Transactions > Transaction examples - Credit Card > Recording the purchase of goods on credit

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« AgExpert Analyst Knowledge Base

Recording the purchase of goods on credit

To record the purchase of goods on credit:

  1. Select Transaction Entry from the Transactions menu. The Transaction Entry dialogue box opens.
  2. Select Payable Charge from the Transaction type drop-down menu.
  3. Enter the transaction Date.
  4. Select the Supplier.
  5. Enter a Reference to identify the transaction throughout AgExpert Analyst.
  6. Enter a Description, such as the name of the supplier, or click the arrow to select a previously entered description.
  7. Enter the Total net amount of the purchase.

      
     
  8. Select Expense (EX) from the Type drop-down menu.
  9. Select the applicable Account.
  10. Enter a description of the purchase, for example, socket set.
  11. Enter the Quantity.
  12. Select GST in amount (PST Exempt) from the Tx drop-down menu.

The transaction should be balanced. To view the balanced debit and credit entries, click Recap. ClickRecord to record the transaction.

The dollar value of the purchase is held as an account payable until payment is made. The purchase is considered an expense immediately on an accrual income and expense statement, but isn’t considered an expense on a cash income and expense statement until payment is made. 

Last updated on September 16, 2016 by FCC AgExpert