When you first purchase new equipment, you need to debit the specific equipment (ie, asset) account. And, credit the account you pay for the asset from.In this comprehensive guide, we'll delve into the intricacies of booking fixed asset journal entries, with a specific focus on disposal transactions. Each asset in the group purchase is identified using a serial number;. Consider all costs at time of acquisition or construction. In 2023, I made a video on how to enter fixed assets into QBO after the 2022 Chart of Accounts experience update. How much you paid for your asset. • What happens if you do not know the historical cost? Statement of Activities tab must then be filled in.