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C
claudiaSp
June 29, 2024
Question

Importing fixed assets with accumulated depreciation

  • June 29, 2024
  • 1 reply
  • 0 views
I used the template spreadsheet in QB Advanced to enter ~100 fuxed assets, with all the data (purchase price, salvage value, accumulated depreciation,useful life, etc..) When I imported them, QB ignored my accumulated depreciation value, and entered its own calculation with a different value. Why would my 100 entries of the 100 asset's accumulated depreciation not get imported? And I don't see any way to revise QB's calculated accumulated depreciatioin for each asset?

1 reply

K
Kevin_C
June 29, 2024

Thanks for laying out the details of your concern, @claudiaSp.

 

You're correct that QB will calculate the accumulated depreciation amount based on the parameters you've chosen. Please keep in mind that the total depreciation value must align with QuickBooks' calculated amount for the schedule to be accurately generated. QuickBooks utilizes the purchase date, useful life, and depreciation method to compute the accumulated depreciation amount.

 

If there's a difference, you'll need to manually enter an adjusting entry to match your books and the fixed assets. I highly recommend seeking assistance from your accountant to ensure that your books are accurate and to avoid messing up the data. They'll also guide you in choosing the proper accounts and provide more expert ways of dealing with this.

 

For further details about the process, please refer to this article: Add and manage fixed assets in QuickBooks Online Advanced.

 

Additionally, you can modify your reports in QuickBooks to show the correct data for each company. Here are articles you can use to make changes to the filters and other information:

 


Should you require further assistance in managing your fixed assets or other business transactions, just notify me by dropping a comment below. I'll be right here to help you at any time.

C
claudiaSpAuthor
June 29, 2024

Kevin_C,

Thanks for prompt reply.

We have ~100 fixed assets that we have acquired over the last 15 years. They all have different purchase prices, different lifetimes, different salvage values, different book values, etc...

I am the accountant and have used an excel spreadsheet to calculate and track these fixed assets. I've been using qb desktop for the last 15 years and very comfortable entering acquisiton, depreciation and disposal of fixed assets.

To make a 100 manual adjustments for these 100 fixed assets makes little sense. Why doesn't QB use the accumulated depreciation that was entered in the import spreadsheet?? Or at least, let the user make an adjustment in the fixed asset setup, instead of with a journal entry.

And why can't one choose the depreciation schedule, annually rather than monthly?

I upgraded to QB advanced for this fixed asset manager but with its limited capabilites, I can't justify the added expense.

imho, your development team should make this fixed asset manager more user friendly, for those of us who recently have moved from QB desktop.

 

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