How to record fixed assets purchased in quickbook-USA? AND also how to record capital Brought in or Withdrawn?

@ davedamien

First the article, like many by intuit, has some errors in it.

In QBO or QBDT the process is

create in the chart of accounts a fixed asset type account named for the asset, then create two fixed asset type accounts as a sub accounts named cost-[name] and accumulated depreciation-[name]

You post the purchase of the asset to the sub fixed asset account cost-[name].  Parent accounts are summing accounts in QB and are not posted to

You record the depreciation with a journal entry
debit depreciation expense, credit accumulated depreciation-[asset name]

QB does not calculate depreciation, you have to do it manually

Capital

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here