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Review details of all new equipment purchased during the year

New equipment details should include:

  • Date of purchase

  • Purchase price

  • Type of asset

  • Make

  • Model

  • Year

  • New or used

Typically, you expense the purchase price of a fixed asset over its useful life, not just the year in which you made the purchase. This business expense is known as depreciation. Keeping track of these details will make the task of recording depreciation much easier.

Consult your accountant to determine how to calculate depreciation for fixed assets such as furniture, computers, vehicles, and buildings. Because of their long-term value, fixed assets are treated differently than other business expenses.

See also

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