Donated Asset Transactions

1

Hi,

how should I record donated asset transactions in Manager?
When I received a donation of items or something considered as asset, currently I use journal entry to record these transactions. Debit an asset and credit Contributions.
I would do the same when I received items which would be considered Inventory.

Is journal entry the correct way on how to record these transactions?

Thank you

2

Yes journal entry is ok. This is what I do,
Create the fixed asset.
Debit it and credit an income account called ‘Donations in Kind’