Just wondering what is the best way to enter the following:
New Farm Shed being built with a down payment, followed by several payments as it's being built. Would I enter this as an asset to start and the remaining payments as an 'add to parent asset'?
Hello Caitlin, My recommendation for the new FARM Shed would be to use a holding place under your assets (i.e. Prepaid items) to pool all the transactions that will amount to the sum of the Capital assets. Once your reach the final payment you can do a Withdrawal from the Bank for the final payment, First line, Capital Asset purchase for the full amount. Second line Asset sale and remove it from the account you used (i.e. prepaid items). This will give you a cleaner transaction. I hope this helps. Let us know if you need more details.