4/22/2015
You will reconcile the main checkbook
The bank balance on the current system date is
You will account for the purchase, finance, and depreciation of that trailer:
You will set up an account for (Account Number 15400) Trailer
You will set up a depreciation allowance account for the trailer (Account Number 15402), which is a sub account of (Account Number 15400) Trailer, with an opening balance of -1300 (negative $1,300)
You will set up a Cost of Trailer account (Account 15401), which is also a sub-account of (Account Number 15400) Trailer, with an opening balance of $30,000
You will then Add it to the Fixed Asset List under Lists
It will link or map to (Account Number 15400) Trailer
It was purchased from East Bayshore Auto Mall
It was purchased from East Bayshore Auto Mall
It will have a description of White Trailer with Company Logo
It will have a serial number of 7WXYZ185151728150
You will add the Trailer Loan to the loan manager
The loan manager is under Banking
The Account it maps to is the Trailer Loan
The Lender is The Great Statewide Bank
The Term of the loan is 36 months
The first payment is due a month from the date that the trailer is purchased
The loan has no escrow payment
The monthly payment amount (principal and interest) is $500
The Interest rate is 6%
The Payment Account is your main checking account
You can create an invoice or a sales receipt
A sales receipt assumes that money has been traded for products or service
Create an Invoice for one of your customers for labor at $25 per hour for 40 hours. Labor is not taxable.
You can save time by Memorizing by clicking the memorize button.
You are then able to access memorized transactions from the memorized transactions list under lists
Create a new Item. It is a service called plumbing. The rate is $55.00
It's repair income
A price level listing is available under listings and can be set for the company under company preferences.
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