Why are capital asset categories missing more specific categories? For example: General Equipment, Power Equipment, Computer Equipment or Office Equipment.

Thank you for bringing up your concerns regarding the categorization of capital assets in QuickBooks Online, Betski62. I understand that having more specific categories could provide clearer organization and tracking of your assets.

QuickBooks Online currently uses generalized categories to simplify the accounting process for a wide variety of users. These categories are designed to accommodate various business needs without overwhelming users with too many options.

However, this generalization might not meet the specific needs of every business, especially for those who require detailed tracking of different asset types.

You can set up sub-accounts under the broader categories to capture the specific types of assets relevant to your business. Here's how to create a subaccount:

1. Go to Transactions and select Chart of accounts.
2. Click New button, enter the specific categories in the account name.
3. Enter the same Account type and Detail type of your parent account.
4. Tick the box in the Make this a subaccount.
5. Fill in the details through the process and click Save to confirm.

Regarding the management of amortization and depreciation for your assets, QuickBooks Online doesn't automatically calculate these values for each specific asset category since the system utilizes generalized asset categories. Therefore, you need to manage amortization and depreciation through a manual process.

Additionally, you can check out this article for future reference when reconciling your accounts in QuickBooks: Reconcile an account in QuickBooks Online.

If you have further questions or need assistance in setting up your asset categorization, please don’t hesitate to reach out. We're here to help you make the most of QuickBooks for your business.