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Re: Buying Equipment

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March 14, 2016 03:09PM
Ok, so when going to the Record Payment Purchase, you can select the correct Vendor, date and description. Click the equipment button and create the new equipment, select correct account purchase at the correct price and click OK. Then stay in the Items purchased. Click the Other Asset (Stock) button. Select New for the Other Asset box. Type a description such as Holding. Select Current Asset. Enter a negative dollar amount matching the equipment purchase. Leave the Offset to NONE and click OK. Total Purchase will be zero. Record and Done.

Now then processing the Invoice as a ROA follow these steps:

1. Go to the Record Income or Sales.
2. Select correct Purchaser (matching the Invoice) enter date and description.
3. Click on the ROA button and process the complete amount (even though this is not the amount being deposited) Click OK.
4. Click on the Other Sales and Expense Reduction button. Enter a negative dollar amount matching the Equipment purchase. Change account on left to Other accounts. Highlight the Other Asset account for Holding and click OK.
5. Now the Total Sales will be the amount for deposit. Setup the correct from of deposit and click OK.
6. Record and Done.

Hope this helps!

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

Buying Equipment

DaleMarch 14, 2016 09:10AM

Re: Buying Equipment

KathyClineMarch 14, 2016 10:51AM

Re: Buying Equipment

DaleMarch 14, 2016 11:49AM

Re: Buying Equipment

KathyClineMarch 14, 2016 03:09PM



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