Setting up equipment assets for new business

John Jason Jordan johnxj at comcast.net
Sat Jun 27 22:52:11 EDT 2009


I have a new business into which I am investing $2,000 cash and $33,000
(formal written appraised value) of equipment. 

1) Setting up the cash was no problem, but I can't figure out how to
set up the equipment. Note that the equipment consists of eleven items,
five of which must be depreciated on one schedule, four on another
schedule, and two on a third schedule. Therefore, I need to enter the
items individually somehow. After setting it up the balance sheet
should show a $35,000 net worth of the business.

I created an asset account called "Equipment." If I enter an item in
the Increase column (which I assume is the debit column, since it is on
the left), when I hit enter to add the entry GnuCash automatically adds
a credit for the same amount in the Equipment account, leaving
Equipment with a zero balance. I can't figure out where the offset to
the debit for a new equipment item should go.

2) Assuming I can figure out the above, how do I set the depreciation
schedule for each item? Or do I wait to do that until year-end when I
will want to post the depreciation?


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