Purchase Long Term Asset
Transactions
Part 1: Write Checks to Pay Bills
See Chapter 7 on page 489 in the course textbook under the heading, “Write Checks to Pay Bills – Do.”
Hover over expenses and click Expenses.
Click new transaction – Check.
Payee, click Add new – Electric Company.
Click on Print Later.
Click on Item Details.
Click on Product/Services.
Add New – Non-Inventory.
Enter the amount.
Save and Close.
Complete the same steps as above for the water bill and the telephone bill.
Click on Reports, and scroll down to Expenses and Vendors.
Click on Check Detail.
Submission: Export the Check Detail Report to Excel and save for submission to the Dropbox in Canvas.
Part 2: Purchase Long Term Asset
Visit Chapter 4 on page 234 in the course textbook.
Hover over Expense and click on Vendors.
Click on New Vendor and complete the information for a car dealership.
On the Vendors page, located to the right for the new vendor, click on the drop-down menu and select Write Check.
Fill in the vendor information.
Click the drop-down menu for Category and click Add New.
On the Account page, click on Fixed Assets in the drop-down menu for Account Type.
Click on Vehicles – Long Term Asset in the dropdown menu for Detail Type.
Enter the amount of the check.
Click Save and Close.
Click on Reports, Balance Sheet, select Today, and Run the report.
Submission: Export the report to Excel for submission to the Dropbox in Canvas.
Part 3: Recurring Transactions – Depreciation
Visit Appendix C on page 663 in the course textbook.
Click on the Gear, which is located at the top right of the main menu.
Under Lists, click on Recurring Transactions.
Click New.
Click Journal entry for Select Transaction Type.
On the Recurring Journal Entry page, name the template, Depreciation.
Interval is set up as monthly on the first, which you can change.
Determine the amount of monthly depreciation for the automobile you purchased and click the drop-down menu on line one under Account.
Click Add New; Account Type is expenses. For Detail Type, click on Depreciation Expense, and then click Save and Close.
Enter the amount of the depreciation in the debit column.
For line two, click on Accumulated Depreciation – Fixed Assets, and enter the amount as a credit.
For the Start Date, enter the Current Date and then enter the End Date.
This journal entry will now be made on a recurring basis until the end date.
Click on Reports titled, For My Accountant and Recurring Template List.
Submission: Export the report to Excel for submission to the Dropbox in Canvas.
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