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Re: Custom Hire and New Construction

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April 01, 2014 07:33PM
Are you adding this as new structure or an asset improvement on an existing asset? Will the materials be purchased at once or separate transactions?

There are a couple different options that we can do but it depends on the answers to the questions above.

If this is a new structure and there will be multiple material purchases you can use the Structure Purchase option and purchase the structure each time there is material purchased and a check written.

If this is an asset improvement and there will be multiple material purchase, the best bet on the first transaction instead of purchasing the Asset Improvement select the Other Asset option. Create a Current Asset with None as the offsetting account. and then write the check to pay the vendor. Each time you make a material purchase you will select the Other Asset button and then select the asset you created previously. Once all is completed and you are ready to enter the asset improvement. Select the Asset Improvement option and enter the details for the improvement, instead of using the how you paid section and writing a check select Other Expense and Payments from the Items Purchased section. Once in the Other Expense enter in the Total dollar amount of the improvement materials, and then select Other as the account options and select the Short Term Other Asset you first setup.
Select Ok. The transaction should balance, select Record.

Hope this helps!

Nicole Yoquelet
Farm Works Software

Custom Hire and New Construction

Joan MaxwellApril 01, 2014 11:05AM

Re: Custom Hire and New Construction

Nicole YoqueletApril 01, 2014 07:33PM

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