- [Instructor] Fixed assets are physical property
your company has that depreciates in value over time.
Because of this depreciation,
it's important to track it in QuickBooks
for local tax reporting purposes,
as well as keeping track of your company's overall worth.
Let's go into the fixed asset manager
by clicking Lists from the top menu
and choosing Fixed Asset Item List.
To create a new asset, click Item
on the bottom left-hand side, and choose New.
The first thing you need to do
is give a name for your asset.
In this case, I'll enter in a laptop.
You need to choose an asset account.
There already is a fixed asset account in QuickBooks for us
called Furniture and Equipment.
I could use that one,
or I can scroll all the way to the top and click Add New.
Ill create a new fixed asset account.
The type is already filled in for me.
In keeping with our number standards,
I'll call this one 15100.
I'll give my account a name called Laptops.
I'll make it a subaccount of Furniture and Equipment.
Now, I can click Save & Close.
My account has been created, and it's already populated.
I need to put in a purchase description,
when I bought it,
and the cost of it.
I can also include where I bought it from.
I can put in further descriptions,
such as where it's physically located, the serial number,
when the warranty expires, and even more notes.
There's one more thing.
The day I ever sell this asset, I can come in here,
and mark that the item has been sold.
I can put in when I sold it and how much I sold it for.
Once I do this, I need to come in here,
and make sure that the object is marked as being inactive,
so that it doesn't show up in my list anymore
because it's not an asset that I have.
When I'm done, I can click Next to keep adding assets
or the blue Okay button.
One final note on assets,
don't forget that things like real estate
are considered assets also.
You can even create an asset account
for physical property that you own.
As many assets as you have,
you can enter them all into QuickBooks.
When you're done, click the X
on the top right-hand side to get back to the home page.