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Adding an Asset Account

Summary

How do I create an Asset account?

Detailed Description

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.

 

 

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