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Level 3

Entering a fixed asset for equipment I own

I obtained a personal loan for a piece of equipment before I started my single member llc business. Now I want to enter this into quickbooks desktop. I own the equipment and I'm wondering how to enter this... Post it to fixed asset and owners equity investment for the amount i paid or something different?

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Best answer 11-25-2019

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Level 15

Entering a fixed asset for equipment I own


@quinn1 wrote:

I obtained a personal loan for a piece of equipment before I started my single member llc business. Now I want to enter this into quickbooks desktop. I own the equipment and I'm wondering how to enter this... Post it to fixed asset and owners equity investment for the amount i paid or something different?


Yes it is posted to a fixed asset account  you create in teh chart of accounts

 

Fair market Value is what you use for the amount, and yes the offset is equity investment.  If you bought it just before you started the business then that price could be used, but if some time went by (I use 6 months or more) then fair market value is used.

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Highlighted
Level 15

Entering a fixed asset for equipment I own


@quinn1 wrote:

I obtained a personal loan for a piece of equipment before I started my single member llc business. Now I want to enter this into quickbooks desktop. I own the equipment and I'm wondering how to enter this... Post it to fixed asset and owners equity investment for the amount i paid or something different?


Yes it is posted to a fixed asset account  you create in teh chart of accounts

 

Fair market Value is what you use for the amount, and yes the offset is equity investment.  If you bought it just before you started the business then that price could be used, but if some time went by (I use 6 months or more) then fair market value is used.

View solution in original post

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