There are many different scenarios in which a capital asset is purchased and paid for. The chronological sequence of methods of payment is important to note beforehand as this serves as the guideline for how it will be entered in AgExpert Accounting.

1. Click the orange quick action menu near the top right of the screen and click Deposit. 

2. Click Choose and select the Bank account the funds were deposited into.
3. Click Choose and select the Supplier.
4. Click the calendar icon and select the Date of this transaction.  
5. Enter a Reference number. The reference could be the cheque number or any keyword that helps you identify the transaction later.
6. Select Loan Addition (L+) from the Type drop-down menu. You can select an existing loan account (if not in use) or create a new account to represent the new loan amount.    

7. Enter a Description.
8. Click Save.  
9. In a new Withdrawal transaction, click Choose and select the Bank account that the funds were then withdrawn from.  

10. Enter a Reference number.
11. Select the Capital Asset Purchase (C+) Type line.
12. Select the appropriate Capital Cost Allowance (CCA) Class. We recommend verifying this information with your accountant. Note: To enter a new CCA class you will have to close the transaction, click More on the left, click Capital assets, click CCA Classes and then click Add CCA Class.  
13. In the Capital Asset Details window enter a description, serial number, and purchase price (not including tax) of the capital asset. Select the Accelerated Investment Incentive toggle if applicable. Enter the taxes in the appropriate fields. You can change the business percentage below if it is different than 100%.

14. Click Save to return to the transaction screen afterwards. If you need to return to this window, click the name of the capital asset under the detail column.
15. Enter a Description to represent the capital asset purchase line.
16. You can add a new row if there were other expenses that were added to the cost of the capital asset, such as administrative, legal, or recycling fees.

17. Review the information and click Save.

Last updated on July 8, 2020 by FCC AgExpert