I still have no idea what is the right way to do this. When company purchase something, the item is always added into inventory as we transfer some sell-able products to our own use as company assets and office equipment.

At the moment I'm thinking of:

#1 - Remove manually from inventory the number of units transferred to Asset #2 - Create manual journal entries, deducting inventory and moving the inventory to the corresponding asset account #3 - Create the particular asset and designate the depreciation #4 - Create a manual internal move and create a new location called <company name="">/Asset

Is this the right method to account for this?