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Chapter 15. Recording Your Assets > Purchasing Fixed Assets

Purchasing Fixed Assets

When you purchase a fixed asset, you need to set up an account to keep track of the asset. You can create this fixed asset account by entering a new account in the Chart of Accounts. Or, if you use QuickBooks Pro, QuickBooks Premier, or QuickBooks Enterprise Solutions, you can use the new Fixed Asset Manager to track more detailed information about the asset, its purchase, and (if applicable) its ultimate sale.

Enter a Fixed Asset in the Chart of Accounts

Press Ctrl+A to open the Chart of Accounts; then press Ctrl+N to open the New Account window.

Select Fixed Asset for the account type.

Enter a name for this asset.

Check the Subaccount box and enter a subaccount name if this asset is to be categorized as a subaccount of another account.

Enter optional information in the description and note fields to provide additional information about the asset.

If you plan to use QuickBooks to assist in your tax preparation, you might want to assign a tax line to this asset at this time. Depending on your type of business, the tax line might not be necessary for a fixed asset.

If you're entering an asset you owned prior to creating your QuickBooks file, you can enter the beginning balance information. If you plan to enter the purchase of this asset separately, leave the opening balance field blank.

Click OK.



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