Question
How should I record a transaction for a Caterpillar attachment (Excavator Quick Coupler) that my client recently purchased?
Previously, I recorded the Caterpillar purchase as:
- Dr Machinery and Equipment
- Cr Accounts Payable (A/P)
For this new attachment, should it be added to the existing Machinery and Equipment asset as a capital asset, or should it be recorded differently in QuickBooks?