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Buy or transfer fixed assets to your business

If you personally own assets that you want to transfer to your business or if you purchase a fixed asset for your business with personal funds, you'll need to set up fixed asset accounts. If you plan to track depreciation, set up separate subaccounts for original costs and for accumulated depreciation.

For new asset purchases

After you have entered all the asset account information, add an entry to your Company Owes Me account or to a Note Payable account. To create this account, see Setting up a tracking account for mixed funds.

To enter a fixed asset bought with personal funds

  1. Go to the Lists menu and click Chart of Accounts. Shortcut

  2. Double-click your Company Owes Me account to open the account's register.

  3. (Optional) Enter the name of the payee.

  4. In the Increase column, enter the price you paid, and tab to the next line.

  5. Click the Account drop-down list and choose the appropriate Asset account.

  6. (Optional) Enter a memo.

  7. Click Record.

  8. Create a fixed asset item to track associated costs, depreciation, and so on, for your asset.

For personal assets that you want to transfer to your business

After you have entered all the asset account information into QuickBooks, add an entry to an equity account. The transfer of a personal asset is an investment in your business, so you use an equity account, instead of the Company Owes Me liability account.

To transfer a fixed asset from your personal holdings to your business

  1. Go to the Lists menu and click Chart of Accounts. Shortcut

  2. Select the equity account that you use to track owner investments, and double-click to open the account's register.

  3. (Optional) Enter your name.

  4. In the Increase column, enter the depreciated amount of the asset, and tab to the next line.

  5. Click the Account drop-down list and choose the appropriate asset account.

  6. (Optional) Enter a memo.

  7. Click Record.

  8. Create a fixed asset item to track associated costs, depreciation, and so on, for your asset.

See also

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