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mapstonetrucking
July 1, 2019
Question

How do I add a fixed asset account to my chart of account? It is not an option in the drop down menu.

  • July 1, 2019
  • 3 replies
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3 replies

Anonymous
July 1, 2019

Hello, mapstonetrucking.

 

In QuickBooks Online, fixed assets is under the Property, plant and equipment account type. The Detail Type is divided by the following categories:

  • Accumulated Amortization  
  • Accumulated Depreciation 
  • Accumulated depletion
  • Buildings
  • Depletable Assets 
  • Furniture and Fixtures 
  • Leasehold Improvements 
  • Machinery and equipment
  • Vehicles 


If your fixed asset is not covered by these categories, you can select Other fixed asset instead. 


We’re just a post away if you have other questions or need anything else.
 

gatewaytranslations
June 30, 2021

Could you please explain the difference between accumulated depreciation and accumulated amortization, and when to use which?

JamesM4
June 30, 2021

Hi gatewaytranslations. Thanks for connecting with us here. It's vital you know the difference between the two accounts and I'll be happy to share more info. Accumulated depreciation is the total amount of the depreciation expense allocated to an asset since it was used. Accumulated amortization is the total amount of amortization expenses recorded for an intangible asset. The main difference between depreciation and amortization is that depreciation is used for physical assets, whereas, amortization is used for intangible assets. 

 

I encourage you to reach out to an accounting professional for expert advice on when to use either of the two accounts. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any discrepancies on your account. Feel free to ask other questions, I'm here to assist. 

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