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.
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.
Go to the Lists menu and click Chart of Accounts.
Double-click your Company Owes Me account to open the account's
(Optional) Enter the name of the payee.
In the Increase column, enter the price you paid, and tab to the next
Click the Account drop-down list and choose the appropriate Asset account.
(Optional) Enter a memo.
fixed asset item to track associated costs, depreciation, and so on, for your
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.
Select the equity account that you use to track owner investments, and
double-click to open the account's register.
(Optional) Enter your name.
In the Increase column, enter the depreciated amount of the asset, and tab
to the next line.
Click the Account drop-down list and choose the appropriate asset account.
Setting up asset accounts to track