At the end of last year I traded field cultivators. Now when I try to allocate this equipment to a field the only depreciation that is being allocated is the amount on the "boot" paid. The depreciation for the original asset which was traded in is not being included on my enterprise statements. The depreciation report shows the proper expense and the traded asset shows up correctly under the new asset. I have been using this program for many years and have never noticed this before, of course I may have never looked at it this closely before either. I guess I always assumed that the trade in depreciation was included with the new asset. I don't see any way to spread the depreciation on the trade as that piece of equipment is no longer available on my machine list. Is this a flaw in the program or could I have done something wrong?http://www.farmworks.com/uk/forum/read.php?3,67453,67453#msg-67453Sun, 19 May 2013 10:15:00 -0400 Phorum 5.2.7 http://www.farmworks.com/uk/forum/read.php?3,67453,67495#msg-67495 http://www.farmworks.com/uk/forum/read.php?3,67453,67495#msg-67495 KathyCline Office - AccountingFri, 20 Apr 2012 09:18:37 -0400 http://www.farmworks.com/uk/forum/read.php?3,67453,67481#msg-67481 http://www.farmworks.com/uk/forum/read.php?3,67453,67481#msg-67481
I think I will handle all future trades as you discussed previously. Thanks for all your help]]> BrianV Office - AccountingThu, 19 Apr 2012 17:21:49 -0400 http://www.farmworks.com/uk/forum/read.php?3,67453,67471#msg-67471 http://www.farmworks.com/uk/forum/read.php?3,67453,67471#msg-67471 KathyCline Office - AccountingThu, 19 Apr 2012 08:00:34 -0400 http://www.farmworks.com/uk/forum/read.php?3,67453,67470#msg-67470 http://www.farmworks.com/uk/forum/read.php?3,67453,67470#msg-67470 BrianV Office - AccountingWed, 18 Apr 2012 22:00:45 -0400 http://www.farmworks.com/uk/forum/read.php?3,67453,67469#msg-67469 http://www.farmworks.com/uk/forum/read.php?3,67453,67469#msg-67469
I just had a thought, if your goal is to remove the old traded item from books, you could follow these steps:

1. Void this new equipment purchase transaction.
2. Go to the Asset Depreciation. Check with tax preparer on what current year depreciation may be taken on this traded item and enter this number in the Current Year Column. Click OK.
3. Go to Accounting-GL-chart of accounts.
4. Right click on the heading called Other current Assets and select new account.
5. Type a description such as Equipment Holding account. Leave the Offset section to NONE. Click OK.
6. Go to the Accounting-Income, Sales and Deposits-Record Income or Sales.
7. Select Purchaser - (company that took the trade in), date and description.
8. Click on the Equipment Sale button.
9. Select the item that was traded.
10. Sell this equipment for only the current Book Value and click OK.
11. Click on the Other Sales and Expense Reductions button.
12. Enter a neg dollar amount matching the equipment sale.
13. Change account on left to other accounts. Highlight the Equipment Holding account and click OK.
14. Total Sales will be zero. Record and Done.
15. Go to the Record Payments and Purchases.
16. Select Vendor-date and description.
17. Click on the Equipment Purchase button. Select from drop down list the new equipment items setup from the Voided Transaction.
18. Enter the correct account and purchase dollar amount (original cost - less the trade in value + Book Value from traded item). Click OK.
19. Click on the Other Asset (Stock) button.
20. Select the Equipment holding account name from drop down list. Enter a neg. dollar amount displayed from Current Balance. Click OK.
21. Enter any transaction fees etc. until total cost matches original transaction that as voided.
22. Complete the How you paid section as before. OK.
23. Record and Done.

This process will provide the numbers you are looking for on the new equipment item. Hope this makes sense.]]> KathyCline Office - AccountingWed, 18 Apr 2012 13:47:47 -0400 http://www.farmworks.com/uk/forum/read.php?3,67453,67468#msg-67468 http://www.farmworks.com/uk/forum/read.php?3,67453,67468#msg-67468
If I would switch to the new version would it work retroactively on previous trades, or just on new assets purchased?]]> BrianV Office - AccountingWed, 18 Apr 2012 11:02:37 -0400 http://www.farmworks.com/uk/forum/read.php?3,67453,67465#msg-67465 http://www.farmworks.com/uk/forum/read.php?3,67453,67465#msg-67465 KathyCline Office - AccountingWed, 18 Apr 2012 08:11:24 -0400 http://www.farmworks.com/uk/forum/read.php?3,67453,67463#msg-67463 http://www.farmworks.com/uk/forum/read.php?3,67453,67463#msg-67463 BrianV Office - AccountingTue, 17 Apr 2012 23:52:32 -0400 http://www.farmworks.com/uk/forum/read.php?3,67453,67458#msg-67458 http://www.farmworks.com/uk/forum/read.php?3,67453,67458#msg-67458 KathyCline Office - AccountingTue, 17 Apr 2012 11:20:14 -0400 http://www.farmworks.com/uk/forum/read.php?3,67453,67453#msg-67453 http://www.farmworks.com/uk/forum/read.php?3,67453,67453#msg-67453 BrianV Office - AccountingTue, 17 Apr 2012 09:35:38 -0400