QuickBooks 2020 For Dummies

Chapter 18

Fixed Assets and Vehicle Lists

IN THIS CHAPTER

Discovering fixed-assets accounting

Finding out about fixed-assets accounting in QuickBooks

Setting up a Fixed Asset list

Tracking vehicle mileage

In this chapter, I cover two specialty topics of modest interest to a small handful of business owners: how the QuickBooks Fixed Asset list works and how the QuickBooks vehicle mileage-tracking tool works.

Let me say at the outset that you may not need these tools. QuickBooks users commonly think the tools do more than they really do. In some situations, though, business owners and accountants truly find these two simple tools to be helpful.

But you know what? I’m getting ahead of myself. Let me start at the start.

What Is Fixed-Assets Accounting?

So that you understand where the Fixed Asset list and vehicle mileage tracker fit into the scheme of things, let me begin by defining the term fixed assets and by explaining just what fixed-assets accounting is.

Fixed assets historically refers to assets that are fixed in place. A factory or building set into concrete is fixed. Likewise, ...