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Level 1

How to record Fixed Asset purchase by Owner

I bought a vehicle for my new business, and as I did not yet have the business bank account in place I paid the down payment myself, and financed the rest.
I would like my down payment to be recorded as owner's equity (I don't need it to be reimbursed), and I need the financing to be recorded accurately.
How do I go about doing this?

1 Comment
Moderator

How to record Fixed Asset purchase by Owner

Hello there, ChristineA

 

In QuickBooks Online, we have a way to record personal investments to your business. There are three steps that we can take:

  1. Set up an equity account.
  2. Record the investment.
  3. Pay back the funds from the investment.

To see the detailed instructions, you can visit this link: Track personal money or investments to your business.

 

Though that's how we  do it in QuickBooks Online, we'd still recommend reaching out to your accountant. They know what's best for you and your books.

 

Feel free to get back to us if you need anything else. Have a great day!