Computer Hardware Asset, Depreciation, and Expense Clarification

[Robert Heller]

At Tue, 18 Oct 2011 20:05:37 -0700 (PDT) cgsmith <chris at cgsmith.net> wrote:

> 
> We recently purchased a $1500 server.  I understand that it is an asset and
> will depreciate over 7 years.  However, most examples use credit cards which
> posts to the asset account.  I used my debit card (checking account) to
> purchase it.
> 
> So does the transaction post to the asset account just as I would a credit
> card? What about the invoice I received from newegg and pay via debit? Does
> that post to the expense account?
> 
> Can someone please clarify this. 


A debit card purchase on a checking account is *exactly* like an
unnumbered check.  Ditto for an automatic bill payment from your
checking account or any other Electronic Funds Transfer (EFT) from
your checking account.  In this 'age' of Debit Cards, automatic bill
payments, direct deposit, and EFTs, the term 'checking account' is
something of a misnomer. 

The transaction posts to the asset account from the checking account.

> 
> Thank You,
> Chris
> 
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-- 
Robert Heller             -- 978-544-6933 / heller at deepsoft.com
Deepwoods Software        -- http://www.deepsoft.com/
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