How do I record the funds from the checking account while setting up the fixed asset? Purchased real estate using funds from the checking account.

Thanks for reaching out to us, @DecaturInvestor.

If you want to transfer from your checking account to the Fixed Asset, you can create a journal entry. Do this by crediting the checking and debiting the FA account.

Also, to make sure you've recorded the fixed asset item purchase in your books, use these steps:

1. Click the Gear icon and choose Check.
2. Choose the account where you get the funds.
3. Then, go to the Item details tab.
4. Select an empty field under the Product/Service column and click the drop-down menu.
5. Scroll down the item list and select the fixed asset item(s) for this purchase.
6. Specify the purchase amount in the check.

Since this issue requires in-depth accounting processes, we do recommend that you reach out to an accounting professional first. We can only provide the steps you need to do in QuickBooks, but handling your books and doing journal entry transactions is best assisted by your accountant.

If you don't have one, we can help you find someone to help you. You can visit the following link to locate accountants based in the US: https://quickbooks.intuit.com/find-an-accountant/

Post here anytime if you have other concerns with asset management in QBO. I'll be right here if you need anything else. Have a good one!

I used a wire to purchase the property so the cash taken out is already in my checking account. 

Also, I use Classes for each rental property and not Product/Service, which that shouldn't be a problem. 

@DecaturInvestor 

Assign the fixed asset account for the property to the wire transfer.  This debits the fixed asset account and credits the bank account.