Combine Accounts

kdamin

New member

Equipment
Kubota Tiller
Feb 11, 2023
1
0
1
Indiana
We are 3 payments away from paying off our tractor. Last week we purchased a tiller and would like to add it to that same account for better tracking and being able to simply change the monthly payment. Any ideas on how to best go about this? Thanks!
 

Mark_BX25D

Well-known member

Equipment
Bx25D
Jul 19, 2020
1,611
1,140
113
Virginia
add it to that same account for better tracking

From an accounting standpoint (and going back and figuring things out years later) adding a different item to the same account is the opposite of better tracking.

A separate account for separate items is good tracking.
 

GreensvilleJay

Well-known member

Equipment
BX23-S,57 A-C D-14,58 A-C D-14, 57 A-C D-14,tiller,cults,Millcreek 25G spreader,
Apr 2, 2019
9,671
3,916
113
Greensville,Ontario,Canada
Since you need to keep track of the 'numbers', I'm assuming you're using the equipment in a business. If so...do your tax laws offer different depreciation rates for equipment vs tractors ? if you're talking about the store 'accounting', keep them separate ! Having 2 items on one account could be 'tricky', while YOU say th e tractors paid off, the finance company may not see it that way as lien will be on the balance owing .
Your accountant should be able to tell you what's proper....