To record the purchase of a fixed asset, debit the asset account for the purchase price, and credit the cash account for the same amount. Assets are recorded on the balance sheet at cost, meaning that all costs to purchase the asset and to prepare the asset for operation should be included.In the Account drop-down select the long term liability account you created for your loan; Under INCREASE enter how much you spent on the asset; Click Save. The initial journal entry to record a fixed asset is generally a debit to fixed assets and a credit to payment or liability for payment. This is one way of journalising the transaction: 1. Transfer of book value of asset marked for sale. Hi Everyone, New to the system so I am still trying to figure things out. What's the best way to record an asset in Sage 50? An APA is a legallybinding contract between a buyer and seller that finalizes the terms and conditions of an acquisition.