The way to handle a fixed asset purchase is to first create the asset as per the Guide at Manager Cloud. This has no effect on financials.Read everything you need to know about fixed assets: terms, accounting, journal entries, ratios, financial statement treatment, and more. Learn the foundations of fixed asset accounting, including definitions, formulas, and applications. In this comprehensive guide, we'll delve into the intricacies of booking fixed asset journal entries, with a specific focus on disposal transactions.