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

 

The Step-By-Step Guide to Process a Trade-In on a New Vehicle

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 💡

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