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July 22, 2024
Question

We bought a freezer for our restaurant. What account would that go under?

  • July 22, 2024
  • 1 reply
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We bought a freezer for our restaurant. What account would that go under?

1 reply

July 22, 2024

Welcome to Community, @Buckster.

 

Allow me to guide you in setting up an account in QuickBooks Online.

 

Since the freezer was purchased for your business, we can set this up as a fixed asset account so we can track this accordingly. This includes land, vehicles, buildings, machinery, and equipment.

 

Here's how:

 

1. Go to the Gear icon, and select Chart of Accounts.

2. Click New.

3. Choose Fixed Asset or Other Assets under Account type.

4. Under Detail type, choose the option that suits the asset.

5. Enter the opening balance amount in the Opening balance, and select the starting date in the Date field.

6. Hit the Save button.

 

You can refer to this article for more details: Set up an asset account in QuickBooks Online. If you are using QuickBooks Online Advance, see this link: Add and manage fixed assets in QuickBooks Online Advanced.

 

Then, you can record the purchase either as an expense or by check using the asset account you've set up. For more details on how to enter an expense, see this article:  Enter and manage expenses in QuickBooks Online.

 

Also, I'd suggest collaborating with your accountant as they can guide you with the appropriate accounts to use so your books are accurate.

 

Additionally, you can visit this article on how to track depreciation of your assets in QuickBooks Online: Depreciate assets in QuickBooks Online.

 

If you have any concerns about adding accounts to the Chart of Accounts or any QuickBooks related, feel free to leave a comment below. I'd be happy to assist you.