How do I record the purchase of a fixed asset in innoventry?
Fixed assets are those Goods that you can’t immediately count as an expense when purchased. Innoventry can help you record and track your fixed asset purchases. Fixed assets include such things as vehicles, furniture, equipment, and so forth.
For ex.If you purchase a 15,000 delivery bike with cash, for example, the journal entry that you use to record this purchase debits delivery bike for 15,000 and credits cash for 15,000.
Go to Menu Transaction > Journal
Ledger: Enter the created Ledger as type Fixed asset i.e Bike.
Description: Enter the description related to transaction.
Debit:Enter the debit value i.e 15,000. Here Bikes are purchased it means fixed asset, the amount should be in Debit.
Click on Update button.
Ledger:Enter the Cash ledger. because here purchased delivery bike by cash.
Credit: The credit value will be automatically updated as per the Debit Entry i.e 15000.