This article will walk you through how to add equipment, land improvements, buildings & structures, and land accounts in your chart of accounts.
1. How to add Equipment accounts
2. How to add Land Improvements Accounts
How do I add equipment 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 using the lefthand navigation menu.
2. The folders available in your chart of accounts will display in the center of the page. Scroll down until you find the Property & Equipment folder and click on the arrow to the right of Details. Select Add Account.
3. 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.
4. The subheadings and accounts were added to the Chart of Accounts under the Property & Equipment heading.
How do you add Land Improvements Accounts to Traction?
1. Using the navigation menu on the left, open the Accounting menu and then select Chart of Accounts.
2. Scroll down until you find the Property & Equipment folder and click on the arrow to the right of Details. Select Add Account.
3. Fill in the boxes with the land improvement's details and create a subheading under Land Improvements Cost, for example: Land Improvements. Click on the green box with the + Add Land Improvements 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.
4. When you return to the Edit Account screen fill in the account information and add the subheading for the Land Improvements Accumulated Depreciation section. Click on the green box with + Add Acc Depreciation on Land Improvements 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.
5. The subheadings and accounts were added to the Chart of Accounts under the Property & Equipment heading.
How do you add Buildings & Structures Accounts in Traction?
1. 1. Using the navigation menu on the left of your screen, open the Accounting menu and then select Chart of Accounts.
2. Scroll down until you find the Property & Equipment folder and click on the arrow to the right of Details. Select Add Account.
3. Fill in the boxes with the Buildings & Structures' details and create a subheading under Buildings & Structures, for example: Buildings & Structures. Click on the green box with the + Add Buildings & Structures 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.
4. When you return to the Edit Account screen fill in the account information and add the subheading for the Buildings & Structures Accumulated Depreciation section. Click on the green box with + Add Acc Depreciation Buildings & Structures 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.
5. The subheadings and accounts were added to the Chart of Accounts under the Property & Equipment heading.
How do you add Land accounts in Traction?
1. Navigate to your Chart of Accounts using the lefthand menu.
2. Scroll down until you find the Property & Equipment folder and click on the arrow to the right of Details. Select Add Account.
3. Fill in the boxes with the Land's details and add a subheading: Land. Click on the + Add Land Purchases button to add the subheading. In the subheading confirm the name and click on the Save & Close button. In the Add Account screen, enter the Opening Balance and confirm all entries before clicking on the Save & Close button.
4. The subheadings and accounts were added to the Chart of Accounts under the Property & Equipment heading.
