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Equipment Purchases as an asset?

I've bought various equipment this year with cash. A UTV and other misc. equipment that is all used for business. I've listed the expenses in QB but how do I track purchases like these as assets?

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Re: Equipment Purchases as an asset?

Hello DrDick,

 

When you create the expense transactions, you'll need to make sure they affect the asset accounts (Fixed Assets, Other Current Assets, etc.). 

  1. Open the expense transaction and go to the Category details section.
  2. Make sure you select the correct account in the CATEGORY column.
  3. Click Save and close.

If you have entered the expense details through the Item details section, you'll need to make sure they are set up correctly.

  1. Click the Gear icon in the upper-right corner and select Products and Services.
  2. Look for the said item and click Edit.
  3. In the Purchasing information section, enter the correct account in the Expense account field.
  4. Click Save and close.

I'd also recommend reaching out to your accountant about this. They can provide more options of what accounts to use.

 

Let me know if you need anything else.