The company has paid a bond and i want to know how to record it as an asset.
Create a Balance Sheet - Asset account called Bonds & Deposits, then use that account in the Spend Money.
Also, please don’t double post your questions, your other question has been deleted.
I went to chart of accounts and created a security deposits account in assets. But when i spend money and use that account its goes in suspense. I have to click on fixed assets tab to create another account. is that correct?
But did you select the bank account to be used
Then can you post a screenshot of that Spend Money transaction in “Edit” mode
Can you just post the transaction as the current screenshot is to hard to read.
Creating a Chart of Accounts - Assets account has absolutely nothing to do with the Fixed Assets tab.
Unless you made the Security Deposits account a “control account”, which it shouldn’t be.
What do you mean just the transaction?
And yes i did make a control account.
There is nothing in your guide about bonds and how to record them
So what do i do sir?
Go to Settings - Chart of Accounts and click Edit next to the Security Deposits account and untick the Control Account - now it will just be a normal / standard account.
Now go to the rental bond Spend Money transaction and for the Account select the Security Deposits.
If you happened to created a Fixed Asset - you could now delete it
Advances, Bonds, Deposits, Prepayments etc. - are all similar types of transaction
ok the suspense is now my car repayments as i put them in fixed assets loss on disposal. What should i do? Should i edit them back to motor vehicle expenses?
Sorry, you keep posting screenshots of two side by side screens which makes it very difficult to read, just post the one screen containing the Manager information - or use free screen snap programme like “MWSnap 3”, then you can post parts of the screen like I did above.
Read the Guides about fixed assets:
And when showing screen shots, capture only the Manager window (or portion of the window with the relevant data). We don’t need to see your entire screen.
Thanks for the link to mwsnap
That looks better, but you still have other entries in Suspense that need fixing.
when posting screenshots enter each link in a separate line.
Screenshot 1 Screenshot 2
Also, since you are using Windows10 you have a default snipping tool.
Start → Windows Accessories → Snipping Tool
So what do you think i should do with the car repayments? Should i make a fixed asset or just put it under motor vehicle expenses. I purchased the vehicle before i started the business and now use it for the business?