Record a fixed asset and its purchase basis
Add an asset, separate land from depreciable cost and retain its acquisition history.
On this page
Prepare purchase records, in-service date and the basis, land value and useful life agreed with your bookkeeper.
Review the purchase
Open Tracking > Fixed assets. Decide whether the purchase belongs in the asset register. A bank-feed fixed-asset classification does not finish its depreciation schedule.
Enter the asset
Choose Add fixed asset. Enter its name, property, cost basis, land or non-depreciable value, in-service date and useful life. Review the available category and method fields before saving.
Inspect the saved record
Open the asset and compare basis, dates and values with the purchase records. Do not add another purchase expense if the withdrawal is already booked.
Bring forward prior depreciation
For an older asset use Historical depreciation. Enter Prior year-end, Accumulated depreciation and Source of this balance. Review the opening balance and submit for journal approval.
Check the result
- The asset record and any approved historical balance agree with the source schedule.
FAQs
Is current market value the purchase basis?
They serve different purposes. Use the supported acquisition records and the basis established with your bookkeeper.
What if a past deduction already exists?
Review asset history and use Link posted years only for an unambiguous matching deduction. Do not post it a second time.