How to Track Fixed Assets in QuickBooks Online Advanced
In this QuickBooks Online Advanced demo video, hosted by our Founder Katie Bunschoten, provides insights into how to track fixed assets using QuickBooks Online Advanced.
Certum Solutions, based near Charlotte, North Carolina and serving businesses nationwide, focuses on business automation, accounting software, and other business services. Today, I’m walking you through a useful trick in QuickBooks Online Advanced: tracking your fixed assets.
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Why Fixed Asset Tracking Matters
Tracking fixed assets has been a long-requested feature, especially for clients moving from QuickBooks Enterprise, which has a robust Fixed Asset Manager. Previously, QuickBooks Online lacked this functionality—but now Advanced users can manage and track assets directly in the platform. This makes tracking your equipment, vehicles, and other fixed assets much easier, without needing complex Excel schedules.
Accessing Fixed Assets in QuickBooks Online Advanced
Go to the Advanced Accounting section in QuickBooks Online.
Click the Fixed Assets button on the left-hand ribbon.
Bookmark the section for quick access—it will appear under your Bookmarks for daily use.
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Setting Up a Fixed Asset
In this video, we focus on straight-line depreciation. Straight-line depreciation calculates the difference between purchase value and salvage value and spreads it evenly over the asset’s useful life.
For example, we’ll track equipment, specifically a dump truck:
Click Add an Asset and name it (e.g., “Dump Truck 2”).
Assign it to a Class for tracking (e.g., Maintenance Division).
Optionally, assign a Location if your business tracks multiple sites.
Enter a VIN number—this is critical for fleet management.
Set the Purchase Price (e.g., $100,000) and Purchase Date.
Set the Depreciation Start Date—this should match when the asset is actually in use.
Choose the Depreciation Method (Straight Line for this example).
Enter Useful Life (e.g., 5 years for vehicles) and Salvage Value (e.g., 10% or $10,000).
Once these fields are entered, QuickBooks Online Advanced calculates accumulated depreciation, posts automated journal entries, and generates a fixed asset schedule.
Fixed Asset Reporting
After adding your asset:
Check the asset report in QuickBooks to verify details.
Review depreciation schedules to ensure accurate tracking.
You can also use Excel templates if you don’t have QuickBooks Online Advanced—though Advanced automates most calculations.
Pro Tip: Always double-check numbers with your accountant or tax advisor, especially if using more advanced depreciation methods or tracking multiple assets.
Summary
QuickBooks Online Advanced now allows businesses to:
Track fixed assets with automation
Calculate straight-line depreciation accurately
Generate asset schedules and reports
Streamline accounting and tax preparation
Whether you’re managing a small fleet or tracking expensive equipment, this tool makes fixed asset management easier and more accurate.
For templates, schedules, or more guidance, reach out to Certum Solutions—we’re happy to help!
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YouTube Tutorial: QuickBooks Online Advanced: https://youtu.be/5v5wQBzPw5s
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How do I track fixed assets in QuickBooks Online Advanced?
A: Use the Fixed Assets feature under Advanced Accounting to add, classify, and manage business assets, including vehicles, equipment, and machinery.
What is straight-line depreciation in QuickBooks Online?
A: Straight-line depreciation spreads the difference between an asset’s purchase price and salvage value evenly over its useful life, simplifying fixed asset accounting.
Can I assign classes or locations to my fixed assets?
A: Yes. Use Classes for departmental tracking and Locations for multi-site or multi-state businesses. This ensures accurate reporting and profit/loss tracking.
How do I handle VIN numbers for vehicle tracking?
A: Enter the VIN number for each vehicle when adding it to QuickBooks. This allows fleet owners to track assets individually and view reports by VIN.
Does QuickBooks Online Advanced automate depreciation journal entries?
A: Yes. QuickBooks posts monthly journal entries for depreciation, updating accumulated depreciation and depreciation expense automatically.
Can I still track fixed assets without QuickBooks Online Advanced?
A: Absolutely. You can use Excel templates to calculate depreciation and maintain asset schedules manually, though automation is more efficient in QuickBooks Online Advanced.
Do I need an accountant to use the fixed assets feature?
A: While QuickBooks simplifies tracking, it’s recommended to consult an accountant or tax professional for correct depreciation methods, asset classifications, and tax compliance.
How do I generate fixed asset reports in QuickBooks Online Advanced?
A: Navigate to the Fixed Asset section to generate reports showing net book value, accumulated depreciation, and asset schedules—perfect for accounting, tax preparation, or investor reporting.