Recording the purchase of a Fixed Asset like Furniture, Computers, Plant & Equipment, 2nd hand vehicles or Property Improvements, is the same process as recording any standard Purchase Transaction. The account used to record the Fixed Asset Purchase is the relevant Asset At Cost account (i.e. Plant & Equipment - At Cost).

When the Fixed Asset purchased is a New Motor Vehicle the transaction becomes much more complex, as different taxes and thresholds may apply. This Purchase type is covered in separate User Guides.

Record a Fixed Asset Purchase

1. Go to Contacts > All Contacts
2. Find the Contact you have purchased the Fixed Asset from (or create it as a new Contact)
3. Click on [New] > Bill
   Note: if your Business uses Hubdoc (or another Receipt Management System), the purchase can also be processed from there.
   
   è  The New Bill screen opens
   
   
   
   
4. Select/Enter the following details (invoice Header):
   • From > Confirm Supplier's Name
   • Date > Enter the Asset Invoice date
   • Due Date > Enter the Asset Invoice Due date
   • Reference > Enter the Asset Invoice No
5. Select/Enter the following details (Invoice Body)
   • Description > Type a brief description of the Asset Purchased
   • Qty > Type the number of assets purchased (if more than one)
   • Unit Price > Type the Asset unit price
   • Account > Select the correct Asset - At Cost account (i.e. Office Equipment - At Cost)
   • Tax Rate > Confirm GST on Expenses or GST on Capital
6. Click on [Approve]