When do I use other assets on chart of account?

I'll answer your question about utilizing other assets in QuickBooks Online (QBO), gilsidi.

For any assets that don't fall under the customary categories, you can utilize the "Other Assets" account in the chart of accounts.

Examples include:

• Advances to employees or vendors
• Deposits for utilities or services
• Prepaid insurance premiums
• Security deposits for rental properties
• Loans to other individuals or businesses

You may also consider consulting with your accountant for advice on how to use it effectively.

Also, if you wish to create an asset to track the current value and depreciation of your assets, feel free to browse this article: Set up an asset in QuickBooks Online.

Furthermore, you'll want learn about the chart of accounts in QBO to gain insight into how to categorize transactions and learn about accounts that QuickBooks sets for you.

Please let me know if you have any further questions or clarifications on how to set up an other assets account in QuickBooks. I'll ensure to provide answers for you.