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Status Answered
Created by AgExpert Support
Created on Apr 12, 2021

Disqus Agexpert Accounting Questions Archive

my son made a $5000.00 downpayment on a $25,000.00 grain bin. How do I enter this?

  • ADMIN RESPONSE
    Feb 10, 2025

    Good afternoon Linda!

    To enter this transaction, you will do a withdrawal from the bank account for the $5,000. When you get to the type, you will set it to A+, and select Prepaid Items as the account.

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    This downpayment can then be applied when the full capital asset is purchased.

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    Let me know if you have any further questions with this process. Thank you very much!

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