Greetings - I have a situation where we have purchased an Asset (…a laptop) and used a Credit Card for the purchase. Normally, we do not use a PO for credit Card purchases. The expense is simply recorder via a GL entry debiting the expense and crediting the Ap Account.
In this case though, it is not an expense, We want to Debit our Computer Equipment Asset Account, which I can do, but how do I register the cost of that asset in the Asset Page? I have an Item set up for the laptop and it is marked fixed asset. And then need to create the Asset in the Fixed Asset List.
I was expecting to be able to choose in the Party Type/ Party selections something like Party Type: Purchase Invoice Item Party: Laptop 21 (The item I set up). This is not an option though as when I choose the Fixed Asset Account the Party Type/Party selection lists are blank.
Any ideas on how I should complete this transaction without using a PO?
Should we just Debit the Asset Account and then set up the Fixed Asset, perhaps marking that it is an existing Asset and manually enter the info so it can create the depreciation schedule?
This article does not help in my case because it assumes you are using the purchase cycle, which includes a Purchase Order/Receipt/Invoice. In our case there is no purchase order made, we want to enter the purchase as a Journal Entry.
Make a Purchase Invoice with Update Stock ticked. The item should be a Stock Item and is Asset ticked to work. Pass a JV to clear the invoice. You cannot use credit card in payment entry as it not a Bank or cash. It can be used if your credit card ledger is set as bank or cash.
It is an expense though. When the item is ticked Asset you can use it in Asset module and make depreciation entry schedule.
It just seems to do our credit cards monthly it is much easier to do them as a Gl entry than to go through the bother of a PO or Purchase Invoice. 98% of the time these are just general - non inventory expenses and its easiest just to total up the expenses and post one GL entry for all the credit cards. The system we migrated from in February (NAV) allowed us to hit any subledger for the GL entries so were hoping we could do the same thing. I guess not.
