Intangible Assets

mafost

Question: How to add transactions for assets?

I was reading a forum on StackExchange and the advice was to
1. expense the fees and costs associated with acquiring an intangible asset such as a new domain name or trademark, and
2. add that same value as the intangible asset.

Any thoughts on this? Would you duplicate the transaction and assign one to expense and the other to assets?

ConnorM

Hey @mafost! This is a really great question. I'd say that your best bet here might be to use a journal transaction in order to account for your intangible asset. You might want to create a new asset account in your Chart of Accounts, and use that as your Intangible Assets account. Then, you'd create a journal transaction, where you'd credit the account that had paid for the domain, and debit that new intangible asset account. That might be the best way to account for this! Let me know what you think.

mafost

@CommorM That's what I was thinking. It seems, using journal transactions is the simplest way to cut straight to traditional bookkeeping in Wave.