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flipnkeys-yahoo-
Level 1

How do I add an asset like car or truck?

 
1 Comment 1
Rea_M
Moderator

How do I add an asset like car or truck?

Adding an asset (i.e., car or truck) is a breeze in QuickBooks Online (QBO), and I'm here to show you how, @flipnkeys-yahoo-.

 

You can set up an asset (Fixed Asset) account to your Chart of Accounts. This way, you're able to track the current value of your assets or the things that your company owns. If you need to calculate your car or truck's depreciation, I encourage you to work with your accountant who knows the appropriate methods.

 

Whenever you're ready, here's how:

  1. Go to the Accounting menu.
  2. Select Chart of Accounts.
  3. Click the New button.
  4. From the Account Type drop-down, select Fixed Assets.
  5. From the Detail Type drop-down, choose Vehicles.
  6. Name the account, then select the Track depreciation of this asset checkbox.
  7. Enter the current value of your asset in the Original cost field and the as of date. 
  8. When you're done, select Save and Close.

 

I've attached a screenshot below that shows the last five steps.

82.PNG

 

Also, the chart of accounts is a list of all your company's accounts and their balances. You use these accounts to categorize your transactions and break down how much money you have (or owe). To learn more about this, you can check out this article: Understand the chart of accounts in QuickBooks.

 

In case you have other concerns about adding your business assets to QBO, don't hesitate to leave a comment below. I'll be glad to help. Take care and stay safe always.

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