Quickbooks 2019 Tutorial for Beginners - How to Use the Fixed Asset Item List

This essentially replaces the Fixed Asset Manager and is a great tool to record and track your fixed assets you use in your business.

In this video I walk through what a fixed asset is, how to set it up in the Fixed Asset Item List, and then how to record it in your books (be careful with this part because just recording it in the Fixed Asset Item List can mess you up).

[Mymusicfmw]

Thank you! I discovered the fixed asset list today. As a newly opened business, I have many fixed assets to track (copier, laptops, furniture, etc.).
Thanks again.

[kristinford]

Thank you for this information. I was wondering why the assests weren't in the account. How do I document the "transaction" if the assets for obtained during a transfer of assets when business split?

[franciscoortiz]

Great tutorials, Concise and clearly explained.

[zubairusman]

Hi. Great information. But need to ask you when you say that Cost we must take sales tax and any shipping charges. I think when we are purchasing we must include withholding charges. Correct me if I am wrong. Please advise

[lesly]

Question 1
How do I record it as an "item" in a journal entry?
Computer and printer purchase and paid with owners personal credit card for the new business . I will "credit" share holder distribution (as this will not be reimbursed for him)
And what will I "debit" ?
Question 2
There were '2 cell phones" and a "hot spot" purchased are these entered as equipment too FA?
The down payment given came from personal credit card and monthly payments will come together with the phone bill.

[velaterraceshotelaccountin]

Thanks for the video.
How could I expense asset in the Income Statement?

[elliescraftvideos]

Good video! Thanks! Here's a question if I have assets purchased before the business started with my money - After I enter them on the fixed assets item list do I also enter them in the chart of accounts in the fixed assets book as a debit and then credit the Opening balance equity? Thanks!

[paragoninvestmentscorp]

If you purchase a computer with a 3 year service plan do you account for the service plan separately?

[stanleydueck]

Thanks for the video! I am starting to use quick books for my company and I already have a lot of fixed assets that I still need to record in quickbooks. How do I add those without messing up my bank accounts? The assets are payed for already from before I used quikbooks desktop

[jamesmiringu]

it was of much help . is there a way to input fixed depreciation charges.
thanks

[danatavares]

Thanks for the video. How do I track fixed assets that I expense? Will the value show up on a balance sheet even though it’s been assigned to a expense account when I record the payment?

[johntedesco]

I get the concept of tracking fixed assets so you can track the companie's overall value. I have a digital marketing agency so I don't purchase a lot of equipment regularly however we have some pretty expensive equipment purchased in the past year. How would I go through and add them to my brand new quickbooks file for 2020 if I paid for them last year with an account that I no longer have?

[michaelcarmack]

Great help. But what if you where trading in a car and need to pay off a fixed asset

[anthonypaccione]

So it’s not recorded until you match the payment to the asset? I bought equipment and my accountant told me to make a liability account and put the payment towards that. After the account is zero and fully paid, I don’t know what to do because if I make an asset account the payments went to the liabilities. Also I started a new quickbooks 2 years ago and I don’t know how to record my assets because I’m not matching payments to them so what I bought 4 years ago, I don’t know how to record them. Any help would be greatly appreciated. Thanks

[omegaman]

thanks for this. Question is how do you show percentages of depreciation and amounts per year to use on income tax forms

[lexilin]

Thank you. How do you add a fixed asset when you put down a deposit of 5k and the remainder of 20k is to be paid in 8 weeks. So the full price is 25k . That would be the opening balance equity and then rest is shown as a loan payable. Just having and issue accounting for the down payment

[daisydiaz]

Thank you for this! Question would be can you get the fixed asset to reflect your books without the check being written? Because if it is written then it would become a problem when doing the reconciliation because it never came out of the checkings accounts

[EvolvedApe]

What about fixed assets that are tied to contracts? We lease copier machines.

[CricketVideos]

how to record three similar fixed assets like three laptops?

[timbaker]

Mat, I notice on the Fixed Asset Item List you show accumulated depreciation and book value. How were you able to do this? I don't see where I can associate an item to a Journal Entry.