hellow how to enter purchase of Asset

The recording will depend on the type of asset you purchased, Rajesh.

If your asset is a fixed asset, you can follow these steps to record the purchase:

1. Go to Advanced Accounting.
2. Select Fixed Assets.
3. Click Add an Asset.
4. Fill out the necessary information.
    

If your asset is a different type, you can first create an account in the Chart of Accounts (COA) and classify it as an expense account:

1. Go to the Transactions menu.
2. Select Chart of Accounts.
3. Click New Account.
4. From the Account Type dropdown, select the asset type that fits your purchase.
5. From the Detail Type dropdown, choose the option that best describes your asset.
6. Name the account.
7. Enter the opening balance and select the corresponding date.
   
   

After creating the account in the COA, you can record the purchase as an expense and select the newly created account as the category.

I recommend working with your accountant to ensure the correct method is used for recording asset values, as well as guidance on which accounts to use.

If you have any additional questions or need assistance, please click the Reply button.