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Ferraloro's avatar
Ferraloro
5 days ago
Solved

Entering an invoice for the purchase of an asset - furniture

Hi everyone,   I'm trying to enter a purchase of $5,000 worth of furniture. I need this recorded as an asset as we will be depreciating this cost. I have tried entering the invoice as a purchase bu...
  • Julia_Berkhout's avatar
    Julia_Berkhout
    5 days ago

    Hi Ferraloro,

    That account used to allocate a purchase is usually an expense or cost of sales account error will not prevent you from recording your bill, it is just a prompt but you are correct in allocating capital purchases to an asset account. It will be one of the other errors which is causing you problems.

    Have you entered purchases before is the accounts payable account setup properly?

    Good luck 

Ferraloro's avatar
Ferraloro
5 days ago

Hi Julia,

 

Yeah, I have entered other purchases before, however this is the first asset purchase that I am attempting to record.

 

You are correct, it was one of the other errors that created the issue. I wanted to show that we had received a discount on the purchases but there was an error created due to calculated rounding which prevented the invoice from being recorded.

 

I re-entered the invoice showing the final discounted cost to us and selected the 1-2210 code. All is well now.

 

Thanks for answering so quickly!

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