Hi Everyone,
New to the system so I am still trying to figure things out.
What's the best way to record an asset in Sage 50? There is an asset account for tools, which is the asset I'm looking to add. Do I input it as a general journal entry with the tools account and then use the bank account as well? Or is there another way to record an asset?
TIA
In addition to what Richard said I also like to show what the asset in the asset general ledger. I use the Purchase module with the complete info as suggested but I also use a Suspense Account (for me it is the first G/L number) for the asset - not the asset G/L number. Then I prepare a general journal entry using the vendor name as Source, the comment is the asset item, and the cost. The JE credits the Suspense Account and debits the Asset account. It does involve 2 steps to recording the asset but I like this as you can look up the asset general ledger and scroll thru the comments to find the item you are looking for.
In addition to what Richard said I also like to show what the asset in the asset general ledger. I use the Purchase module with the complete info as suggested but I also use a Suspense Account (for me it is the first G/L number) for the asset - not the asset G/L number. Then I prepare a general journal entry using the vendor name as Source, the comment is the asset item, and the cost. The JE credits the Suspense Account and debits the Asset account. It does involve 2 steps to recording the asset but I like this as you can look up the asset general ledger and scroll thru the comments to find the item you are looking for.
