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We purchased a piece of equipment and split it between our bank account and our Visa account? How would I post that?
If I post it as a general journal entry I will get a warning "Adjustments made to capital asset accounts using the general journal won't affect the CCA Schedule."
So, I can make 3 separate entries. 1. credit bank, cr accts payable & debit capital asset purchase. Then 2. cr Visa with an offsetting accounts payable transaction then the final one. A bank transfer to payoff the Visa.
I know it is extra work but I want to be able to see an entry posted to my Visa account. I want my AgExpert account to match my actual Visa statement.
So will my 3 step method work or is there a quicker way to do things.
Hi Karen,
The best way to add a capital asset to your data file is through the transaction entry. As you need to consider you Credit Card and the bank account, I will advise you to process the transaction in 2 steps.
The first is to consider the credit card payment as a deposit for the equipment, and the last transaction will be with the bank account. The two-steps are done the same day.
Step one
Withdraw from the CC ….$
A+, to prepaid account 1220, deposit for the equipment, …….$....
Step two
Withdraw bank account……$the amount balance
C+ look for the category and fill the window appropriately, …..$Total amount of the equipment
A- Prepaid Account 1220, …….$ same amount as in the 1st step.
Let me know if you have any question.