Hello! Long time no post. Anyways, since I have upgraded to the latest version 19.10.40 I’m unable to see the depreciation expense on the Profit and Loss Statement. I don’t quite understand what’s going on, I entered the entry just like the guide says but it won’t show up on the reports. It only shows every depreciation entry until 9/30/19. I also noticed the bank reconciliation reports changed… I loved the previous layout Any help would be appreciated.
BTW, great work with the new additions. Loving the depreciation worksheet.
You need to furnish more information. What Guide are you referring to? How did you enter the depreciation? Did you do so from the worksheet? Can you illustrate with screen shots?
Personally, I think you will find the new bank reconciliation process easier. The Guide about bank reconciliation has been updated and will update on the website later today.
This is the guide I’m referring to. I have always record the depreciation via the fixed assets tab. I did not use the worksheet because it shows me the book value instead of the Acquisition Cost. Also, I don’t know if I’m using the Depreciation Rate correctly. What I did was to put the depreciation rate the same as the “useful life” in years. So if my asset have a useful life of 5 years, I set the depreciation rate to 5%. I always use straight line.
Until a few days ago, the worksheet did not exist. For now, if you are calculating depreciation from acquisition cost (such as when using the straight-line method), calculating and entering manually is your only choice. But that is going to change.
This is incorrect. The depreciation rate should be the annual depreciation percentage. For an asset with a 5-year useful life, you would use 20% for straight-line depreciation. In fact, however, if you are calculating manually, you do not need to enter anything. The depreciation rate is used only by the worksheet.
So, since you are not using the declining balance method, you should not use the worksheet. Nevertheless, no matter whether you created your depreciation entry manually or automatically, the numbers on it should show up on the P&L in the Fixed assets - depreciation account. You did not specify how you created that entry, button of the numbers match the worksheet you showed. How are they related?
It is not possible to tell whether you Fixed Assets tab listing is correct, because you presumably had prior depreciation entered from prior months. And you did not say when in the process this screen shot was captured. Due your obscurations, I can’t tell anything definitive, but the asset with the 25,426.50 acquisition cost has no depreciation recorded against it, so it looks like the last screen shot came before the 10/31/2019 depreciation entry. Did it?
I created the depreciation entry via the “Depreciation Entries” tab, manually. The entry screenshot was right after I recorded the depreciation entry. This is why I’m asking because if you go right now to the Depreciation Entry tab you will see the entry just like in the screenshot but it doesn’t show in the Profit and Loss Statement, which is the first thing that I noticed, and it doesn’t show in the Fixed Assets tab either, or anywhere. This is why is so confusing to me.
No, the $25k asset is new, recorded at the beginning of Oct. and I recorded the depreciation for the month which is the last one on the entry for $302.70 (using straight-line for 7 years, starting in october), but it doesn’t show up in anywhere. Even in the Balance sheet, all depreciation entries shows until 9/30/19 but this new one as of today, it doesn’t shows up anywhere. I tried changing the date but still it doesn’t work.
That’s why I posted the Profit and Loss screenshot, so you can see that the Fixed Assets - depreciation account doesn’t have anything for the month. I’m using version 19.10.40.
OK, I can reproduce this. I will move this to the bugs category.
As a note, the most recent few updates were to address flaws in the new Depreciation Entries and Amortization Entries tabs and their corresponding automatic calculation worksheets. My earlier experimentation with these new features did not show this problem, so it may have appeared only with v19.10.40.
For the sake of completeness, since you made the October depreciation entry manually, the worksheet you showed is irrelevant to the problem.
Noted. I just wanted to add, I deleted the manual entry and made a new one using the Depreciation Calculation Worksheet and it worked (I did it just now to test if that was the problem). I had to edit the amounts manually but now it shows up everywhere so maybe the bug is just related to manual entries. Thanks for your help as usual!
I just did some further experimentation, also. A manual entry worked for me this time, as it did for you. But an automatic entry from the worksheet did not. The entry shows in the Depreciation Entries tab, but not on the Summary and not in Fixed Assets.
Interestingly, this behavior does not show up in Intangible Assets. That all seems to work correctly.
Well, at least there is a workaround for now. I thought it was a bug from the beginning but I wanted to make sure I wasn’t doing anything wrong (besides the depreciation rate). Thanks again!
Could you check the latest version (19.11.13) ? Not sure if it’s fixed as I don’t have enough information to reproduce but found one way how it could be possible which has been fixed now.
@lubos, in my testing, both manual entries from the Depreciation Entries tab and automatic entries from the Depreciation Calculation Worksheet now function as intended. Results show correctly in the Summary, Fixed Assets tab, and Depreciation Entries tab.
The Depreciation Calculation Worksheet uses the book value as of the From date defined for the report.
Any help would be appreciated.
