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Status Answered
Categories AgExpert Accounting AgExpert Analyst
Created by AgExpert Support
Created on Dec 23, 2022

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Disqus Agexpert Accounting Questions Archive

Hi, we just purchased and intalled an RO system. I have entered the loan for the system. but now need to enter capitol asset purchase BUT with a 10% hold back to be paid POSSIBLY upon absolute completion of the installation.
I want the full value of item entered but to only have the check print for 90% of it

  • ADMIN RESPONSE
    Feb 10, 2025

    Hi Nancy!

    If you are on the desktop version, you will enter something that looks like this:

    https://uploads.disquscdn.c...

    If you are on the online version, you will enter something that looks like this:

    https://uploads.disquscdn.c...

    The key is to setup a liability account to hold the holdback portion of the capital asset. That way, if/when it does get paid out, you can apply the payment against the liability account.

    Let me know if you have any questions about this process!

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