Question

Entering Fixed Asset Purchase with Business Credit Card

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Hi all! I'm brand new to Quickbooks Online and I had a question regarding how to properly setup/categorize a fixed asset purchase with a company credit card.

I recently bought a Dump Trailer for $10,491.85 on the business credit card. I then added a Fixed Asset account titled "Dump Trailer" and added the original cost and selected track depreciation.

My question is.. how do I tie the Credit Card Transaction from the "Transactions" page to the "Fixed Asset" purchase. I know transaction is not an "expense" because I will use depreciation.

Any help is much appreciated.

QuickBooks Online

KlentB

I can share some tips on how you can do that, wasteerase.

You can categorize the downloaded credit card transactions so they will be tied to the fixed asset account. Here's how to do it:

Select Transactions from the menu.
Go to the Banking tab, then choose the tile for the account you want to review.
Head to the For Review tab, then locate the credit card transaction.
Click the transaction to expand the view.
In the Category or Assigned to column, select the appropriate fixed asset account,
Change the vendor or customer as needed.
When everything looks good, select Confirm to add the transaction to your books.

I'm also adding this article to learn how to track depreciation in the program using journal entries: Depreciate assets in QuickBooks Online.

Feel welcome to visit us again here with any concerns or questions you may have. The Community got you covered.

KlentB

Hi wasteerase,

Hope you’re doing great. I wanted to see how everything is going about the issue in your fixed asset purchases. 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 anytime.

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

C

Chexnpenny

Can you tell me how this is done in QB desktop? Thanks.

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