Lesson 9-2: Create a Fixed Asset List – This free QuickBooks tutorial will show you how to create a Fixed Asset list. This list is comprised of long-term pieces of property that a firm owns and uses it in the production of its income, and is not expected to be consumed or converted into cash any sooner than at least one year’s time. This list does not affect any financial data in QuickBooks and it is only used to track the fixed assets that your company owns. Although the list will not affect financial data, it is extremely import to track the historical cost of the item, the date it was purchased and other information that can be saved in QuickBooks. To create a Fixed Assets list, perform the steps in the video below:
Here is a summary of the steps that were performed in the video:
1. Click the List menu, then click Fixed Asset Item List.
2. To create a new item, click Item at the lower left of the window, then click New. You can also press CTRL + N on your keyboard.
3. You will now see the New Item window for Fixed Assets. There are several fields that can be used to enter in information for the item.
4. In the Asset Name/Number field, enter in a name for the asset.
5. In the Asset Account field, choose the account in which to allocate the item.
6. In the Purchase Description field, choose if the item is new or used, then type in a purchase description for the item in the field below.
7. Select a purchase date for the item.
8. Type in the name of the vendor in the Vendor/Payee field.
9. You can enter a description for the asset in the Asset Description field.
10. The location field is used to indicate where the asset is located on your company’s property.
11. If a PO was used to place the order, enter the PO Number in the PO Number field.
12. Enter the serial number of the item in the Serial Number field.
13. If there is a warranty on the item, you can enter the expiration date of the warranty in the Warranty Expires field.
14. If you need to create any notes for this item, you can do so in the Notes field.