Transactions > Transaction examples - Capital Assets / Assets > Recording a capital asset purchased financed by the bank

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Recording a capital asset purchased and financed by the bank

To record the purchase of a capital asset financed by the bank, first record the deposit to your bank account and set up the bank loan.

  1. Select Transaction Entry from the Transactions menu. The Transaction Entry dialogue box opens.
  2. Select Deposit 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 bank loan, or click the arrow to select a previously entered description.
  7. Enter the Total net amount of the deposit.
  8. Select Loan Addition (L+) from the Type drop-down menu.
  9. Select the applicable Account. You may need to add a new loan sub-account.
  10. Enter a Memo, such as Bank loan.
  11. Enter the total Amount of the loan.
  12. Click Record.

Next, you’ll have to record a capital asset purchase for the tractor: 

  1. In the Transaction Entry dialogue box, select Withdrawal from the Transaction type drop-down menu.
  2. Enter the transaction Date.
  3. Select the Bank account.
  4. Enter a Reference to identify the transaction throughout AgExpert Analyst.
  5. Enter a Description, such as bank loan, or click the arrow to select a previously entered description.
  6. Enter the Total net amount of the withdrawal.
  7. Select Capital Asset Purchase (C+) from the Type drop-down menu.

    Select the capital asset Account. The Add Capital Asset dialogue box opens.
  8. Click OK. The Transaction Entry dialogue box opens. Enter the remaining transaction details. For example:
  9. Click Record. 

Your bank loan has been set up and the asset will be added to the applicable capital asset list. Both the deposit and withdrawal will appear on your bank reconciliation. 

 

 

Last updated on August 31, 2016 by FCC AgExpert