There are many different scenarios in which a capital asset is purchased and paid for. The chronological sequence of methods of payment is important to note beforehand as this serves as the guideline for how it will be entered in AgExpert Accounting.

If a capital asset was purchased without financing and in one single payment:

1. Click the orange quick action menu near the top right of the screen and click Withdrawal.
 
2. Click Choose and select a Bank account.
3. Click Choose and select the Supplier.
4. Click the calendar icon and select the Date of this transaction.  
5. Enter a Reference number.
 
6. Select the Capital Asset Purchase (C+) Type line.
7. Select the appropriate Capital Cost Allowance (CCA) Class. We recommend verifying this information with your accountant. Note: To enter a new CCA class you will have to close the transaction, click More on the left, click Capital assets, click CCA Classes and then click Add CCA Class.  
8. In the Capital Asset Details window enter a description, serial number and purchase price (not including tax) of the capital asset. The purchase price should be equal to the total of all your payments. Select the Accelerated Investment Incentive toggle if applicable. Enter the taxes in the appropriate fields. You can also change the business percentage below if it is different than 100%. Click Save.  
 
9. Enter a Description.
 
10. Review the information and click Save.  


If a capital asset was purchased without financing and in two or more separate payment:     

1. Click the orange quick action menu near the top right of the screen and click Withdrawal.
 

2. Click Choose and select a Bank account.
3. Click Choose and select the same Supplier as the previous transaction.
4. Click the calendar icon and select the Date.
5. Enter a Reference number.
 
6. Click Add a row. Select Asset Purchase (A+) from the Type drop-down menu. You can select the account 1220 Prepaid Items (if not in use) or create a new account to represent the down payment transactions you will record.
7. Enter a Description.
8. Enter the Amount of the down payment.
 
9. Click Save.
10. In a new Withdrawal transaction entry window, click Choose and select a Bank account.
11. Click the calendar icon and select the Date.  
12. Enter a Reference number.

13. Select the Capital Asset Purchase (C+) Type line.
14. Select the appropriate Capital Cost Allowance (CCA) Class. We recommend verifying this information with your accountant. Note: To enter a new CCA class you will have to close the transaction, click More on the left, click Capital assets, click CCA Classes and then click Add CCA Class.  
15. In the Capital Asset Details window enter a description, serial number and purchase price (not including tax) of the capital asset. The purchase price should be equal to the total of all your payments. Select the Accelerated Investment Incentive toggle if applicable. Enter the taxes in the appropriate fields. You can also change the business percentage below if it is different than 100%. Click Save.  

16. Click Add a row. Select Asset Sale (A-) from the Type drop-down menu and select the account you used to record your down payments, as per the steps above. Enter the sum of all the other down payment transactions you recorded into the amount box.   

17. Enter a Description.
18. Review the information and click Save.  

Last updated on July 8, 2020 by FCC AgExpert