Setting up a dedicated account for asset disposal in QuickBooks Online can be done with ease, redbaron1964. I would be happy to offer my assistance in this matter.
In QuickBooks Online, adding accounts can be done through the Chart of Accounts menu. Below are the steps you need to follow to accomplish this:
- Go to Settings and click on Chart of Accounts.
- Hit New.
- Add the correct Account Type and Detail Type.
- Enter the account name, you can put in Disposal Asset.
- Once done, select Save and Close.
To ensure the account is set up correctly, I recommend consulting your accountant for advice to avoid any issues. If you don't have one, you can use our Find-an-Accountant tool to look for an expert near you. Afterward, you use it when creating a journal entry.
Moreover, you can try to run a report such as profit and loss or balance sheet to check if the entries are accurately reflected in your financial statement.
Furthermore, I'm adding these resources to help you ensure that your journal entries are set up accurately and fix the transactions if necessary:
I'm available to help with any additional concerns you may have about your fixed assets. If you need assistance with tracking your entries, running reports, or more, please let me know by clicking the Reply button below. I'm ready to offer further support as needed.
