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DtetzlaffDWC
August 28, 2023
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Fixed Asset List

  • August 28, 2023
  • 1 reply
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Hello, I am currently using Quickbooks Online. I want to start tracking fixed assets in QBO. Where do I find the fixed asset list?  (It was available in desktop version). 

My fixed asset: Vehicles account has the total amount for all vehicles. I am adding new vehicles to this account, but want to add each vehicle, cost, VIN/information, date of purchase etc, into the fixed asset list.  I do NOT want to add a new GL account for each fixed asset my company uses. That will make my Balance sheet a nightmare.

Thank you,

    Best answer by KlentB

    I understand that the current workflow may complicate and clutter your balance sheet report. Let's navigate through the steps to achieve your desired outcome within the online platform, DtetzlaffDWC.

     

    Please be aware that in QuickBooks Online Simple Start, Essentials, and Plus, we'll have to create separate accounts for each fixed asset. Currently, the option to manage a comprehensive asset list with detailed tracking of the cost and purchase details is only available in the Advanced version.

     

    If you're on a different plan, I recommend upgrading your subscription. This way, you'll gain access to the feature that allows us to maintain a unified account and consolidate all accumulated depreciation for vehicles under a single figure.

     

    Once you're all set and ready, follow these steps to set up your assets:

     

    1. Go to the Accounting menu.
    2. Select Fixed Assets, then choose Add an asset or Add multiple assets.
    3. Fill out the details for your fixed asset:
      • Purchase price
      • Depreciation method
      • Depreciation start date
      • Useful life
      • Accumulated depreciation
      • Asset account
      • Depreciation expense account
      • Accumulated depreciation account
    4. Hit Save to complete the action.

     

    To learn more about different tips and tricks for using this functionality, check out our FAQ page. I also encourage reading this article to learn how to record depreciation: Depreciate assets in QBO.

     

    I'm still here if you need further assistance or clarification while working on the consolidation process and adding vehicle information. Just post your concerns below, and I'll take care of them.

    1 reply

    S
    SashaMC
    August 28, 2023

    Thank you for reaching out to the Quickbooks Community, DtetzlaffDWC! If you need to find all your fixed assets, follow the steps below:

     

    1. Go to Settings ⚙ and select Chart of Accounts.
    2. Choose the Type ▼ header to sort your Chart of accounts by account type.
    3. In the Type column, look for accounts with “Other Current Assets” or “Fixed Assets”.

     

    If you would like to start tracking fixed assets in QuickBooks Online. I encourage you to follow this article below:

     

     

    Please let me know if you have any other questions! I will be happy to help! See you soon. 

    D
    DtetzlaffDWCAuthor
    August 28, 2023

    I have a fixed asset account for the following sub sections: Vehicles, Machinery & Equipment, Land , Furniture and Fixtures, Construction in Progress and Building.  I am adding 2 new vehicles. I do NOT WANT TO ADD A NEW ACCOUNT FOR EVERY ASSET THAT I OWN

     

    .  I want all my vehicles recorded under vehicles - 1 number. I want all my accumulated depreciation for vehicles recorded under 1 account (Accumullated Depreciation - Vehicles) 1 number.  I want a place in QBO where I can record all the vehicles that make up this 1 number.  I also want to record date purchased/VIN/Cost etc. Then I can pull a Fixed asset report.  I was able to do this in desktop.  WHERE CAN I DO THIS IN THE ONLINE VERSION?

      KlentB
      KlentBAnswer
      August 28, 2023

      I understand that the current workflow may complicate and clutter your balance sheet report. Let's navigate through the steps to achieve your desired outcome within the online platform, DtetzlaffDWC.

       

      Please be aware that in QuickBooks Online Simple Start, Essentials, and Plus, we'll have to create separate accounts for each fixed asset. Currently, the option to manage a comprehensive asset list with detailed tracking of the cost and purchase details is only available in the Advanced version.

       

      If you're on a different plan, I recommend upgrading your subscription. This way, you'll gain access to the feature that allows us to maintain a unified account and consolidate all accumulated depreciation for vehicles under a single figure.

       

      Once you're all set and ready, follow these steps to set up your assets:

       

      1. Go to the Accounting menu.
      2. Select Fixed Assets, then choose Add an asset or Add multiple assets.
      3. Fill out the details for your fixed asset:
        • Purchase price
        • Depreciation method
        • Depreciation start date
        • Useful life
        • Accumulated depreciation
        • Asset account
        • Depreciation expense account
        • Accumulated depreciation account
      4. Hit Save to complete the action.

       

      To learn more about different tips and tricks for using this functionality, check out our FAQ page. I also encourage reading this article to learn how to record depreciation: Depreciate assets in QBO.

       

      I'm still here if you need further assistance or clarification while working on the consolidation process and adding vehicle information. Just post your concerns below, and I'll take care of them.

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