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A
Anonymous
April 17, 2022
Question

How to Report Asset Given to Business for Free

  • April 17, 2022
  • 1 reply
  • 0 views

Hi There,

 

I run a photography business and was gifted a camera in 2018 (fair value = $1200 at the time, about $700 as of April 2022). How can I record this in QuickBooks to show that my company owns this asset without incurring an expense as the company (or I, as this is sole proprietor) did not actually pay anything but I'd like to show on the balance sheet that I have a legitimate fixed asset. 

 

The main problem Im having is that I need to show an expense but there technically isnt any expense because I didnt pay for it, but yet the company does indeed own it. 

 

Thank you

1 reply

J
JamesM4
April 18, 2022

Hi jacobconkin,

 

Thanks for connecting with us here. It's great to learn you're taking advantage of the powerful features in QuickBooks so you can streamline your accounting. I'll be glad to point you in the right direction so you can get the resolution you need in a timely manner. 

 

Making sure you're recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on this. If you're not in contact with a professional, don't worry, you can search for one using this link here. 

 

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.

 

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