Is this correct.
The closing balance in the Asset Summary is correct, however the book value in the Depreciation Worksheet has the aquisition cost ( $42607.70) value not the book value ($25401.20), although the header indicates Book Value. The book value should be $25401.20 in the worksheet, I would have thought.
I have attached pics of 3 screens which may be of help.
I guess the solution is obvious, but not to me, maybe Ive confused myself with all the searching Ive been doing.
Your narrative and screen shots are a little confusing. So, here are both comments and questions:
Your worksheet is for the period from 1/4/2019 to 6/2/2020. But your depreciation entries are dated 1/4/2019. In other words, you made entries on the first day of the period rather than the last. The depreciation calculated by the worksheet has not occurred as of the first day, so why did you enter the depreciation on that date?
Your depreciation entries were entered manually rather than using the New Depreciation Entry button on the worksheet. So why did you use the worksheet at all?
Book value shown on the worksheet is the book value of the asset on the first day of the calculation period.
Automatic depreciation entries are not entered until the final date of the worksheet period arrives.
In what order did you do things? It looks like you (1) made manual depreciation entries on 1/4/2019, (2) calculated a worksheet that ends on 6/2/2020 (which has not arrived), then (3) created a Fixed Asset Summary with an end date even further in the future.
In short, I suspect your trouble comes from mixing manual and automatic depreciation entries with future dates on the automatic entries.
Again many thanks for your help.
I guess its a problem Im facing while trying to incorporate one accounting system into another. And unsure how depn was shown in the old one. I suspect it looks like depn in the old system is showing until 31/3/20 (if that makes sense.) So i’ll see what happens 31/3/20 at the end of the current financial year.
Again many thanks
When migrating to Manager, the balance of the Accumulated depreciation (or whatever it was called) at the end date of the old system should be entered as the starting balance for Fixed assets - accumulated depreciation for that asset in Manager. No depreciation entries should be entered, as those would have been made in the old system. Follow the Guide: Enter starting balances | Manager. There is an explicit example on entering accumulated depreciation.