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Junior Member
Group: Forum Members
Last Login: 25/05/2009 8:05:41 PM
Posts: 1,
Visits: 4
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| I purchased a rental property using funds from a solicitor's trust account and a temporary deposit account. When I added the asset, you are forced to select a bank account from which I used these funds. But the money did not come from my super fund's bank account so I had to make general ledger entries to this asset account. The problem is that when I run the reports, the asset does not accurately reflect the funds that were used to purchase it. How do I amend the asset so that when the reports are run it will show the correct purchase price? The ledger account for the asset gives the correct value.
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
Moving money into the account that represents the asset in the general ledger will change the amount shown for this asset in the Balance Sheet report because that report reads the accounts. However the cost kept in the asset record will not be updated.
The cost for a physical asset is recorded at the time of purchase and can be increased by recording a partial payment using 'Add Partial Payment' on the Add / Manage Physical Asset screen.
In your case you should reverse the manual journal created and record a partial payment. This will still require you to select a bank account from which to draw the funds. One way to overcome this issue is to create a 'Clearing Bank' account, then deposit funds into this using a manual journal entry and then use this bank account when recording the partial payment.
Regards,
MySF
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