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Thanks for joining the Community space, @azeezaganran-gma. I'd be glad to help sort out your current and fixed assets so we can record them in the program logically.
Current assets are the cash or investments a business owns and expect to use or turn into cash within a year. Since they depreciate, we can create an asset account first to track their current value.
Here's how:
Moreover, fixed assets are resources for long-term use. It contains property, plant, and equipment (PP&E), and capital assets that a company expects to use for more than one accounting period. You can repeat the steps above to create an account for Fixed assets.
Once done, navigate to the +New again and select Journal entry to record the worth of the assets. I'm adding screenshots for reference:
See this article to learn which ones gradually lose value over time: Set up an asset account in QuickBooks Online.
If you need to record their depreciation, please know that you need to manually track them using journal entries. You can refer to your accountant for the calculation. They can recommend the best method according to your situation.
I'm delighted to walk you through setting up your current and fixed assets in the program. Leave a comment below if you need more help managing your assets or any other accounts in the COA. I'll be here for you.
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