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In this video, I will show you how the integration between Asset Accountant and QuickBooks Online works.
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I have opened a fixed asset register in Asset Accountant that is connected to a ledger within QuickBooks Online.
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You will see a menu item on the left hand side called Draft Assets has been added to this.
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And I click on here. There is currently nothing showing in the Draft Assets.
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Once I put an asset through from there, from QuickBooks, it will then be added to the fixed asset register.
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In order to show you that, I'm going to move into QuickBooks and I'm going to add a new expense,
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which would be a new fixed asset that I've purchased.
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So let's say my vendor is ABC Limited. I'm posting that to Clearing Account.
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And let's say that is a new iPhone for Jim.
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And I'm going to say that cost me, let's say that cost $899.
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Once I've entered that information within QuickBooks, I can save that transaction.
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That will close within QuickBooks.
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Now I'm going to move back into Asset Accountant and choose Draft Assets.
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Asset Accountant then goes to QuickBooks and interrogates the new items within the Clearing Account.
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You can see there that's pulled through the purchase date and the cost.
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And all I need to do then is add the asset using the Add Asset button.
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Then I select here which asset group that belongs to. Well, that is clearly a mobile phone.
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That will then give me the options for tax depreciation and accounts depreciation.
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So I can add those if there are no defaults that have been set up.
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So let's say I'm going to depreciate those over two and three years for tax and accounts.
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Save that. And then that asset has now disappeared from Draft Assets.
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And you will see that that asset has been added to the fixed asset register under mobile phones.
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So a new iPhone for Jim has been added with a cost of $899 that's depreciated, $88 to the 1st of July.
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Then I can create the journal for posting in QuickBooks.
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So I choose to the end of the month of May, create that journal.
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And you'll see this is going to post all of these lines.
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All I need to do is review the mobile phones.
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And I can see there that I'm posting a credit to the $899 for the clearing account.
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So that will wash out that in the clearing account.
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And I'm posting the cost of it to the mobile phones at cost account for $899.
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And that will mean that the mobile phone is reflected in the correct place on the balance sheet within QuickBooks Online.
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Finally, I'm able to synchronize my classifications in Asset Accountant with the location in the class within QuickBooks.
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So you see here we've got home and location.
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And then I can just synchronize those with QuickBooks if there were any to synchronize with.
