Question:
Our asset list is already populated in QBO and is linked with equity and expenses, upon subscribing to AssetAccountant please tell me I don't have to add them individually to the system!?
Answer:
Once you have linked your QuickBooks Online account to AssetAccountant and mapped your accounts, AssetAccountant checks the clearing accounts that you've set up in order to detect new assets, however AssetAccountant doesn't have a way of detecting any historical assets you have in QuickBooks Online.
Therefore you do need to import all of your historical assets into AssetAccountant™.
Which is very easy to do.
Simply export them into a spreadsheet from QuickBooks Online and then use our import tools to import them.
When you import your existing assets, you need to set an Opening Balance date, which becomes the start date for future posting.
AssetAccountant won't post back the purchase transaction, for example, but AssetAccountant will journal new depreciation that accrues after the Opening Balance.
If you post a new asset dated last month to the QBO clearing account, AssetAccountant will detect this.
The trigger for AssetAccountant is the asset being in the clearing account, regardless of its date of purchase.