How to track Fixed Assets in QuickBooks

Fixed assets are durable items you buy for the purpose of running your business. They having useful life-span  that extends beyond a year.

As a business owner, you have to track your fixed asset items in QuickBooks, so that when it's time for you to sell theses fixed assets, you will have vital information about them.

On the QuickBooks menu, click List and Select Fixed Asset Item List.

A fixed asset register window pops up.

The Fixed Asset Window is empty. To add a new fixed asset to track, click Item at the bottom left and click New.

Asset Name: Enter the Fixed Asset Name you want to track

Asset Account: Select the chart of accounts that describes the asset you want to track.

Purchase Description: Select the condition of the asset: New or Old.

Date: Select the date of purchase.

Cost: Enter the cost of purchase.

Supplier: Enter the name of the supplier you bought the asset from.

Sales Description: Mark if the item is sold and enter the sales date, prices and expenses incurred on selling the asset.

Location: Enter the location of the fixed asset.

Warranty: Select the warranty date after which you will not return the asset for replacement.

Once you are done, click OK to record the fixed asset.