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Set Up a Fixed Assets List in QuickBooks 2014

If you choose the Lists→Fixed Asset Item List command, QuickBooks displays the Fixed Asset Item list window. You can use this window to see a list of the fixed assets — furniture, equipment, machinery, vehicles, and so forth — that you’ve purchased.

Or at least you can after you click the Item button, choose New from the Item menu, and fill in the New Item window for each fixed asset. Here is the New Item window you use to describe each fixed asset.

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The Fixed Asset Item list doesn’t really integrate with the QuickBooks general ledger. You record the purchase or disposal of fixed assets by using regular old QuickBooks transactions. For example, you might record the purchase of a particular fixed asset simply by entering a check in the usual fashion. And you might record the disposal of a fixed asset by entering a general ledger journal entry.

The Fixed Assets Item list, then, just acts as a stand-alone list that lets you track the fixed assets you purchased. Your CPA probably — no, surely — maintains a list of your fixed assets because she needs that list in order to correctly include depreciation on your tax return and in your financial statements (if you get a CPA help to prepare those).

For this reason, some people see the Fixed Asset Item list as being a little bit redundant.

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