If you purchased any fixed assets during the year, you should add these to QuickBooks. Fixed assets are subject to depreciation, which is a tax-deductible expense. Tax-deductible expenses can reduce your tax bill, so you want to make sure that you take all of the deductions to which you are entitled. If you have not recorded new fixed asset purchases, then you will not have depreciation expenses recorded, which means you will miss out on what could be a significant tax deduction. It's also important to conduct a physical check to ensure that all of the assets on the books still exist and have not been disposed of.
To add fixed assets to QuickBooks, you will need to have the following information to hand:
- Date of purchase
- Purchase price
- Type of asset
- Make and model (if applicable)
- Year
Follow these steps to add a fixed asset to QuickBooks:
- From the left menu bar, click on Accounting, as indicated...
