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Re: depreciation

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February 05, 2018 08:01AM
So I would recommend you sell your piece of equipment for the traded value are you are receiving and place that money into a holding account - Then purchase the equipment item for it's entire cost before trade - but since that is not what you are really paying, you will use the holding account from the sold items to reduce the purchase transaction for the payment portion. Here are the steps to follow:

1. Go to Accounting - GL - Chart of Accounts.
2. Right click on heading called Other Current Assets and select Add Account.
3. Enter a description such as Equipment Traded - Holding.
4. Leave the offset to NONE. Click OK
5. Close the COA.


Selling the traded item

1. Go to Record Income or Sales.
2. Enter Purchase (Vendor you traded the item to) date and description
3. Click onto the Equipment sale button and select the item that was traded from drop down list.
4. Enter the dollar amount received for Trade. Click OK.
5. Click onto the other Sales and Expense reductions button.
6. Enter a negative for the amount matching the sale price.
7. change account option on left to Other Accounts.
8. Highlight the Equipment Traded - Holding account.
9. Click OK.
10. Total sale will be zero. Record and Done.

Purchasing new equipment for Full Value.

1. Go to the Record Payment/Purchase.
2. Select Vendor - date and description.
3. Click the Equipment button. Select New and enter description.
4. Enter the full purchase price of the new items - before trade in. Click OK.
5. Click onto the Other Asset button.
6. Select the Equipment Traded - Holding account and enter a negative leaving this account to a zero balance. Click OK.
7. The Total purchase will become the net due - select the correct form of payment option from the How you paid section. Click OK.
8. Record and Done.

I will pass onto Development on your post. But suspect they may already know this law change. Thanks for the feed back.

Thanks,

Kathy Cline,
Trimble Ag Software Support
For fast replies email: TABS_Support@trimble.com
SubjectAuthorPosted

depreciation

dirtclodFebruary 02, 2018 08:13PM

Re: depreciation

Kathy ClineFebruary 05, 2018 08:01AM

Re: depreciation

dirtclodFebruary 05, 2018 10:13AM



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