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Re: Depreciation on traded asset

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April 18, 2012 01:47PM
Brian,

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.

Thanks,

Kathy Cline,
Trimble Ag Software Support
For fast replies email: TABS_Support@trimble.com
SubjectAuthorPosted

Depreciation on traded asset

BrianVApril 17, 2012 09:35AM

Re: Depreciation on traded asset

Kathy ClineApril 17, 2012 11:20AM

Re: Depreciation on traded asset

BrianVApril 17, 2012 11:52PM

Re: Depreciation on traded asset

Kathy ClineApril 18, 2012 08:11AM

Re: Depreciation on traded asset

BrianVApril 18, 2012 11:02AM

Re: Depreciation on traded asset

Kathy ClineApril 18, 2012 01:47PM

Re: Depreciation on traded asset

BrianVApril 18, 2012 10:00PM

Re: Depreciation on traded asset

Kathy ClineApril 19, 2012 08:00AM

Re: Depreciation on traded asset

BrianVApril 19, 2012 05:21PM

Re: Depreciation on traded asset

Kathy ClineApril 20, 2012 09:18AM



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