How do i create a fixed asset register and can depreciation be recorded automatically rather than posting a journal?

I’m happy to see you today, ben21.

Welcome to the Online Community. I want to ensure your fixed asset and depreciation is properly recorded in your account.

Just to clarify are you trying to create a fixed asset account? If yes, you’ll have to set it up first in QBO.

Here's how:

1. Go to the Gear icon at the top, then choose Chart of Accounts.
2. In the upper-right, select New.
3. Under Account type, select Current assets.
4. Click on the drop-down for Detail Type, and select the appropriate category.
5. Enter the name of the account.
6. Input the balance amount.
7. Click on Save and Close.

Since QBO doesn’t automatically depreciate a fixed asset, you’ll have to manually process it via journal entry. Before doing that, create a depreciate expense account.

Here's how:

1. Go to the Gear icon at the top, then choose Accounts and Settings.
2. Click on New in the upper-right .
3. Choose Other expense, and click on Next.
4. Select Depreciation, then choose Next.
5. Enter a name. For example,  Asset Loan Depreciation Expense.
6. Click on Finish.

For more in-depth information, check out this article: Recording and depreciating assets.

To properly track the depreciation asset, I recommend consulting with an account for the correct category type to select. This is also to ensure you calculate the depreciation amount seamlessly.

The steps I provided should point you in the right direction.

If you have additonal questions or concerns, post a reply. I'll be right here to assist you further.

Hi, im really struggling with how to enter the yearly depreciation charge.

I have the following accounts in my Chart of Accounts:

- 1) Accumulated Depreciation (Tangible Asset Account)

- 2) Depreciation Expenses (Expenses Account)

- 3) Furniture and Equipment (Tangible Assets Account)

When my accountant handed everything over to me when i moved over to Quickbooks a couple of years ago he simply put a large negative balance in the Accumulated Depreciation account and a large positive figure in the Furniture and Equipment account. Nothing has been entered since except for a couple of new fixed assets ive bought that have gone into the Furniture and Equipment account.

Is what he has done correct? And what debit/credit journal entry do i do every year end to record the depreciation charge?

Many thanks in advance,

Samuel

Hi,

There is an app available that will register fixed assets, and handle all transactions automatically.  

It is listed on the Intuit apps.com website.

https://quickbooks.intuit.com/app/apps/search?searchTerm=netttracker

Best regards,

Ash

Hi,

There is an app available that will register fixed assets, and handle all transactions automatically.  

It is listed on the Intuit apps.com website.

https://quickbooks.intuit.com/app/apps/search?searchTerm=netttracker

Best regards,

Ash