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AY6
February 15, 2021
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Fixed Assets i

  • February 15, 2021
  • 3 replies
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Hi, Can you please guide me how to add the Fixed Assets in Quick Books? And all things Loop with Fixed Assets like Depreciation, Booking Invoice & List of Fixed Assets.

Best answer by Maybelle_S

Glad to have you here in the Community, @AY6.

 

I can help you add fixed assets in QuickBooks Online (QBO).

 

We'll have to create first an asset account in QBO. This where we track the current value and depreciation of your assets.

 

Here's how:

  1. Go to the Accounting menu, and then choose Chart of Accounts.
  2. Click New at the upper right corner.
  3. From the Account Type drop-down arrow, choose Fixed Asset or Other Assets.  
  4. In the Detail Type drop-down arrow, select the option that nearly describes the asset. 
  5. Enter the account name. 
  6. Put a checkmark beside Track depreciation of this asset checkbox. 
  7. Assign an Original Cost and enter the As Of date of the purchase.  
  8. Click Save and Close.

Once done, record the Asset by using a Journal entry. I'll guide you how:

 

  1. Go to the +New button.
  2. Under Other, select Journal entry.
  3. Set the Asset's purchase date as the Date of the entry. 
  4. On the first line select the Asset account then record the item and enter the purchased value as a Debit. 
  5. For the second line, use the same amount.
    • If the Asset's purchase needs to be recorded in your Bank Registers for historical reconciliations or any other reason, Credit the Bank Account.
    • If the Asset's purchase won't be listed in your books, Credit the Opening Balance Equity account, representing an Asset that was brought into the company on the book's starting date.
  6. Click Save and close. 

For additional information on this, I recommend checking the following articles:  

Also, here's a link for your reference on how to depreciate assets in QBO: Depreciate assets.

 

Keep me posted if you have other questions. I'm always here to help. Have a great day!

3 replies

M
Maybelle_SAnswer
February 15, 2021

Glad to have you here in the Community, @AY6.

 

I can help you add fixed assets in QuickBooks Online (QBO).

 

We'll have to create first an asset account in QBO. This where we track the current value and depreciation of your assets.

 

Here's how:

  1. Go to the Accounting menu, and then choose Chart of Accounts.
  2. Click New at the upper right corner.
  3. From the Account Type drop-down arrow, choose Fixed Asset or Other Assets.  
  4. In the Detail Type drop-down arrow, select the option that nearly describes the asset. 
  5. Enter the account name. 
  6. Put a checkmark beside Track depreciation of this asset checkbox. 
  7. Assign an Original Cost and enter the As Of date of the purchase.  
  8. Click Save and Close.

Once done, record the Asset by using a Journal entry. I'll guide you how:

 

  1. Go to the +New button.
  2. Under Other, select Journal entry.
  3. Set the Asset's purchase date as the Date of the entry. 
  4. On the first line select the Asset account then record the item and enter the purchased value as a Debit. 
  5. For the second line, use the same amount.
    • If the Asset's purchase needs to be recorded in your Bank Registers for historical reconciliations or any other reason, Credit the Bank Account.
    • If the Asset's purchase won't be listed in your books, Credit the Opening Balance Equity account, representing an Asset that was brought into the company on the book's starting date.
  6. Click Save and close. 

For additional information on this, I recommend checking the following articles:  

Also, here's a link for your reference on how to depreciate assets in QBO: Depreciate assets.

 

Keep me posted if you have other questions. I'm always here to help. Have a great day!

    M
    Maybelle_S
    February 16, 2021

    Hi, AY6.

     

    Hope you’re doing great. I wanted to see how everything is going about adding the fixed asset account you had the other day. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.

     

    Looking forward to your reply. Have a pleasant day ahead!

      A
      AY6Author
      February 20, 2021

      Hello, 

       

      Thank you for help, appreciate the efforts 🌷

        E
        Eharper
        February 28, 2023

        I need to enter fixed assets in Quickbooks Desktop Pro Pluss 22 that have a zero balance (have already been paid but are a fixed asset to the company? 

         

        E
        Eharper
        February 28, 2023

        I need to enter fixed assets in Quickbooks Desktop Pro Pluss 22 that have a zero balance (have already been paid but are a fixed asset to the company? 

         

        E
        Ethel_A12
        February 28, 2023

        I'm here to help you record fixed assets in your QuickBooks Desktop account, @Eharper.

         

        First, we have to create an asset account to track the current and depreciation of your assets.

         

        Here's how:

         

        1. Go to the Accountant tab, and then choose Chart of Accounts.
        2. From the Account dropdown, choose New.
        3. From the Add New account: Choose Account Type page, and choose Fixed Asset (major purchases).
        4. Click Continue.
        5. From the Add New Account page, enter the necessary details. 
        6. In the Detail Type drop-down arrow, select the option that nearly describes the asset.
        7. Enter the account name.
        8. Click Save and Close.

         

        Once done, you can record the asset through Journal entry.

         

        Here's how:

         

        1. Go to the Company menu and select Make General Journal Entries.
        2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
        3. Select Save or Save & Close.

         

        Also, you may find these articles helpful:

         

         

        Keep me posted if you have other questions about fixed assets. I'm always here to help. Have a great day!

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