One could track the individual assets and depreciation in a spreadsheet and
then, using GnuCash, use a general depreciation entry to cover all of them.
My recollection from the OP is that his accountant would provide the
depreciation information; he was asking about how to properly enter it into
Maybe I misunderstood, I thought you wanted to track the items' values
& depreciation separately. By all means, otherwise lump them in one
account. (you can of course make separate transactions for each item,
which would allow you to run Transaction Reports filtered on each item
if
On 2023-01-17 13:53, Liz Dodd wrote:
> On Tue, 17 Jan 2023 17:47:13 -
> "Fred Bone" wrote:
>
>> While you could use SXs, given that you (presumably) know exactly
>> what the depreciation schedule is for each item, you could equally
>> well enter all the future amounts now. It's arguably
On 2023-01-17 15:12, David Cousens wrote:
> When you depreciate an asset each depreciation event is a write off of part
> the
> value of the asset to the appropriate expense account (credit to asset
> account-
> debit to expense account). It is completely written off when its book value as
> an
Dave,
Whether your purchases are second hand or not is irrelevant to their
depreciation as assets in your business (that is unless your tax authority has a
rule stating otherwise). The depreciation rules and rates are set by your tax
authority and they usually have a schedule which sets out what
On Tue, 17 Jan 2023 at 18:58, Adrien Monteleone <
adrien.montele...@lusfiber.net> wrote:
>
> Maybe I misunderstood, I thought you wanted to track the items' values &
> depreciation separately. By all means, otherwise lump them in one
> account. (you can of course make separate transactions for
On Tue, 17 Jan 2023 17:47:13 -
"Fred Bone" wrote:
> While you could use SXs, given that you (presumably) know exactly
> what the depreciation schedule is for each item, you could equally
> well enter all the future amounts now. It's arguably simpler than
> setting up the SXs.
+1
As every
On 1/17/23 10:00 AM, Dr. David Kirkby wrote:
That would require a *lot* of accounts, but I guess it makes it blindingly
obvious what the items are. I was hoping to try to automate the
depreciation with the Scheduled Transactions in GnuCash. I've not used them
yet, but I assume that it would be
On 17 January 2023 at 16:11, Dr. David Kirkby said:
[...]
> I thought monthly might work better with trying to automate what will be a
> tedious process. The GnuCash Scheduled Transactions could possibly be
> useful there.
While you could use SXs, given that you (presumably) know exactly what
On Mon, 16 Jan 2023 at 16:27, Michael or Penny Novack <
stepbystepf...@comcast.net> wrote:
> On 1/16/2023 7:29 AM, Dr. David Kirkby wrote:
> > Apologies if this is too much an accounting question, but I'm stuck, and
> am
> > trying to work out how GnuCash will handle this.
>
> It is accounting,
On Mon, 16 Jan 2023 at 23:32, Adrien Monteleone <
adrien.montele...@lusfiber.net> wrote:
> Chris & Michael have both offered sound advice.
>
> I'll add towards your question of individual item tracking, simply
> create sub-accounts under Assets:Fixed Assets for each one, and the
> parent Fixed
Chris & Michael have both offered sound advice.
I'll add towards your question of individual item tracking, simply
create sub-accounts under Assets:Fixed Assets for each one, and the
parent Fixed Assets should be empty.
And no, they don't belong under Equity, they are Assets. The other side
On 1/16/2023 7:29 AM, Dr. David Kirkby wrote:
Apologies if this is too much an accounting question, but I'm stuck, and am
trying to work out how GnuCash will handle this.
It is accounting, as opposed to gnucash, but I will help. But please do
note that perhaps more basis in double entry
If your company was operating for a while before 01/03/22, you'll want your
balance sheet (aka "Statement of Financial Position") to reflect accurately
the value of your assets on 28/02/22. You could input your depreciated
asset values on that date.
However I also like to record the original
Apologies if this is too much an accounting question, but I'm stuck, and am
trying to work out how GnuCash will handle this.
I'm trying to enter into GnuCash my company accounts for this financial
year only - I'm not going to bother trying to enter every transaction since
the company started. So
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