3 Responses to “Recording Fixed Assets in Peachtree Release 9”

1. admin says:

   January 27 at 6:49 am

   If the item is purchased out-right (not financed), I post the check and use
   my corresponding fixed assets account in the line description.  If the item
   is financed (not leased), I post a General Journal entry that credits the
   corresponding Long Term Liability account and debits the fixed assets
   account.  Then I add the asset info to the Fixed Assets module for tracking
   . . .   If you are leasing an item, it technically isn’t an asset – you just
   post the monthly lease payment to the rent/lease expense account . . .
   

   I personally think you’re asking for trouble by using inventory items. . . .

   HTH

   Chad

   "Tafari" <ras_bunga…@hotmail.com> wrote in message

   news:bfb162d3.0207150741.3d8a73e1@posting.google.com…

   - Hide quoted text — Show quoted text -

   > Greetings
   

   > A Company purchased a new photocopier machine.

   > What is the proper method of recording a new fixed Asset in Peachree?

   > Currently

   > Inventory item is added in the inventory module as follows:
   > Item Class Non-Stock Item
   > Fixed Asset Account selected

   > Is this ok?
   > How do other members record the item?

   > Cheers
2. admin says:

   January 27 at 6:49 am

   - Hide quoted text — Show quoted text -

   Tafari wrote:
   

   > Greetings

   > A Company purchased a new photocopier machine.

   > What is the proper method of recording a new fixed Asset in Peachree?

   > Currently

   > Inventory item is added in the inventory module as follows:
   > Item Class Non-Stock Item
   > Fixed Asset Account selected

   > Is this ok?
   > How do other members record the item?

   > Cheers

   Tafari

   1. Purchase:
           Debit – to appropriate cost (FA) account
           Credit – to cash in bank (done automatically when you write the check)

   2. For the life of the asset:
           Debit – depreciation expense
           Credit – accumulated depreciation (asset contra account)

   3. Get an accountant
3. admin says:

   January 27 at 6:49 am

   On Tue, 16 Jul 2002 19:01:23 -0400, Mike McDonald <mcdo…@ix.netcom.com> wrote:

   ->
   ->1. Purchase:
   ->   Debit – to appropriate cost (FA) account
   ->   Credit – to cash in bank (done automatically when you write the check)
   ->
   ->2. For the life of the asset:
   ->   Debit – depreciation expense
   ->   Credit – accumulated depreciation (asset contra account)

   I could never figure out how to adapt the Fixed Assets module for Canadian use.  Is there a way to
   set up a simple declining balance depreciation method to mirror our Canadian Tax "Capital Cost
   Allowance" declining balance methodology?

   thks,

    - Ted

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