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.OAKLAND Accounts Payable is a detailed, user-friendly application from Purchase. In this video I'm going to talk about entries related to purchasing assets for your business. You are doubling up because you are entering twice as many transactions as you may need. 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. Supplier Invoices → New Purchase Invoice; Fill-up every details (Date, Supplier, Invoice Number).