How to connect fixed assets entry to registry

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Purchasing fixed asset

To enter a fixed asset you purchased, firstly you need to create the fixed asset. Go to Fixed Assets tab. Click New Fixed Asset button. Enter details of the fixed asset. Click Create button. Once you create the fixed asset, you will notice the purchase cost is zero. This is because under double-entry accounting you cannot simply enter the purchase cost without entering the actual purchase or payment transaction. Purchase of the fixed asset can be recorded under following tabs: Cash Account…

Depreciating fixed asset

To depreciate a fixed asset, go to the Fixed Assets tab. Click on the figure in the Accumulated Depreciation column. This will transfer you to the depreciation register for the selected asset. You can now use the New Depreciation Entry button to enter the depreciation expense amount.