Are you ready to add a new fixed asset to QuickBooks and handle the trade-in of an old asset?

As your business grows, you may need to invest in new equipment, vehicles, or other fixed assets.

QuickBooks makes it easy to track these long-term assets and handle the accounting for them. When you purchase a new fixed asset, you’ll first add it to your QuickBooks asset list.

Then, if you’re trading in an old asset, you’ll need to handle the trade-in value and any gain or loss on the disposal of the old asset.

In this video, I’ll walk you step-by-step how to:

– Add a new fixed asset to your QuickBooks asset list
– Enter the details of your new asset including purchase price, estimated useful life, and other details
– Record the trade-in of an old asset and account for any gain or loss

Be sure to check out this video for the full walkthrough and to see these steps in action.

If you’re looking for the Online version of this video click here

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Setting Up Asset 

• Go up to “List”
• Chart of Accounts
• Go down to “Account”
• Click “New”
• Choose “Fixed Asset”
• Click “Continue”
• Enter Details
• Click “Save & Close”

 

Setting Up Loan

• Go up to “List”
• Chart of Accounts
• Go down to “Account”
• Click “New”
• Choose “Other Accounts” > Long Term Liability
• Click “Continue”
• Enter Details
• Click “Save & Close”

 

Creating a Journal Entry

• Go up to “Company”
• Make General Journal Entries…
• Enter “Date”
• Enter Transactions
• Amount (Debits / Credits)
• Description
• Click “Save”

 

Checking Chart of Accounts

• In the Chart of Accounts
• Check details you’ve entered **Adjust if needed

 

Making Accounts Inactive

• In the Chart of Accounts
• Right-click on the account, then choose “Make Account Inactive”

 

Finding Inactive Accounts

• In the Chart of Accounts
• At the bottom of the chart of accounts screen checkmark “Include Inactive” to show all inactive accounts

Share in the comments below if this helped you and if you had any ah-ha’s 💡

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