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 noncurrent 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