Recording the purchase of a new capital asset 

To record the purchase of a new capital asset:

1. Select Transaction Entry from the Transactions menu. The Transaction Entry dialogue box opens.
2. Select Withdrawal from the Transaction type drop-down menu.
3. Enter the transaction Date.
4. Select the Bank account.
5. Enter a Reference to identify the transaction throughout AgExpert Analyst.
6. Enter a Description, such as the name of the seller, or click the arrow to select a previously entered description.
7. Enter the Total net amount of the asset.
8. Select Capital Asset Purchase (C+) from the Type drop-down menu.
9. Select the applicable capital asset Account. The Add Capital Asset dialogue box opens.
10. Click Save. The Transaction Entry dialogue box opens.
11. Enter a Memo, such as Purchased steel bin.
12. The document should be balanced. To view the balanced debit and credit entries, click Recap. Click Record to record the document. 

The transaction and GST amounts will autopopulate from the information entered in the Add Capital Asset dialogue box. To change these numbers, change the information in the Add Capital Asset dialogue box. 

The bank account is decreased by the withdrawal total. The capital asset book value account is increased by the purchase price, and the capital asset listing is updated to include the new asset. 

Last updated on April 16, 2013 by FCC AgExpert