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Set up an asset account in QuickBooks Online

by Intuit Updated 4 weeks ago

Learn how to set up an asset account in QuickBooks Online.

In QuickBooks Online, you can create an asset account to track the current value and depreciation of your assets. Depreciation refers to the decrease in value of your assets over time. This includes land, vehicles, buildings, machinery, and equipment.

Note: If you need to calculate your asset’s depreciation, we recommend you work with your accountant who knows the best methods. You may also want to check the chart of accounts so you can better understand what each account is for and what it does.

Step 1: Check to see if you already have an asset account

  1. Go to Settings Settings gear icon. and select Chart of accounts (Take me there).
  2. In the Filter by name or number field, enter depreciation.
  3. In the Name column, find Depreciation.
  4. In the Account Type column, find Other expense
  5. In the Detail Type column, find Depreciation.
    Note: If there’s an account that matches the description, your asset account is already set up. You no longer need to create one. Otherwise, you can create an asset account if no account appears.

Step 2: Set up an asset account

Set up an asset account if you don’t see one in your chart of accounts. Here’s how:

  1. Go to Settings Settings gear icon. and select Chart of accounts (Take me there).
  2. Select New.
  3. In the Name field, enter the name of the account.
  4. In the Account type ▼ dropdown, select Fixed assets or Current assets or Non-current assets.
  5. In the Detail type ▼ dropdown, select the option that closely describes the asset.
  6. In the Balance field, enter the opening balance amount. Then, select the starting date in the as of field.
    Note: The balance can be R0.
  7. Select Save and Close.
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