In today's video we're going to jump into qbo and show you the proper way to set up your assets. 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. Version 13 2 PURCHASE AND ASSUMPTION AGREEMENT. Santa Clara, California. Learn the foundations of fixed asset accounting, including definitions, formulas, and applications. Fill out form DE-310 , Petition to Determine Succession to Real Property. You can use this form for clearing title to Real and Personal Property.