These represent property, plant, or equipment assets that are acquired for use in a business rather than for resale. They are called fixed assets because they are to be used for long periods of time.
Select this account type if you are setting up any of the following fixed assets:
- Land: property, storage space, or parking lots.
- Buildings: structures in which the business is carried out.
- Machinery: heavy equipment used to carry out business operations. For example, you may want to set up any of the following: store equipment or fixtures, factory equipment of fixtures, office equipment or fixtures (including computers and furniture), and delivery equipment (including autos, trucks, and vans used primarily in making deliveries to customers).