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UKWMMG_Phil
November 26, 2023
Question

How should I record fixed assets transferred from a previous company at no cost

  • November 26, 2023
  • 1 reply
  • 0 views

We recently had some assets donated to us from another company (some laptops and a phone)

 

What is the best way to record these assets in QBO?

 

I have followed the instructions for in-kind donations, and the value is correctly appearing in the 'Computer equipment additions at cost' ledger, but the donations are also marked as income on the P+L sheet, but not then as expenses. This causes our p/l figure to seemingly be inflated?

1 reply

G
GeorgiaC
January 18, 2024

Hi UKWMMG_Phil, thanks for posting on the Community 

 

Sorry that your post wasn't picked up by our team at an earlier point. 

 

If you have assigned an income-type account or sales VAT code to the transaction(s) this will cause it to post as income on the P+L.

 

We'd recommend working alongside an accountant to ensure that any assets are recorded accurately. If you don't already have an accountant, you can find a QuickBooks certified accountant near you on our online directory. 

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