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L
Lisa619
May 24, 2021
Question

Adding an existing fixed-asset (vehicle)

  • May 24, 2021
  • 14 replies
  • 129 views

We never added our fixed-assets into Quickbooks. These are assets that we had before we even started to use the program. Items include a company vehicle and equipment (tools). How can I add these into QB so that it shows on the balance sheet? I have tried to add a new account in the chart of accounts but there is no option for me to add a value - so I then went into the chart of accounts - selected my newly made account and added the journal entry to record the fair market value. This resulted in a "split" and QB automatically deducted the value I entered. This caused our balance sheet to record $0 for the fixed asset. HELP.

14 replies

C
ChristieAnn 11
Level 9
May 24, 2021

Hi there, Lisa619.

 

Welcome to the QuickBooks Community. I'll ensure you're able to record asset entries that are associated with Items include a company vehicle and equipment (tools).

 

There is a specific categorization for every entry in QuickBooks Online. Fixed Asset are the purchased items for long-term use. These are usually equipment, machinery, land, and cars. That said, you can enter company vehicle and equipment (tools) as a purchased asset in your QuickBooks Online. Before that, you'll have to create an asset account connected with the correct detailed type where the equipment will be posted. While doing this, I also recommend consulting an accountant for additional guidance on posting correct accounts or the right category of the entry. This way, you're able to make sure that your account stays accurate.

 

Here's how to create account: 

 

  1. Go to the Gear icon at the top.
  2. Under Your Company column, choose Chart of Accounts.
  3. On the top right, select New.
  4. From the Account type, select either Fixed Asset.
  5. Select the detail type that best describes the asset (Vehicles and Equipment).
  6. Name the account.
  7. If you mark the Track depreciation of this asset box, the system will automatically create a Depreciation sub-account for the item.
  8. Fill in the original cost fields.
  9. Select Save and Close.

 

For additional information, you can refer to this article: Set up an asset account in QuickBooks Online.

 

After that, you can now create an expense and use the asset account you've made.

 

Please click this article on how to set up a particular account to manually track depreciation using journal entries: Depreciate assets in QuickBooks Online.

 

If there's anything else that I can help you with, please let me know by leaving any comments below. I'll be here to lend a hand.

L
Longoriasbuilding
December 18, 2023

How would you do this for quickbooks online. Our owner uses his personal truck strictly for business. We want to add it it our fixed assets list but how would I go about that in quickbooks desktop?

 

thank you 

K
Kurt_MQuickBooks Team
QuickBooks Team
December 18, 2023

Thanks for joining the thread, @Longoriasbuilding. We'll help you add an item into your asset account inside QuickBooks Desktop (QBDT).

 

Before anything else, know we appreciate you taking the time to post here in the Community space. We'll gladly input the steps below to get you going:

 

  1. Access your QuickBooks Desktop Company.
  2. Go to the Lists menu.
  3. Choose Fixed Asset Item List.
  4. Enter the necessary details.
  5. Once done, click the OK button.

 

Please see this page for more information: Use Fixed Asset Manager in QuickBooks Desktop.

 

If you're unsure of what asset account to use for the truck, you can reach out to your accountant. This way, they can guide you and ensure you're tracked accurately inside the program. In case you don't have an accountant, you can visit this page to get one: Find a QuickBooks ProAdvisor.

 

In case you also want to do it in QuickBooks Online (QBO), please be aware that the option is available in the Advanced subscription. If you're using the advanced version, please see this page for further guidelines: Add and manage fixed assets in QuickBooks Online Advanced.

 

Moreover, if you wish to run a report and add more details to it, feel free to visit these articles:

 

 

We look forward to having you here again, @Longoriasbuilding. You can comment below if you have any additional QuickBooks-related concerns or need further assistance managing assets inside the program. Have a good one.

Fiat Lux - ASIA
Fiat Lux - ASIA
Level 14
May 24, 2021

@Lisa619 

As an additional option, you may have an additional app to integrate with your QBO and manage your fixed asset and record the depreciation cost automatically.

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