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February 22, 2021
Question

Purchase and Accountability of Fixed Asset

  • February 22, 2021
  • 1 reply
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How do I Account for the Purchase of Fixed Asset through the use of a Credit Card? I simply created a new Fixed Asset Account & classified such an Expense through the respective Credit Card Account. But I was surprised to realize the Transaction had duplicated in my Annual Detailed Balance Sheet! How should I have Accounted for it to avoid Duplication? Attached please view the journal entries 

1 reply

Rustler
April 6, 2021

The mistake was to create the fixed asset account with a starting balance, edit that entry that says START and make the amount zero