I know how important it is to account for your company's assets. I'll help guide you in the right direction to record this in QuickBooks Online.
If you've bought the computer outright, it should be recorded as a fixed asset and depreciated accordingly. If you haven't already, the first step will be to set up a Fixed Asset account in your Chart of Accounts. Here's an article explaining how to do that: How do I add a fixed asset account to my chart of account?
I recommend reaching out to an accountant if you're unsure which detail type to select, and to find out if you'll need to add a depreciation sub-account. This all depends on how you're structuring your bookkeeping. If any of our accountant users here in the Community have any tips, I'm sure they'll chime in for help.
Since you've already recorded the expense through an employee reimbursement, the next step will be to create a Journal Entry, moving the money from the Reimbursement account to the Fixed Asset account. To create a Journal Entry, click the Create (+) icon > Journal Entry. Ensure you're entering the HST in the Journal Entry as well. Again, if you're unsure which account to credit, and which account to debit, please consult an accountant.
Once the journal entry has been recorded, you'll see the expense with HST added to the Fixed Asset account.
I'm here if you have any questions or need clarification on the steps.
Have a great day!
Thanks for your help.
I created a supplier called Employee.
I divided the journal entry "Net pay - direct deposit" into two entries. One was the real net pay from Advanced Payroll Clearing to Wagepoint (and then to the employees). The other was the Employee Disbursement. I wrote that as money going from Advanced Payroll Clearing to the supplier Employee.
Then, as you suggested, created a journal entry with Computer/Equipment being debited and Employee being credited.
I was really stuck because I didn't think to create a journal entry. I was going round and round with the Expenses and Banking sections.
Thanks once again.
I've found another way to do this.
Wagepoint has a two step payroll processing system.
First step: Money goes from Bank to Advanced Payroll Clearance 3 days before pay date.
Second step: Money is disbursed from Advanced Payroll Clearance to various accounts on pay date. The journal for the second step is hard to find as this transaction is not shown in the Banking or the Expenses sections.
What I did:
1) Find the journal entry for the second step:
- Click on search >> View more
- Scroll to pay date where an employee reimbursement has been made
- Click on Journal entry with balance of 0.00
2) Wagepoint placed Employee disbursement in Payroll Expenses:Wages.
- Change to category you want (Ex. Computers)
- Add journal lines if the employee disbursement had multiple items.
- Choose HST option
- Upload receipts
- Make sure balance is still 0.00