How can I change a Fixed Asset Item to Expense Item

KM402 · ‎October 07, 2022

How can I change a Fixed Asset Item to Expense Item?

BigRedConsulting · ‎October 07, 2022

Your question is somewhat confusing because there is no such thing as an Expense item on the item list, nor is there a Fixed Asset type item. Also, while there are Expense accounts on the Chart of Accounts, there is no Fixed Asset account type.

There is a Fixed Asset List, which contains only fixed assets.

On the Chart of Accounts, you can change an Asset account to an Expense account. Just edit it and change the Account Type.

If that doesn't answer your question, please restate it with more details. Perhaps a screenshot will help.

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Kurt_M · ‎October 07, 2022

Hi there, @KM402. Now that I'm here, I'll ensure that you can get through this and change a fixed asset item into an expense item in QuickBooks Desktop (QBDT).

Please know that you'll have to delete the inventory item and recreate them so you can set the account type of those items as an expense instead of as an asset. Here's how:

Access your QuickBooks Desktop company.
Go to Lists, and then select Item List.
Select the item you want to delete.
Go to Edit, and then click Delete item.

Once done, proceed to recreate the item you deleted. See this article for more information: Add, edit, and delete items.

In addition, I've got you this article to help you manage payments in QBDT: Take and process payments in QuickBooks Desktop.

@KM402, If you need further assistance with this or if you have any additional QuickBooks-related concerns. Don't hesitate to get back to me by clicking the REPLY button below. I'll be more than happy to help you out again. Take care, and have a great weekend.

BigRedConsulting · ‎October 07, 2022

@Kurt_M RE: Please know that the option to change a fixed asset item to an expense item is unavailable in QDBT.

What happened to the option? Why did Intuit take it away? Seems like it would be useful.

BigRedConsulting · ‎October 07, 2022

@KM402

Your question is somewhat confusing because there is no such thing as an Expense item on the item list, nor is there a Fixed Asset type item. Also, while there are Expense accounts on the Chart of Accounts, there is no Fixed Asset account type.

There is a Fixed Asset List, which contains only fixed assets.

On the Chart of Accounts, you can change an Asset account to an Expense account. Just edit it and change the Account Type.

If that doesn't answer your question, please restate it with more details. Perhaps a screenshot will help.

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How can I change a Fixed Asset Item to Expense Item