OAKLAND Accounts Receivable module provides complete customer detail for all current and historical periods. Multiple account codes allow you to combine regular.A journal entry is the rawest way of entering any kind of transaction you want into an accounting system. When you first purchase new equipment, you need to debit the specific equipment (ie, asset) account. And, credit the account you pay for the asset from. To record the entry, the company will debit the purchase account, and a credit entry will be recorded under accounts payable. Start out with crediting the original purchase price. Credit improvements if you capitalized these. Record the journal entry to reflect the proper adjustment. Assets purchased are not represented through Purchases but with the name of the Asset.