How To Enter Fixed Assets into QuickBooks Online (2024 Updated)

[@damon-burton]

Great breakdown. Understanding fixed assets is crucial for accurate financial reporting. Also, have you explored using depreciation schedules for better asset management? This video is a solid foundation.

[@staceysmith9482]

I appreciate your calm detailed demeanor. Great demo ! Thank you!

[@francisssekisaka312]

Hello, Thanks for the Demo. What do I do when if I purchased more than one item? For example, 5 macbooks

[@essentiallyintentional]

You're welcome! What may be best is in QBO just creating (if not already created) one a single Fixed Asset account called “Computers” or “Office Equipment”, whatever you’d like, and put all the laptop purchases in there. Then, create a separate spreadsheet outside of QBO, something like Excel or Google Sheets in order to track your Fixed Assets on an individual level, recording things such as purchase date, purchase amount, depreciation method, deprecation taken, net value, etc

[@Ahead-by6vo]

Well done! Thank you. It's so helpful when you are also competent in Excel and use it as additional tool. I love Excel! Question 1: I am not sure what changes QBO made, but can you not create a sub account of depreciation (manually) under each asset, just like the old way? Question 2: Not related to this. If I received a direct deposit $1000 to the business checking account, but this money is for the owner and need to be withdrawn as cash $1000. How would you compose the Journal Entries? I wonder how you would categorize the initial deposit? Thank you!

[@jennacdodge]

Thanks for this! My QBO still allows me to create depreciation accounts for each asset - weird! My question is regarding entering assets purchased in prior years. Would the credit portion of the journal entry to get these assets on the books go to retained earnings?

[@essentiallyintentional]

Just now getting to this, hopefully we covered this well enough in our training session!