32

Original cost                                                     3,200.00

Total Leaf Vacuum                                           6,830.32

 

TRAILER                                                        6,300.00

Original cost                                                     6,300.00

Total TRAILER                                              12,600.00

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2 Comments 2
katherinejoyce21
Level 2
‎March 26, 2022 08:40 AM

QUICKBOOKS ONLINE MAKING A CHANGE TO A FIXED ASSET SET UP IN CHART OF ACCOUNTS

Hi there, @lyndaj.

 

I’m delighted to help you edit the fixed assets you’ve set up in the chart of accounts.

 

Here’s how:

 

  1. Open the chart of accounts, find the new fixed asset.
  2. Click the use register for the depreciation sub-account, then click on the amount.
  3. Select the delete button.
  4. Re-open the chart of accounts and ensure the fixed asset account and sub-accounts are now zero.
  5. Click the use register for the cost sub-account, then make a new entry and enter the amount, and click Save.

 

Check out this article for additional reference: What to do if you didn't enter an opening balance in QuickBooks Online.

 

Also, here's a link for your reference on how to depreciate assets in QBO for your future reference: Depreciate assets.

 

Feel free to post some more if you have additional concerns. I’ll be here to guide you again.

 

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lyndaj
Level 2
‎March 26, 2022 09:12 AM

QUICKBOOKS ONLINE MAKING A CHANGE TO A FIXED ASSET SET UP IN CHART OF ACCOUNTS

Thank you so much.  I will contact the client and have him add me so I can go in and fix this.

 

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