How do I record the purchase of an asset?
If you have not got an asset and purchase account in your Chart of Accounts that can be used for the purchase of this asset, you will need to create these accounts before you begin this process. Click on link: Adding an asset account.
NOTE: Adding an item to the Fixed Asset Register is only applicable to those on Level 4.
When adding the transaction in Step 5 there is an F icon in the Notes section. Click on this to add the item being purchased to the register.
In the Fixed Assets Register window that opens, click on the Add button.
In the Edit/View Asset window that opens:
For the purchase infomation the Date is the date you bought the asset. The cost is what the asset is worth excluding GST, this section and the date will automatically be filled in if adding from the transaction, as will the Value and Date for Depreciation. When entering a New Asset the Value for Depreciation will be the purchase price for the first year, while an existing assets value will be whatever it depricated to the previous year.