Adding an Asset Account to your Chart of Accounts
These instructions relate to adding an Asset account to your Chart of Accounts. Also have a look at the post on Entering Asset Purchases. 
Click on the Add button
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- Account Code not already in use.
- Description of the asset.
- Account Type - 'Asset'.
- GST Category - '08. Capital Acquisitions'.
- Check with your accountant or advisor about assigning the optional Reporting Group and Accountant's Link Code.
- Click on the OK button.
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Step 3. Create an expense account for the purchase of the asset
Account Code and Description (eg Purchase - Item).
Account Type - 'Other Expense'.
GST category - '08. Capital Acquisitions'.
Register Link - 'Fixed Assets'.
Balance Sheet Link - this will be the Asset account created in Step 2, i.e. 410 Plant & Equipment at Cost.
Click on the OK button to save.
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Step 4. Create an income account for the sale of the asset
- Account Code: determined by your Chart setup.
- Description: eg. Sales - Plant & Equipment.
- Account Type: 'Other Income'.
- GST Category: '09. Capital Disposal'.
- Register Link: 'Fixed Assets'.
- Balance Sheet Link: this will be the Asset account created in Step 2, i.e. 410 Plant & Equipment at Cost.
CSC Article ID 715