How to enter fixed assets in QBO. First, we discuss how to correctly create a new Fixed Asset in your QBO Chart of Accounts in order to separate and show the original cost of the asset as well as the deprecation. Then, we will discuss a potential error I sometimes see with people attempting this method. Last, we go over how to apply the actual purchase payment(s) of the new fixed asset. This method is a great way to separate and track individual assets and their associated depreciation vs putting fixed assets and depreciation in one bulk account.
I created a 2024 updated video on this topic due to a change in QBO's Chart of Accounts experience. So, if your file looks different than in the video, then please watch the updated video found here: • How To Enter Fixed Assets into QuickB...
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Timestamps:
0:00 Intro
2:06 Creating Fixed Asset account in Chart of Accounts
5:00 Possible error explanation
6:50 Applying purchase payment to new Fixed Asset