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Purchasing a capital asset with cash need to put a deposit for the purchase to hold asset, the transaction has not taken place yet just a deposit put down. How do I record the deposit.
Hi MS!
Start by going to Setup > Chart of Accounts. Find your Prepaid Items account, and make note of the number. What I normally have people do is setup a new asset account, righ tafter the Prepaid Items account, called Deposits on Capital Assets. Set it up as a detail account as follows:
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When you make the payment, create a withdrawal in your transaction entry screen as normal. Instead of using EX as your type, use A+, and select the Deposits on Capital Assets account. This will balance the transaction for you. You can then apply this when you "purchase" the rest of the capital asset - you would have a C+ line to set up the asset at its full value, and an A- line to apply the downpayment.
I hope this helps!