Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

How do I enter in the asset register a fixed asset that was gifted to the company?

 
1 Comment
Level 15

How do I enter in the asset register a fixed asset that was gifted to the company?

In the chart of account, create the fixed asset account, and accumulated depreciation account

 

then it depends, usually the Fair Market Value of the asset is used as the cost and the offsetting entry is Other Income.  

 

But you should refer to IRS Pub 561, there are options depending on what type of fixed asset it is

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us