Question: 

Why can't I automatically add assets from QuickBooks? I have connected AssetAccountant to my QuickBooks file and followed all the instructions to setup asset groups. I click on "Add assets from QuickBooks" but nothing appears in draft assets. If QuickBooks and AssetAccountant are connected, shouldn't I be able to automatically see new assets in the asset group?


Answer:

Assuming that you have already integrated AssetAccountant with your QuickBooks Online account, the way AA picks up new 'draft' assets is by querying the Clearing Accounts that you've mapped to AssetAccountant for each asset group.





These assets will appear in the 'From QuickBooks Online' tab when you click Add Assets.


So as long as you are coding the Bank Reconciliation to any of these Clearing Accounts, AssetAccountant will detect the new asset, and your next journal will clear this out and record the Asset in the Cost account that you've specified.


NOTE: To test the integration, new assets will not appear in AssetAccountant's Draft Assets tab until you have actually created a new one in QuickBooks Online and posted it to your nominated clearing account. For assets already existing in QuickBooks Online, you should import these into AssetAccountant with Opening Balances.


The alternative is using the Import Assets function in the 'Bulk Acquisitions' tab of clicking the Add Assets button.




Actions:

  • In AssetAccountant, check the General Ledger Account mappings in your Asset Groups and ensure that the Clearing Accounts are pointing to the accounts where you expect Fixed Assets to turn up.
  • Existing accounts in QuickBooks Online must be identified as Fixed Assets accounts. AssetAccountant can only query these types of accounts. Here is an article that may assist: https://quickbooks.intuit.com/learn-support/en-au/help-article/business-assets/set-asset-account-quickbooks-online/L0dQgTiSF_AU_en_AU
  • Ensure your clearing accounts are setup as parent accounts, NOT sub-accounts or assets assigned to them may not be recognised in AssetAccountant.
  • Ensure that there's at least one Asset sitting in Clearing in QuickBooks Online before testing the "Add Assets from QuickBooks" feature again.



Posting journals


Important: No matter how well you have setup your account mappings in AssetAccountant, no entries to the P&L or Balance Sheet are ever made into QuickBooks Online, Xero, Sage Intacct, Microsoft Dynamics or any other integration partner until you have posted the journal. AssetAccountant does not do this on your behalf. The basic process is that draft assets will appear when they have been added into the General Ledger via Accounts Payable. Then you decide if they should be added to AssetAccountant from the Draft Assets tab. You need to apply the acquisition date, first use date, depreciation and/or leasing rules, etc. Once this is done, and you apply the journal at the end of your period (typically monthly), only then will the asset be removed from the clearing account and the depreciation and/or leasing entries be posted from the Balance Sheet to the P&L.


Here is a short instructional video re adding assets from our integration partners including QuickBooks Online: