How do I add equipment accounts in the Chart of Accounts?
This article explains how to add equipment subheadings and accounts in the Chart of Accounts.
WARNING: Do not setup individual pieces of equipment, anywhere, in your Chart of Accounts. Equipment cost analysis is coming in a future release of Advanced Accounting.
This process can be repeated to add other types of equipment (e.g. Farm Trucking) if you want to break them down further in your financial reports.
1. Navigate to your Chart of Accounts and scroll down until you find the Property & Equipment folder and click on the arrow to the right of Details. Select Add Account.
2. Fill in the boxes with the equipment's details and create a subheading under Equipment Cost, for example: Equipment.
Click on the green box with the + Add Equipment to add the subheading. This will take you to the Add Subheading screen where you will confirm the Name and then click on Save & Close.
Click on the green box with + Add Acc. Depreciation on Equipment to add this subheading. This will take you to the Add Subheading screen where you will confirm the Name and then click on Save & Close. When you return to the Edit Account screen enter the Opening Balances and click Save & Close.
3. The subheadings and accounts were added to the Chart of Accounts under the Property & Equipment heading.
