QuickBooks 2016: The Fixed Asset Item List, Price Level List, and Billing Rate Levels List

By Stephen L. Nelson

There are plenty of lists you can use to manage your affairs with QuickBooks 2016. Check out the Fixed Asset Item list, the Price Level list, and the Billing Rate Level list. To see these lists, choose the list from the Lists menu or choose Lists → Customer & Vendor Profile Lists and choose the list from the submenu that QuickBooks displays.

The Fixed Asset Item list

If you buy fixed assets — things such as vehicles, various pieces of furniture, miscellaneous hunks of equipment, and so on — somebody is supposed to track this stuff in a list. Why? You need to have this information at your fingertips (or at your accountant’s fingertips) to calculate depreciation. And if you later dispose of some item, you need this information to calculate the gain or loss on the sale of the item.

For these reasons, QuickBooks includes a Fixed Asset list. Here is the Fixed Asset Item List window, used to describe and identify your fixed assets.

The Fixed Asset Item List window.

The Fixed Asset Item List window.

Your CPA or tax accountant already has such a list that he or she has been maintaining for you. So don’t, like, totally freak out because this is the first you’ve heard about this fixed assets business.

The Price Level list

There is a little uncertainty about who would want to use the Price Level feature, but just in case, here you go. Here’s the deal: Price Levels enable you to adjust an item price as you’re creating an invoice.

For example, you can create a price level that increases the price for some item by 20 percent. And you create a price level that decreases the price for some item by 10 percent. You adjust a price by selecting a price level from the Price field on an invoice. (This may not make much sense unless you’ve seen the Create Invoices window, but it’s fairly straightforward.)

The Billing Rate Levels list

The Billing Rate Levels list lets you build a list of custom prices for service items rather than using just a standard rate for a particular service item. You then use billing rate levels when you invoice a customer for services.