Hey @Teegrey, thanks for reaching out in the Community! This answer would very much depend on how you did acquire the land. If your inherited the land for example you would first need to create an asset account for the land in your chart of accounts (Accounting > Chart of Accounts). You then would be creating a journal transaction that credits the owner's investment/drawing equity account and debits the asset account that you have just created.
In saying that, this is a very specific accounting question that definitely requires advice from an accountant. I highly recommend reaching out to yours for more advice on this.
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How do you enter assets, such as land, that were not purchased by the business but are now being used for the business?
Hey @Teegrey, thanks for reaching out in the Community! This answer would very much depend on how you did acquire the land. If your inherited the land for example you would first need to create an asset account for the land in your chart of accounts (Accounting > Chart of Accounts). You then would be creating a journal transaction that credits the owner's investment/drawing equity account and debits the asset account that you have just created.
In saying that, this is a very specific accounting question that definitely requires advice from an accountant. I highly recommend reaching out to yours for more advice on this.