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Where do I add land as an asset that it will show in my net worth report?
Hi Sharon,
As opening balances, you can add an account under your Assets list in the Chart of Accounts. The value you assign as an opening balance should be the purchase value of the land, and then you can assign a Fair Market Value that will show on your Net Worth report. If you aare adding newly purchased land then when entering the transaction you will use an A+ land type to add the land to your books. Depending on if you are using AgExpert Analyst or AgExpert Accounting (Online), it's a bit of a different process to get to Fair Market Value.
In our online version, select Chart of Accounts on the left and either Add a new asset account or edit an existing asset account as necessary. As you're going through the edit account window, you will notice a box labelled "Fair Market Value" that's where you will want to enter the value you wish to see displayed on your Net Worth report.
On our desktop software AgExpert Analyst, it's a bit more complicated. You will need to go to Setup > Chart of Accounts and verify that the asset exists there, and if not then click on the Add button to add a new Asset account. Land accounts are typically numbered in the 1800 range. Once you have verified or if necessary created the account then you will need to go to Management > Fair Market Value and you will be able to set the values that you wish to see on your Net Worth report in that window.
If you'd like some assistance moving through any of that, please feel free to give us a call at 1-800-667-7893.