Question

Adding an existing fixed-asset (vehicle)

Forum|Forum|5 years ago
May 24, 2021
14 replies
122 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!

ShyMae

QuickBooks Team

Is a reimbursement check necessary?

Hello there, Longorias. From a business perspective, keeping track of your personal and business transactions is necessary to ensure proper tracking.

Meanwhile, it also depends on whether you want to receive reimbursement personally.

To ensure the accuracy of your financial records and obtain specific advice, I suggest consulting with your accountant. They can provide valuable insights and help you make informed financial decisions.

If you don't have one, you can find a professional through this link: https://quickbooks.intuit.com/find-an-accountant/.

Meanwhile, in QuickBooks Desktop, you can modify existing accounts or add new ones to better track your company's cash flow, including income, expenses, and outstanding balances.

You are welcome to connect with me again if you need further clarification regarding check reimbursement. I'm always here to lend a hand. I wish you all the best!

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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