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Re: Bought new tractor

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September 21, 2009 05:16PM
KT,

I am assuming that you do not want to show the loan (the actual lease) as liability or the equipment that is leased as an Asset, but need to remove the traded equipment off your equipment list as an assett? I would simply go to the Record Income or Sales. Select the Purchaser, date and description. Click onto the Equipment Sale button. Select the traded equipment item. Sell the equipment at zero, unless there is a book value amount. If zero, simply click Record. If this old equipment still shows a book value, sell at the exact book value. Click OK. Then click on the Other Sales and Expense reductions button. Enter a neg. for the same sale amount. Change the account on left to Other Accounts. Highlight the Equity-Owner Name or Retained Earnings Unappropriated. Click OK. Total Sales will be zero, click Record and Done.

The lease payments would then be treated as expenses, until the time or purchasing the new equipment at over lease balance. The after lease balance is the amount you will use when purchasing the new item and there would be no trade-in at that time.

Hope this helps!

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

Bought new tractor

DaleSeptember 21, 2009 11:11AM

Re: Bought new tractor

KathyClineSeptember 21, 2009 12:02PM

Re: Bought new tractor

Kevin TrimbleSeptember 21, 2009 01:29PM

Re: Bought new tractor

KathyClineSeptember 21, 2009 05:16PM



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