I have a few assets that are from the last financial year. My start date is the beginning of this financial year (01/04/2014). So I can get them in the system and record depreciation for this year I put the cost price under opening balance and the depreciation as normal. But now when I view the balance sheet it is in the equity section under opening balances. Is this normal I have not seen it before. I did think to journal it to capital accounts but I can not .
Now I see in the asset scheduled the cost price comes up as an addition. Fixed that buy putting the start date back to the last financial year.
It sounds like you did something incorrectly. When properly set up, the Fixed assets account should show the cost of assets in use on your start date. The Fixed assets, accumulated depreciation account should show any depreciation taken prior to your start date. If, by chance, all those fixed assets are fully depreciated already when you start using Manager, the two numbers will be equal and they will have no net impact on your balance sheet.
What are you referring to in the quote above? Neither fixed asset values nor accumulated depreciation should be classified as equity. Both are asset accounts, with the accumulated depreciation being a contra account (one that is expected to normally be negative).
I think you have handled the issue of asset costs showing up as additions in the Fixed Asset Summary in an acceptable way. That report treats opening balances as occurring on the actual start date. For most things, that isn’t a problem, but it makes the particular report look strange if its beginning date is your start date. That is exactly how I handled it, setting my start date to the day prior to when I began using Manager. Of course, if that happened to be a date with other transactions, you could end up with strange things elsewhere. If so, I’d either accept the slightly unusual report or set its coverage period to one day after the start date.
I bought a Franchise, and I put the license fee under the intangible asset, but when I review my balance sheet, and showing suspense under the equity? please help.
Things show up in Suspense when you have entered an unbalanced transaction. That means debits do not equal credits. A franchise license is a good example of an intangible asset. You should first create the asset under the Intangible Assets tab. Next, you should Spend Money from whichever bank account you used to pay for the license, allocating the payment to Intangible Assets and the appropriate subaccount from the dropdown list that appears when you select that account.
To summarize: create the asset, then Spend Money to buy it. If modifying your transactions to follow that approach doesn’t clear the Suspense account, click on its balance in the Summary and see what other transactions you may have made erroneously. They need to be either edited or, more probably, deleted.
Thank you.