Hello,
New-ish to QB. I am learning, but still a bit confused on entering asset purchase/payments correctly.
Our business recently purchased a 10K dump trailer in cash. No financing. I know this qualifies as an asset, and I set it up in Chart of accounts as a fixed asset, and put the original cost in so I believe a depreciation account was created.
My question is, how do I now categorize the 10K payment showing up in the bank feed? Is it categorized to the asset account? Or as an expense? How will my accountant see at the end of the year the asset purchases so we can write them off for taxes?
Thanks for the help.
