Recording an asset

Question

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

Smith and Co · Answer

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.

Richard S. Ridings · Answer

You can enter as many line items as you wish on a purchase invoice. See the invoice below. It doesn't matter in my example who the vendor is, the date of the entry or which account you send it to. I don't have a Tools Capital asset account in my sample file but I used Equipment instead and my file is in 2015. 
 This is how I would have entered it from the beginning because this is reality and I usually stick to reality as much as possible. Now that you have posted it all to Materials, you can use a General Journal entry to remove the dollar amount from the Materials Expense (Credit) and transfer it to the Asset account (Debit) with the appropriate comment. I would use the same date of entry. Or you can adjust the original entry if you wish.

Sage 50 Canada

Recording an asset

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