Query re recording a computer purchase as a fixed asset

[MP99]

I'm posting this a little forlornly, since it looks to me like the mail
server (and wiki) are down, so it's possible my subscription request has not
been accepted. I'll try again another time if this doesn't work.


I've recently started using gnucash to record the books for a small startup
company. I think I have a grasp of the basics of what I should be doing, but
then this question came up... I've tried googling for an answer, both under
gnucash and for the general accounting principles, and I'm not finding an
answer - probably because I don't know the correct terminology to search
for.

We purchased a computer, and I believe it should be recorded as a fixed
asset, but I'm having trouble getting my head around how to do that.

The steps I've done so far, are:-

1) purchase computer in store!
2) record the invoice as a bill in accounts payable
3) after I loaded the bank statement, I used "assign as payment..." to match
the debit from our account as payment for the bill

This is where I hit a roadblock in my understanding. The tutorial says at
this point I should "record the purchase of your assets by transferring the
money from your bank account to the appropriate Asset Cost accounts for each
item". But I don't see how to do that - I've already got a transfer from the
current account to Liabilities:Accounts Payable.

Is this saying I should transfer the cash to Assets:Fixed Assets *instead*
of to Liabilities:Accounts Payable, and if so, what do I do with the
liability? I feel like I'm missing some concept that I should be applying to
this situation, and I'd appreciate some guidance if anyone can see what I'm
missing?

Many thanks for your assistance.
Martin Payne



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