Fixed asset or non-current asset, also known as Property, Plant, & Equipment, is an asset and/or property which cannot be converted directly into cash. Examples of fixed assets are computer, building, furniture, car, etc.
When you purchase a fixed asset, you have to create a record or list of fixed asset, whether in Excel or other software program. You have option to create your fixed asset item list in QuickBooks, too.
It is important to keep in mind that QuickBooks does not link any of the fixed asset item data to any of financial data in the company file. In other words, the Fixed Asset Item List does not add or perform any calculation to your financial data, similar to having it outside QuickBooks (Excel or other program).

QuickBooks adds your fixed asset at your purchase transaction, when you choose the fixed asset account from your chart of accounts. By the same token, you have to calculate fixed asset depreciation at year end and create journal entry to adjust your fixed asset value.


To create Fixed Asset Item List, from Main Menu > go to Lists > Fixed Asset Item List:

 

QB Fixed Asset Item List 1

 

If you need to create a new fixed asset item, click the Item drop-down menu > New.
If you need to edit, say existing Computer fixed asset, and click Item > Edit or double click the highlighted computer row:

 

QB Fixed Asset Item List 2

 

As you can see, you can put many information on the list - asset name, new/used, purchase date, cost, vendor, asset account, description, etc.
The Asset Account is the account you choose in your purchase transaction.

When it is time to sell your fixed asset, check mark the “Item is sold” box. This will allow you to enter information in the Sales Dates, Sales Price, & Sales Expense fields.