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I have a question about how to record a historical capital asset purchase with a loan that has a current balance. I'm setting up a new file and I have a capital asset purchased in 22 but the loan for this item still has a balance. When I try to create the deposit/loan additon and withdrawl/capital asset purchase I obviously can't select a date outside of the fiscal year.
Hi Colton,
For starters, you will need to go add the capital asset into the system (in Accounting under More>Capital assets, and in Analyst under setup menu>capital assets). Next, you will need to put in an opening balance for the loan. To do this I recommend entering a general journal transaction, dated the first of the year, or end of last year. In Analyst you will go to the transactions menu>general journal, and in Accounting (online) you will go to More>general journal instead. The first row will be for the loan account (you may need to add it if it does not exist yet), and for the amount of the debt in the credit column. Next create a second row. In most cases it should be ok to pick account 3998 retained earnings, and put the same amount in the debit column, but I do recommend double checking that with your accountant. Afterwards you can simply enter withdrawal transactions as loan payments against the loan. I hope that helps!