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MLabelMedia
Level 1

Section 179 QBO Entry of "Depreciation" and Book Value for Fixed Asset (with Partial Personal Use)

Hello,

 

I have a camera that was purchased for my LLC for $4,000.  It is being used 75% for business use and 25% personal.  I'd like to record the asset's correct book value and depreciation. I'll be 179 depreciating the asset's full business use value this year.

 

I am trying to figure out what accounts to debit and credit for these transactions on Quickbooks Online. 

 

I know the entries if these was 100% business use.  The part that is confusing me is the personal %.  If below are the 100% business use entries, how do they change to account for the $1,000 personal percentage of use? 

 

If 100% business.

purchase:

debit  - $4,000 computer fixed asset

credit -  $4,000 checking account

depreciation:

debit -$4,000 depreciation expense

credit - $4,000 accum depreciation

 

If 75% business use and 25% personal use, then how is that accounted for in Quickbooks Online?

 

Thanks so much,

 

Aaron

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