You might have to create a new asset account for the fixed asset item.

Once you’re done entering information about your fixed asset item, click the blue “OK” button in the upper-right corner. The one exception might be location if your business operates in multiple states. Note that most of the information requested in the “Asset Information” section might be helpful to track, but isn’t necessary to enter (at least as far as your tax accountant is concerned). Be sure to provide the name of the asset, which account the asset belongs to, and all of the information requested in the “Purchase Information” section. Next, in the bottom left corner, click the “ Item” button, then click “ New.” This will open the New Fixed Asset Item dialog box which you can use to enter information about the asset you’ve acquired. QuickBooks displays the Fixed Asset Item List window (see Figure 1). To do this, go to Lists → Fixed Asset Item List. Your first step when recording a fixed asset should be to record the fixed asset item in QuickBooks. How to Track a Fixed Asset Item in QuickBooks You win in all sorts of little ways-such as by not losing track of items you’ve purchased and such as by seeing items you’ve discarded and so need to write off. But you don’t lose by having good details inside your QuickBooks file. Note that your tax accountant will actually do a lot of this work for you-and that’s the way you probably want to roll. One more point about fixed asset item lists: Good, accurate rich details on your fixed asset items also track a lot of useful information you’ll need to calculate tax depreciation properly. For example, if you’ve purchased (say) twenty pieces of furniture, you don’t want twenty different line items on your balance sheet-you want one line item labeled “furniture.” What’s more, if you get nicely organized in the way you track these items, you can group fixed asset items under broad account names so your balance sheet is clean and easy to read.

A list, a good accurate list, of fixed asset items documents the “nitty gritty details” of which assets you own, for example. Maintaining a QuickBooks fixed asset item list does a lot to keep your asset accounts organized.

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