QuickBooks Online fixed asset depreciation & lease accounting in the USA

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AssetAccountant vs QuickBooks Online Advanced Fixed Assets - US Capability Comparison

AssetAccountant vs QuickBooks Online Advanced Fixed Assets - Capability Comparison

✓ AA Leads ~ Comparable
Capability QuickBooks Online Advanced Fixed Assets AssetAccountant Verdict
US GAAP & Accounting Standards
Revaluations Not applicable - US GAAP requires the cost model. Revaluations not permitted. Supports both cost model (US GAAP) and revaluation model (IFRS) as explicit book options - relevant for IFRS-reporting US entities. ✓ AA Leads
Impairments (ASC 360) Not supported. No impairment write-down functionality in the fixed assets module. Supported - impairment write-downs with full journal posting. ✓ AA Leads
GAAP vs IFRS book option Single accounting book only. Explicit US GAAP and IFRS options - relevant for US subsidiaries of foreign IFRS groups. ✓ AA Leads
Partial disposals Not supported. Supported - partial disposal of assets and partial write-offs. ✓ AA Leads
Prior period adjustments Not supported - QuickBooks Online cannot backdate depreciation entries. Supported - depreciation rollback/rerun capability. ✓ AA Leads
IRS Tax Depreciation
Tax depreciation book Not supported. Accounting depreciation only - no IRS tax book. Full IRS tax book, separate from accounting book. Tax depreciation does not post to QuickBooks Online GL - accounting book journals to QuickBooks Online. ✓ AA Leads
MACRS depreciation MACRS listed as a depreciation method option in QuickBooks Online Advanced. Based on available documentation, this appears to operate within a single accounting book - it is unclear whether a separate tax book exists. Full MACRS support across all asset classes and conventions, in a dedicated tax book separate from the accounting book. ✓ AA Leads
Section 179 expensing Not supported as an automated deduction. Manual journal entry required. Supported - Section 179 expensing applied automatically up to the annual limit. ✓ AA Leads
Bonus depreciation Not supported. Community posts confirm this has been requested but not delivered. Supported - 100% bonus depreciation (phasing down as legislated) applied automatically. ✓ AA Leads
Asset Management
Asset register / schedule Supported - basic asset list with cost, depreciation method, useful life, accumulated depreciation. Supported - full asset register with book values, additions, depreciation, disposals, movements by period. ~ Comparable
Bulk asset import Supported - import via spreadsheet template. Supported - bulk import via template. ~ Comparable
Asset disposals Supported - disposal of assets within QuickBooks Online Advanced FA. Supported - full disposal accounting including gain/loss journals. ~ Comparable
Auto-draft from GL Partial - assets can be pulled from QuickBooks Online chart of accounts. Manual setup per asset. Supported - AssetAccountant detects assets added to QuickBooks Online clearing accounts. ~ Comparable
Register size / asset limit No published limit stated, but positioned at SMB. No evidence of large-register support. No asset limit - clients with up to 50,000 assets. ✓ AA Leads
Custom fields per asset Limited - standard fields only (name, cost, useful life, method). No user-defined fields. Unlimited custom fields per asset (serial number, invoice number, license plate, etc.). ✓ AA Leads
Multiple classifications QuickBooks Online has both Classes and Locations, which both function as classifications. Unlimited classifications (location, department, project, cost centre) - in addition to asset class. More flexible than QuickBooks Online's fixed Classes and Locations structure. ✓ AA Leads
Document attachments Not confirmed as supported in QuickBooks Online Advanced FA. Multiple attachments per asset - invoices, photos, warranties. ✓ AA Leads
Units-of-use depreciation Not supported. Supported - depreciation proportional to usage units in a period. ✓ AA Leads
Non-monthly depreciation periods Monthly only - depreciation posted on the 1st of each month. Supported period patterns: 5-4-4, 4-5-4, 4-4-5, and 13x4. ✓ AA Leads
Reporting & Integration
Fixed asset reports Fixed asset report available within QuickBooks Online Advanced FA - basic schedule view. Purpose-built fixed asset reports: register, depreciation schedule, movements, forecasting. ✓ AA Leads
Portfolio depreciation forecasting Not supported. Supported - portfolio-level depreciation forecasting across future periods. ✓ AA Leads
GL integration Native QuickBooks Online integration - depreciation entries post directly to QuickBooks Online GL each month. Journals to QuickBooks Online via direct integration - accounting depreciation posts to QuickBooks Online GL. Tax depreciation does not post (correct treatment). ~ Comparable
Audit trail Standard QuickBooks Online transaction history. Full asset-level audit trail - all changes logged with user and timestamp. ✓ AA Leads
Lease Accounting (ASC 842 / IFRS 16)
Lease accounting module No native lease module. ASC 842 compliance requires a separate third-party application. AssetAccountant includes IFRS 16 lease accounting as a separately priced add-on, relevant for IFRS-reporting US entities. Fixed assets and leases share GL account mapping and journal to QuickBooks Online. ✓ AA Leads
Asset finance loans (hire purchase) Not supported natively. Supported - hire purchase / conditional sale loans treated natively alongside fixed assets. ✓ AA Leads

Summary Scorecard

Outcome # Areas % of Total What this covers
✓ AssetAccountant Leads 19 76% IRS tax book (MACRS/Section 179/bonus depreciation), ASC 842 leasing, impairments (ASC 360 write-downs), GAAP vs IFRS book option (IFRS entities), asset size, partial disposals, custom fields, forecasting, classifications, non-monthly periods, units-of-use, document attachments, audit trail, fixed asset reports, prior period adjustments
~ Broadly Comparable 6 24% Asset register, bulk import, disposals, auto-draft, GL integration, revaluations (not applicable under US GAAP)
● QuickBooks Online Advanced FA Leads 0 0% No capability areas where QuickBooks Online Advanced fixed assets leads AssetAccountant

Why choose AssetAccountant for automating your fixed asset accounting?

What if you could set and forget?

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AssetAccountant – saving you from spreadsheets since 2019

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What if lease accounting could be easy?

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Introduction – USA 🇺🇸
AssetAccountant <-> QuickBooks Online
Lease overview

CLIENT TESTIMONIALS

Why our clients love AssetAccountant

From Big 4 firms to solo accountants, public company CFOs to corporate finance teams;
— here’s what they say about our fixed asset depreciation and lease accounting software:

★★★★★

“Up until 2021 we had been using Excel spreadsheets to calculate and manage fixed asset tax depreciation for the group’s registers, which was not sustainable. To address this and to implement automation of the process, we researched solutions offered in the market, including by the large accounting firms and specialist software providers. After thoroughly vetting AssetAccountant as a vendor, testing the software and its calculations, and reviewing the company’s data security, we committed to implement the software for all tax fixed asset registers for the Whitehaven Coal group. Since implementation we have been very satisfied with the decision. The software is intuitive, robust, easy to use, and accurate. AssetAccountant’s commitment to ongoing development of the product’s features has also been impressive.”

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Greg Singh
Greg Singh
Group Tax Manager · Whitehaven Coal Limited
★★★★★

“After being introduced to AssetAccountant in 2020 by PriceWaterhouseCoopers, I carefully reviewed the software’s functionality to suit our complex fixed asset depreciation and lease accounting requirements. For example Buildsafe acquires, disposes and writes off thousands of assets including partial transactions. We also need flexible reporting and detailed journals. I have found the software to be enterprise standard, robust and precise. The software is a very elegant blend of beauty and smarts. The ongoing support, product development and assistance has been responsive and reliable. An amazing team and product. Thank you.”

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Sharon Hughes
Sharon Hughes
CFO · Buildsafe (introduced by PwC)
★★★★★

“AssetAccountant (AA) has produced the ultimate Fixed Asset Management System. AA integrates seamlessly with Xero and produces reports that satisfies any auditor with easy to trace transactions that are verifiable. The real hidden gem is their Lease Accounting facility which takes all the heartache and time consuming issues out of AASB16. Fantastic product — has literally saved me hours of work.”

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John Smith
John Smith
CFO & Company Secretary · Dateline Resources Ltd
★★★★★

“We love using AssetAccountant. The time savings for every client’s depreciation entries means not only is profit increased on every job, but our additional team capacity can be directed to more valuable work. There is literally no risk in the investment of AssetAccountant fixed asset depreciation software.”

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Suzanne Walker
Suzanne Walker
Director · Clear Path Accounting
★★★★★

“Big Boy Jocks On…. Ever wanted the big company fixed asset system without all the clunkiness and overthinking on the part of the software developers (I’m looking at you Thomson Reuters…)? Well then you need AssetAccountant. It provides just the right mix of complex depreciation calculations and beautiful user interface. It’s a system designed by accountants and executed perfectly by developers. The integration is seamless with Xero (you can sign into AA with Xero credentials which is awesome if you are already running Xero on your browser) and journaling synchs are very flexible between the two applications. Then there is the price. I challenge you to find a more robust fixed asset system at these price points. Well done AssetAccountant. You get me. I now have my big boy jocks back on for fixed asset management….and they fit!”

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Chris J Emerson CPA
Chris J Emerson CPA
Emerson Consulting Services LLC
★★★★★

“From the initial contact with the team at AssetAccountant to the final implementation, we have received prompt and positive responses. The effective support service and continuous improvement makes AssetAccountant a product highly recommended to a wide variety of industries as well as to accounting firms.”

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Marco Abril
Marco Abril
Financial Controller · TPM Builders
★★★★★

“It’s amazing we calculated this year’s depreciation in just a matter of minutes!”

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Veenith Singh
Veenith Singh
Group Finance Operations Manager · Beca Group
★★★★★

“Our organisation was looking for a standalone cloud-based fixed asset register that could calculate depreciation for multiple companies. AssetAccountant was a perfect solution that removed the need for tracking assets and calculating depreciation through spreadsheets. The team at AssetAccountant were very responsive throughout the implementation process. The system is straightforward to use and has various options for both asset tracking and depreciation to make it suitable for most organisations.”

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Con Kirgianis
Con Kirgianis
Finance Manager · KWP!
★★★★★

“Now that AssetAccountant is in our app store, our customers and sales team have a cloud option for fixed asset depreciation which has a strong integration with QuickBooks Online.”

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Matt Pisarski
Matt Pisarski
Global Business Development · Intuit QuickBooks
★★★★★

“After years of ‘paying a premium’ for our Asset Management, we decided to go in-house. More than impressed with the ease and capability of the software, and the staff were a pleasure to deal with from go to whoa. Fabulous to have monthly reporting, as opposed to annual as well.”

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Kim Stanton
Kim Stanton
Chief Financial Officer · Hardy Aviation
★★★★★

“I have seen a lot of niche products come and go but the one constant has been the lack of a decent fixed asset register. I was recently invited to see the latest incarnation and it did not disappoint. I am confident that both accounting firms and corporate clients will be lining up to use it — I have already been extolling the solutions’ virtues.”

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Alan FitzGerald
Alan FitzGerald
Founder · Practice Connections
★★★★★

“We initially came across AssetAccountant when researching potential replacements for the Xero asset register. AssetAccountant sparked our interest due to its ability to easily and transparently forecast depreciation, transfer assets between sites, revalue assets and asset part disposals. The AA team have been extremely helpful which has provided us with confidence in the product, we look forward to exploring additional features to find more efficiencies in our processes.”

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Elspeth Mildren
Elspeth Mildren
Accountant · Lawson Grains
★★★★★

“We highly recommend the use of AssetAccountant. Our clients benefit immensely from accurate asset register records, making spreadsheet accounting (and typical errors) a thing of the past. We can easily maintain tax and accounting registers providing our clients with accurate and meaningful information. AssetAccountant is a breeze to use, and we love that it integrates with QBO and Xero.”

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Leanne Spiteri
Leanne Spiteri
Founder · Virtue Private Advisory

We take depreciation and leasing seriously

We undertake detailed modelling of fixed asset depreciation and lease calculation rules for both accounting and tax.

We monitor changes to IRS tax rulings and accounting standards like US GAAP and ASC 842 so you don’t have to.
And, of course, we are ISO27001 certified.

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