QuickBooks Online How to Add Depreciation of Fixed Assets in QBO
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- čas přidán 5. 08. 2024
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What is depreciation and how to account for depreciation in QuickBooks Online (QBO).
Depreciation is the difference between the purchase price of a fixed or tangible asset and the value of that asset up to a specific date in its life cycle in a business. For this reason it is also known as Accumulated Depreciation. The asset is shown on the balance sheet until it is sold or is deemed to have reached the end of it's life cyle. In this video you will see an example of an asset being "disposed" of and how you show the transactions in QuickBooks Online. Your accountant would advise on the actual monetary values
This is an incredibly helpful and profoundly simple explanation!
Very kind, thank you
Exactly what I needed. You're not just another pretty face! You're pretty AND smart. Thanks for your help.
You did an excellent job showing this novice how to do it. Thank you.
Thank you Mark, much appreciated
You are the best.
Excellent job - clear, concise, and on point. Thanks for teaching me how to do this on my own.
This video illustrated the task perfectly without all the nonsense. Thank you.
That is so kind, thank you
Great Video!! This is just what I have been searching for.
clear and easy!!! thanks
Than you so much for this video!!!!
Thank you very much for your clear instructions. You are so helpful!
Much appreciated, thank you
Thank you for this video! So helpful. Much appreciated.
Thank you so much for taking the time to comment. Glad it was useful.
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Thank you Yolande, that is so kind, you have made my day. Enjoy the rest of yours😀
I wish I could like this video a hundred times
So Elegant and Simply Explained. Thank you (again)
Appreciate you, thanks
Thank you!
No problem!
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AWESOME VIDEO!
Thank you love the video
Thank you so much
How do you account for interest on depreciation with Quick books? Do you only add journal entires? Do you have a QB tutorial?
Thank you
You are welcome Alizina! Best wishes
Thank how you calculate de depreciation
Well done video! So how would one do a 179 depreciation in Quickbooks? Say 7 year lifespan but take the entire depreciation in one year under section 179 (tax code US)? And, when is the asset removed from the balance sheet?
If your accountant agrees you qualify then the treatment should be the same in principle, except you will have zero balances with nothing to carry forward.
Thanks! That's very helpful. Is there a fixed asset registry in QBO same as in Xero in which you just register your fixed assets and the system will just generate the journal entries automatically?
I am afraid QuickBooks does not at this point in time.
Thanks fo r the video..i wish to ask if servicing of a car is considered depreciation consider the car is 6 month old and has a life span of 5 years
Thanks for commenting. No, servicing is just an expense. Best wishes
Great video, but curious to know where the depreciation in quickbook is set on monthly or annually?
Here's a link to a video that should answer that for you. czcams.com/video/MLzU6p7JPsY/video.html
@@FinancialGym omg thank you for sharing, It didn't occur to me to do this.
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Thaaaanks
My pleasure, thank you for taking the time to comment.
Do I need to do this every month? Or will Quickbooks online depreciate monthly until it reaches zero?
QuickBooks Online will depreciate it for you if you set up a Recurring Journal to run each month.
thank you, I can visualise now how I can do real life work.
Does Quickbooks Online have a fixed asset register?
Hi Gavin, at the moment it does not. You will have to track it separately and then enter the monthly or annual depreciation as manual journals.
@@FinancialGym Thank you for the reply. Do you have any external FAR's you would recommend in use with QBO?
@@GavinPotter We tend to create our own in Excel, or if it is needed to be integral/automated you might be better with something like Xero. Send a message via the contact page on my website, I might send you a gift :-) financialgymforbusiness.com/contact/