How to Record a Capital Asset Purchase

How to Record a Purchase as an Expense:

1. From the left-side menu, click Purchases > Expenses.
2. Add a new expense transaction and fill in the necessary details.
3. In the Category field, select the relevant asset account.
4. Apply sales tax if applicable.
5. Click 'Save' to record the expense.

How to Record a Purchase Using a Bill:

1. From the left-side menu, click Purchases > Bills.
2. Click the 'New Bill' button.
3. Select the vendor, enter the bill date and due date, and attach any relevant documents.
4. In the bill details section, add the item or service, specify the quantity, price, VAT, and choose the appropriate expense account.
5. Click 'Save' to record the bill.

How to Record a Purchase with a Bank or Credit Card Account:

1. From the left-side menu, click Purchases > Expenses.
2. Add a new expense transaction and fill in the necessary details.
3. In the Category field, select the relevant asset account.
4. Apply sales tax if applicable.
5. Click 'Save' to record the expense.

How to Record a Personal Purchase to the Business:

1. From the left-side menu, click Accountant > Journal Entries.
2. Click the 'New Entry' button.
3. Add a description of the asset and select the date you began using it for the business.
4. On the first line, for the Category, select the asset account, and enter the purchase amount or value of the asset in the Debit column.
5. On the second line, for the Category, select the appropriate equity account for your business.
6. Click 'Save' to complete the entry.