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Asset
An Asset is something you own that is worth more than the current write off (expense) amount and something that could be sold to generate cash. When you purchase an asset you cannot simply enter it as an expense, you need to enter it as a liability and depreciate it over time. If you are purchasing a new asset we suggest using QUICK ENTRY - ASSET - PURCHASE. This form works best for entering an asset that you are bringing into the program on initial setup.
Truckers Helper Account#: The program will provide the next available number or you can enter your own account number.
Name of the Account: Enter the name you want for this account.
Opening Date: The date you want to use for the opening balance.
Opening Balance: If you are bringing in an asset on initial setup enter the BOOK VALUE of the item. If you do not know the book value of the item enter your best estimate of the actual value of the item. If you are unsure of book value and have had a tax accountant do your taxes previously check with them for the book value of any assets that you owned when your last tax return was prepared. (See Your Balance Sheet for information on setting up your balance sheet and how Assets relate to it.)
Type of Account: This is fixed and cannot be edited.
Below is the transaction which was created from the entry above. We've used zero for the value but you should use the book value of the item you are setting up. If this is a new item we suggest using Quick Entry - Assets - Purchase to show that purchase. Remember that an Asset is a Balance Sheet item and it requires two entries to properly enter it in your books. While this can be done manually using Quick Entry will greatly simplify this task.
TRUCK PURCHASE: If this asset is a new truck we suggest using the Maintenance section to set up the truck and fill in the Financial detail to have the program automatically create the Asset & Liability accounts for you.
Note: If you traded an old truck in which was on your books you will need to make additional entries to account for the trade in and take the old truck off your books. There may also be taxes and other expenses which were paid as part of the deal. Be sure you don't include these in the 'value' for the truck. See the article Accounting - Purchasing A Truck for a more detailed discussion of the requirements when purchasing a truck.
