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 Desktop version of this video click here
Click Here to watch the Depreciation Tutorial
Free Download: Journal Entries Debit and Credits Cheat Sheet PDF https://canduskampfer.com/JE-PDF
Setting Up Asset
- In the Chart of Accounts
- Click “New”
- “Asset”
- Choose Save account under
- Tax Form Sections
- Account Name
- Put no balance
- Click “Save”
Setting Up Loan
- In the Chart of Accounts
- Click “New”
- “Liabilities”
- Save account under (Long-term Liabilities)
- Tax Form Section
- Account Name
- Click “Save”
Creating a Journal Entry
- Click “New”
- Journal Entry
- Journal 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
- Click arrow down beside View Register, then choose “Make inactive”
Finding Inactive Accounts
- In the Chart of Accounts
- Go in the little wheel up at the right side of the screen
- Checkmark “Include Inactive”
Share in the comments below if this helped you and if you had any ah-ha’s 💡
______________________
Have you been using QuickBooks for a while, but when you pull a report you just don’t understand what it’s saying?
Does the idea of going to see your tax professional sound a little stressful and maybe cause you to feel like you want to pull your hair out?
I would love for you to join me on my customizing QuickBooks workshop.
I’ll be sharing:
- The most efficient way to track your Income and Expenses.
- How to create accurate reports in order to view how your business is actually doing and stop second-guessing yourself.
- Where to get the data you need to make the best decisions to grow your business.
And the #1 SECRET to feeling confident at your next tax appointment.
I’m excited to see you on the workshop!
Click here to save your seat → Join My Free Workshop!
🙋🏻♀️ I’d love to connect with you on Instagram or Facebook
Subscribe for more QuickBooks tips on YouTube
#CandusKampfer
