Fixed Assets → Assets → New asset asks how the business got it:
| Choice | Use it for | What it records |
|---|---|---|
| Bought | A purchase from a vendor, paid now or owed. | The vendor's bill, the assets, and the payment if paid at once. |
| Already owned | Assets in use before your books started here. | The asset with its opening balance and the depreciation already taken. |
| Built over time | A building, fit-out or machine assembled in-house. | An asset whose bills, stock and other costs collect until it is finished. |
| Other | A gift or an asset transferred in. | The asset; what paid for it is named when it is put in use. |
A bill entered in Purchases on a fixed-asset account creates the asset too (Chapter 6): the line's cost becomes a Pending asset linked to the bill, and editing or voiding the bill moves the asset with it.