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

In 2023, I made a video on how to enter fixed assets into QBO after the 2022 Chart of Accounts experience update. This update allowed users to enter and track non-current assets and their individual depreciation on their Balance Sheet Report. However, since then, this feature has been backed out of the Chart of Accounts experience, so I needed to create an update video for a 2024 update on how to enter and track depreciation on your small business fixed assets. Now, your Fixed Asset category and Accumulated Depreciation will have the traditional look on your Balance Sheet, and you will need to utilize a separate spreadsheet via Excel, Google Sheets, etc in order to track the individual Fixed Assets, original cost, depreciation taken, and net value. We will also go over this spreadsheet in this video as well as some basic purchase, sell, and depreciation entries and how to handle those.
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0:00 Intro
2:15 Introducing the External (to QBO) Spreadsheet
4:28 Entering the Fixed Assets into QBO
18:18 Brief Depreciation Discussion
24:10 Brief Discussion on Sale of Fixed Assets
28:00 Conclusion

[@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

[@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 If I received a direct deposit $1000 to the business checking account, but this money is for the owner and need to be withdrawn as cash $1000.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!