Get your routine established, and stick to it. This is a critical step. If you don't pay attention, and set up a workable system, you will end up with meaningless information. The second step in getting your system organized is learning a little about the rules to follow when you are dealing with bookkeeping. A bit of time spent with your accountant is the first step toward saving yourself time and money.
Large tools have to be depreciated .
All that means is that the total cost of the tool cannot be listed as an expense which you deduct from your taxes this year. But that's a one time simple project. Your accountant will return to you a depreciation schedule which that be updated each year with your taxes. Anything included in fixed assets should have a supporting list of what the items are. If you take the asset value and subtract the accumulated depreciation, you will see what the book value of your tools is.