A business owner is confused about how to properly account for partial ownership of equipment purchased with personal funds and reimbursed by a partner, specifically how to set up depreciation and asset tracking in their accounting software.

Workarounds Described

• Using personal savings account for business asset purchase
• Manual tracking of partner reimbursement via wire transfer
• Creating custom depreciation and asset accounts in Wave without clear methodology

Implied Software Gaps

• Accounting software that handles assets with multiple owners and separate funding sources
• Automated workflows for partner reimbursements on shared asset purchases
• Clear guidance and automation for depreciation calculations on partial ownership assets

CoAsset Pro

CoAsset Pro is specialized accounting software for shared asset management that handles partial ownership, depreciation, and partner reimbursements seamlessly. It eliminates the confusion of mixing personal and business finances by providing clear workflows for co-owned assets, automatically calculating depreciation shares and generating proper journal entries.

Existing Solutions Mentioned