Adding an Asset Account

How do I create an Asset account?

These instructions relate to adding an Asset account to your Chart of Accounts. Also have a look at the post on Entering An Asset Purchase.

Step 1.

• Click on the Chart toolbar option

• Click on the Add button.

Step 2.

1. Account Code not already in use
2. Description of the asset
3. Account Type - 'Asset'
4. GST Category - '08. Capital Acquistions'
5. Check with your accountant or advisor about assigning the optional Reporting Group and Accountant's Link Code.
6. Click on the OK button

Step 3. - Create an expense account for the purchase of the asset.

1. Account Code and Description (eg Purchase - Item)
2. Account Type - 'Other Expense'
3. GST category - '08. Capital Acquistions'
4. Register Link - 'Fixed Assets'
5. Balance Sheet Link - this will be the Asset account created in Step 2. ie. 410 Plant & Equipment at Cost.
6. Click on the OK button to save.

Step 4. - Create an income account for the sale of the asset.

• Account Code: determined by your Chart setup.
• Description: eg. Sales - Plant & Equipment 
• Account Type: 'Other Income'
• GST Category: '09. Capital Disposal'
• Register Link: 'Fixed Assets'
• Balance Sheet Link: this will be the Asset account created in Step 2. ie. 410 Plant & Equipment at Cost.