How to Record Fixed Assets in QuickBooks Online

If you’re using QuickBooks Online as your bookkeeping tool, but you’re not keeping track of your fixed assets, you’re missing an important step in helping reduce your tax burden.
The good news is this is an easy step to learn! Today I’ll walk you through how to record fixed assets in QuickBooks Online.
Read the step-by-step instructions here: amynorthardcpa.com/fixed-asse...

[@elijah3347]

Awesome Tutorial

[@mohamedjafran4696]

Really 💯💯💯 helpful

[@carringtonlovejr2325]

Great job ma'am. You should add "without a loan" into your title, to get more views via search results

[@shawnwood9875]

How do you know how much depreciation you put in QBO?

[@sameermishra6244]

Good explain.

[@paulbarnes1549]

This is out of date or only applies to US versions as the options are not available in UK

[@gimj2008]

How to I record a company vehicle to my fixed assets. The vehicle was purchased many years ago , no current on the vehicle

[@annafecamarillo5656]

How to record an aircraft acquisition for a non-profit organization?

[@cafecitoconpanasmr2794]

How do you record assets paid with petty cash?

[@mariakelley9842]

This may be a stupid question but, if I record the new purchased item as an asset, then how do I account for the cost for it so that it shows as an expense in my P&L? When I follow the steps you mentioned, my expenses went down on my P&L. For clarification, I'm currently backtracking to fix entry errors. This is one of them.

[@GrahamArmitageX]

I am currently fixing same kind of errors - I think the expense has to be the depreciation amount and not the full asset purchase price - but I would like to know the answer too.

[@Orozcoi7]

You shouldn’t expense anything at the time of purchasing an asset, that is why it’s an asset and not an expense. The expense of the asset occurs through the yearly depreciation over the useful life of the asset.

[@vids595]

@@Orozcoi7 But then a P&L shows that I have way more income that I actually do. When self-employed we are often asked to provide a P&L as a way to show income, but not all profit is income when your business invests in assets.

[@joshuaeggleston6630]

@@vids595 In the rules of accounting, most large tangible purchases must be capitalized; these are called fixed assets. The "expense" of the purchase is then depreciated over the life of the assets. For example, If you bought a $4,000 laptop and the useful life is four years, then you will expense/write-off $1,000 a year. There are guidelines from the IRS on how long items should be depreciated for. I suggest talking to your tax preparer.

[@serenityedits1857]

Could a better title for the fixed asset account be Office Computers? That way people arent creating accounts for each fixed asset they purchase.

[@joshuaeggleston6630]

I am not sure what level it starts at, however, if you purchase Quickbooks Online Advance, there is a way to do this.

[@zhannavalieva9372]

I clicked “ new” and never found “ accounting” 😢