Fixed asset record problem

Hi there jonboudreaux!

Thanks for reaching out to us. I know the reason why it's duplicating. Let me help you.

You don't need to record it as an expense since you already entered the cost of the equipment when you created the asset account. This is the reason why it doubled.

You'll want to remove the opening balance (original cost) if you want to reflect the cost to both the asset account and the credit card. Go to your Chart of Accounts, find the asset account, and click View register. Search the entry that has Opening Balance on the Memo, select it, then click Delete.

Once done, open the expense transaction you created for this equipment. Select the credit card account as the Payment account and make sure to only select the asset account under the Category details.

This is what the transaction should look like:

I also included these articles if you need help with recording loan and depreciating assets:

• How do I record the loan for an asset?

• Depreciate assets in QuickBooks Online

Please know that the QuickBooks Community has your back if you need further assistance. Wishing you and your business continued success.

Hi,

Thank you very much for the assistance! I followed your steps exactly, and it looks like it fixed the balance sheet. However, it decreased my Opening Balance Equity by the cost of the equipment ($522). Did I make a mistake?

Jon

Ok, thank you very much. I will get my CPA to look at it.