How to Setup an Asset Account in QuickBooks Online

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Do you know? You can create an asset account in QuickBooks Online if you wanna track the current value and depreciation of your assets or the things that own your company. It includes the following which we listed below:

  • Land
  • Vehicles
  • Buildings
  • Machinery and equipment

Once the assets go depreciated, the current value can be loose. Time by time the assets gradually lose their values. When the value of any assets decreases it is known as “Depreciation”.

Point to Remember: If it is required to calculate your asset’s depreciation, we highly advised you to work with your accountant who has the best methods to help you. In several cases, only the accountant will help you. You can also go for checking out the Chart of Accounts just to get a high understanding of what each account is for and what it does.

Steps to Set up an Asset Account in QuickBooks Online

Here you will know the steps you have taken to Setup an Asset Account in QuickBooks Online. All the steps are tested and verified by our experts just to save your time and efforts. Steps are:

  • First of all, Open “QuickBooks” and go to their “Settings ⚙”, then choose “Chart of Accounts”.
  • Then choose “New”.
  • Now you have to go for Fixed Assets or “Other Assets”.You will get it from the Account Type ▼ dropdown menu.
  • Then choose the option that closely describes the asset. You will get this option from the Detail Type ▼ dropdown menu.
  • Name the account, then choose the “Track depreciation of this asset” checkbox.
  • In the “Original cost” field, you have to manually enter the current value of your asset and the “as of” date. It’s optional that you can either leave this blank if you record the loan.
  • Once the process will proceed successfully and you’re done, choose “Save and Close”.

Final Note

Here are the article ends, We hope the information you will get through this article based on “Setup an Asset Account in QuickBooks Online” was very helpful for you. But in case, you face obstacles while implementing the solutions, then contact our professionals available at QuickBooks Support.

We will make sure that you can get rapid help and effective solutions for any of the problems you will face while working on QuickBooks Online. Get in touch with us any time and from any location that is convenient for you.

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