Purchase

 

Use the quick entry to purchase an asset.

 

FROM ACCOUNT: the account you used to pay for the asset.

TO ACCOUNT: the name of the ASSET account. If this is a new ASSET the program will create the account name for you.

TRUCK NUMBER: if the asset is specifically for a truck then enter the truck number. In this case it was tires for the truck so we used the truck#.

TRAILER NUMBER: same as above.

AMOUNT: the purchase price of the asset.

PRO NUMBER: if one applies use it, but that would be unusual for an Asset.

MEMO: any short memo you want with this entry.

 

The program will then create two entries - one to pay for the asset and the other to create the asset account.

 

 

This first entry Pays for the purchase and transfers the money to Asset account.

Note: transfers are set up to deduct from one account and add to the other account. For this reason they normally use a minus sign for the first account and a positive number for the second account. If you purchase an Asset with a CHARGE ACCOUNT or CREDIT CARD you will need to remove the minus (-) sign from the AMOUNT. To do this just click in the box and remove the - sign then click SAVE. You should ALWAYS check transfers to be sure they did the right thing. One easy way to do that is to check the Account Register and look at the two accounts involved to be sure they have added or subtracted the amounts correctly.

 

The second transaction is the one creating the ASSET and assigning it's value.

Here the CHARGE TO ACCOUNT is the name we assigned to the Asset when we filled out the Quick Entry popup. You can double check that this entry created this account by checking the Account Register and clicking the Asset tab.

 

Here you can see that TRUCK13 TIRES is now listed in the Asset Accts and has a value of $4000.