Startup assets shouldn't be entered into QuickBooks as a normal transaction since a startup asset may have been acquired before you started your company. It's better to use the Fixed Asset Item List instead of inputting the asset while within a transaction. Using the Fixed Asset Item List also makes sense when you pay for an asset with cash, transfer an existing asset or purchase an item using personal funds.
Click the "Lists" menu and "Fixed Asset Item List."
Click "Item" and "New" in the list to access the New Item window.
Enter a name in the Asset Name/Number field to enter the identifying information for your asset. This could be a name, number or other unique identifying information.
Click the "Asset Account" drop-down menu and create a new account named "Startup Assets" or a similar name. You can also use an existing account.
Complete the fields in the Purchase Information section. If the item was purchased before you started your company, check the "Used" radio button and enter the date your company started in the Date field. Enter the cost of the asset in the Cost field.
Provide the relevant information in the Asset Information section. Complete a description of the asset in the Asset Description field. Enter the Location, PO Number, Serial Number and the date the warranty expires in the appropriate fields, if applicable. You can also complete the Notes section with any additional information about the asset.
Click "OK" to close the window or "Next" to enter another asset.
Warning
Information in this article applies to QuickBooks 2013. It may vary slightly or significantly with other versions or products.
