Recording the purchase of a capital asset financed through a dealership

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 Withdrawal.

2. Click Choose and select a Bank account.
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 the Capital Asset Purchase (C+) Type line.
7. 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.  
8. 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 also change the business percentage below if it is different than 100%.

9. Click Save.  
10. Click Add a row. 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.    

11. Enter a Description in each row.
12. 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.
13. Review the information and click Save. 

Last updated on July 8, 2020 by FCC AgExpert