Contributing fix asset as owner's contribution


D

dactel

Hi All,

I am brand spanking new to the wonderful world of small business accounting.

I am trying to contribute a fixed asset, a printer that I bought this year,
to my new firm that I own as a part of owner's contribution (equity).

Question #1: When I enter that printer initially via Fixed Asset Manager
and choose the Asset Account as, say, "Office Equipment", should the value of
the printer be reflected in the Asset Account? I entered the cost basis
information in the depreciation section. OR Will I need to make a journal
entry also?

Question #2: I created a capital account for myslef (equity). How do I get
my fixed asset contribution, the value of the printer, to be reflected in it?

Thanks in advance for your help!
 
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