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February 4, 2024
Question

How can I load land into the new fixed assets module which is not depreciated?

  • February 4, 2024
  • 1 reply
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1 reply

February 4, 2024

Welcome to the Community page, Steve. Let me show you the steps on how to set up assets in QuickBooks Online.

 

If you need to create an asset account to track your land, here's how:

 

  1. Go to Settings ⚙, then select Chart of Accounts.
  2. Select New.
  3. From the Account Type ▼ dropdown, select Tangible Assets.
  4. From the Detail Type ▼ dropdown, select the option that closely describes the asset.
  5. Name the account, then select the Track depreciation of this asset checkbox.
  6. Enter the current value of your asset in the Original cost field and the as-of-date. If recording the loan, leave this blank.
  7. Press the Save and Close.

 

Furthermore, you can also consider getting some advice from your accountant about the depreciation and keeping books accurate and expense accounts to use. Do you want to have one? Visit this article: The ProAdvisor Program.

 

If there's anything you want to achieve, I'll be here to support you. Please let me know by adding your response below.