Onboarding: Adding Asset Accounts (Equipment, Land, Land Improvements, Buildings & Structures)

2. How to add Land Improvements Accounts

3. How to add Buildings and Structures Accounts

Your depreciation values usually come from your accountant as part of your annual financial report. These values should be entered into your system as opening balances when you set up your accounts.

If your accountant provides updated depreciation figures or you need to make changes later on, you can handle those by creating a journal entry, please visit this knowledge base article to learn more.

Depending on your accountant, this report might be called one of the following:

Depreciation Schedule
Tax Depreciation Schedule
Depreciation and Amortization Report
Fixed Asset Depreciation Schedule
Depreciation List Report

How do I add equipment accounts in the Chart of Accounts?

It is recommended to avoid entering individual pieces of equipment as separate accounts in your Chart of Accounts. Doing so can make your financial records unnecessarily complex and harder to manage.

Instead, record all related equipment purchases under a single, appropriate asset account (for example, Farm Equipment or Machinery).

If you want to track or analyze specific pieces of equipment, you can add them individually in the Resources → Equipment area of the software.

The Pro subscription includes tools for detailed equipment cost analysis and reporting. For more information contact us at 888-466-6080

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.