How do I categorize the down payment made on a Fixed Asset?
I recently purchased some new equipment for my company that cost us $10,000. I made a $5,000 down payment through wire transfer and financed the remaining half with a bank. The $5,000 wire transfer appears on my transactions on Quickbooks and I want to know how to categorize the down payment made. Will the down payment appear on my profit and loss for the year?
I also created a fixed asset with the machine name and gave it an opening balance of $10,000. Is this incorrect? Thank you!
