Fixed Asset Manager in QBO Advanced

Hi there,

I'm here to help you utilize the Fixed Asset Manager in QuickBooks Online (QBO) Advanced to help track your business assets.

Before anything else, I'd like to ensure we're on the same page about inactivating the Fixed Asset Manager. Any further details would help me give the most accurate resolution to your concern.

In QBO Advanced, you can only dispose of and delete assets. The disposal option allows you to record the disposal of a fixed asset and calculate any gain or loss from its sale. Using this option means that the asset is no longer being used for generating income and has either been sold or scrapped. On the other hand, the delete option completely removes it from the fixed assets list along with its related transactions. This option is suitable for accidentally added assets. It's important to note that once you dispose of an asset, you can no longer edit or restore it. Similarly, once you delete a fixed asset, you can't retrieve it. Therefore, I recommend using these options with caution.

Here's how to use the Disposal option:

1. On the left navigation panel, hover on Advanced accounting.
2. Click Fixed assets.
3. Locate the asset you want to dispose of and select the Action dropdown.
4. Press Dispose.
5. Manually post the required journal entries to record the disposal of your asset, such as clearing out the asset and its accumulated depreciation from the balance sheet, recording proceeds from the sale, and reflecting any resulting gain or loss in the income statement.

If you ever need to delete an asset, here's how:

1. On the left navigation panel, hover on Advanced accounting.
2. Click Fixed assets.
3. Locate the asset you want to dispose of and select the Action dropdown.
4. Press Delete.
5. Confirm that you want to permanently delete the asset.

For further guidance on managing fixed assets in QuickBooks, you can refer to this article: Add and manage fixed assets.

Additionally, you can run reports to obtain a list of your fixed assets and a summary of their depreciation details.

Should you have any other concerns about managing your assets in QuickBooks, please feel free to return to this post. I'm here to assist you.