Question

Adding an existing fixed-asset (vehicle)

Forum|Forum|5 years ago
May 24, 2021
14 replies
170 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.

QuickBooks Online

C

ChristieAnn 11

Level 9

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:

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

A

Alund89

Fixed assest of new leaf filter gutters. I created a new account. It shows up as fixed assest. I put zero as the balance but ahiuld I have put the loan amount? I have zero interwst for 48 months so I wasnt sure how to add it. Or what to do!

L

Longoriasbuilding

Thanks for coming back. Let me help you record where your owner purchased and paid for a truck before opening his business in QuickBooks Desktop, Longoriasbuilding.

Since they purchased it with personal funds before opening the business, we can use a journal entry to record the business expenses using personal funds. You can follow these steps:

Go to the Company menu and select Make General Journal Entries.
Select the appropriate expense account in the first Account column.
In the Debit column, type in the amount of the transaction. You can select the customer from the Name drop-down.
Choose Owner’s Equity or Owner Investment in the second Account column.
Tap Save and Close.

Once done, let's create a check for reimbursement. Here's how:

From the Banking, click Write Checks.
Select the business bank account in the BANK ACCOUNT field.
Enter the necessary details. Go to the Expenses tab and enter the Partner's equity or Owner's equity in the ACCOUNT column.
Enter the amount you want to reimburse.
Tap Save & Close.

If you're unsure of what account you need to when creating the journal entry, please reach out to your accountant. They'll guide you and ensure you're tracked accurately inside the program. In case you don't have one, just visit this page to get one: Find a QuickBooks ProAdvisor.

Feel free to visit this page for more insights about managing your business in QuickBooks Desktop: QuickBooks Help Articles.

Please fill me in if there's anything else I can do to help you manage your business transactions. You can click the reply button below to add your response. Keep safe always!

Is a reimbursement check necessary?

Fiat Lux - ASIA

Level 14

@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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