I understand that the current workflow may complicate and clutter your balance sheet report. Let's navigate through the steps to achieve your desired outcome within the online platform, DtetzlaffDWC.
Please be aware that in QuickBooks Online Simple Start, Essentials, and Plus, we'll have to create separate accounts for each fixed asset. Currently, the option to manage a comprehensive asset list with detailed tracking of the cost and purchase details is only available in the Advanced version.
If you're on a different plan, I recommend upgrading your subscription. This way, you'll gain access to the feature that allows us to maintain a unified account and consolidate all accumulated depreciation for vehicles under a single figure.
Once you're all set and ready, follow these steps to set up your assets:
- Go to the Accounting menu.
- Select Fixed Assets, then choose Add an asset or Add multiple assets.
- Fill out the details for your fixed asset:
- Purchase price
- Depreciation method
- Depreciation start date
- Useful life
- Accumulated depreciation
- Asset account
- Depreciation expense account
- Accumulated depreciation account
- Hit Save to complete the action.
To learn more about different tips and tricks for using this functionality, check out our FAQ page. I also encourage reading this article to learn how to record depreciation: Depreciate assets in QBO.
I'm still here if you need further assistance or clarification while working on the consolidation process and adding vehicle information. Just post your concerns below, and I'll take care of them.
