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nzi
Level 2

How to enter fixed asset opening balance?

 
1 Comment 1
GraceC
QuickBooks Team

How to enter fixed asset opening balance?

Hello there, @nzi.

 

You can enter a fixed asset from the Account type section in QuickBooks Online.

 

Here's how:

  1. Choose the Gear ⚙, then select Chart of Accounts.
  2. Select New.
  3. From the Account Type ▼ dropdown, select Fixed Assets or Other Assets.
  4. From the Detail Type ▼ dropdown, select the option that closely describes the asset.
  5. Name the account, then select the Track depreciation of this asset checkbox.
  6.  Select Save and Close.

For more detailed steps, you can check out this article: Set up an asset account in QuickBooks Online.

 

However, if you created a fixed asset account but your opening balance has not yet been set. Please follow these steps below.

  1. Go to Sales, then select Customers.
  2. Select New Customer upper right.
  3. Enter customer information.
  4. Go to the Payments and Billing which is between the Tax info and Attachments tabs, then enter Opening Balance and as of date (most likely the date you started your QuickBooks Online account).
  5. Hit Save.

To learn more about the process above, feel free to read through this article: How to enter outstanding balances for customers and vendors. It includes steps if you need to edit the income account that the opening balance is assigned to.

 

You also want to read and learn more about how to reconcile an account in QuickBooks Online. It includes steps to guide you on matching your actual bank and credit card statements with your transactions in QuickBooks. 

 

Don't hesitate to leave a comment below. I'm always around to help you out.