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A
AllisonAJ
August 18, 2022
Question

How to document the purchase of an asset

  • August 18, 2022
  • 1 reply
  • 0 views

Hi, 

 

My boyfriend just started a fishing business and I am doing his bookkeeping. He just purchased a fishing boat and I am not sure how to document the purchase. I added the full price of the boat into quick books as property, plant and equipment.  We got funding to cover about 20% of the purchase and he also put a down payment on it, so I am confused on how to document that part.

 

Thanks ! 

1 reply

A
Amanda-B
August 18, 2022

Hey there Allison34,

 

Thanks for turning to the QuickBooks Community for support.  Making sure you're recording your transactions properly is an essential step for maintaining clean books. I can point you in the right direct for the best assistance possible. 

 

To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on creating these types of transactions. They'll be able to guide you in choosing the correct transaction type as well as which accounts to affect so that your accounts can end up with the right balance. You can add your accountant to your books by going to the My Accountant tab of your QuickBooks account. You can also find an accountant that has experience using QuickBooks near you by clicking on the Find a pro to help option in that section.

 

If you have any other questions, feel free to reach out here.

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