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