How to Record a Donated Fixed Asset in QuickBooks
Although donated fixed assets don’t usually cost any money to buy, the business or organization must still record the item in its accounts, because all fixed assets add value to the business and depreciate over time. The QuickBooks business accounting program allows you to record donated fixed assets in your organization’s accounts by entering them in the Fixed Assets list.
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Instructions
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Launch QuickBooks on your computer.
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Click “Lists” in the main navigation menu at the top of the program window. Select the “Fixed Asset Item List” from the context menu.
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Click “Item” at the bottom of the Fixed Asset list page, then click the “New” button. Enter a name for the donated fixed asset into the “Asset Name” field. Type an asset number into the applicable input field.
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Click on “Assets Account,” then click “New” to start a new list for specifically recording all donated fixed assets. Type “Donated Fixed Assets” or another suitable list name into the name input box. This creates the list and automatically assigns the first donated fixed asset entry to the list.
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Enter information about the donated fixed asset into the applicable input boxes. Enter an asset description, the supplier or donator name, the date of the donation and the market value of the asset. For donations, enter a zero value into the “Asset Cost” field. QuickBooks lets you provide optional information, including the asset location, serial number and warranty details. Type this information into the relevant input boxes.
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Click “OK” to enter the donated fixed asset record in the list.
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Tips & Warnings
Click “OK” to enter the donated fixed asset record in the list.
Add other donated fixed assets to this list by selecting the list name from the “Assets Account” list.
