Yes, but nevertheless it is not good practice to add depreciation expenses to future years as explained.
Agree totally - accounting records should not include future expenses and incomes, no matter how definite they are
Accounts record historical data not some future ideal
I believe the issue is Manager’s depreciation functionality is not complete. So while the work around is not ideal, it is a reasonable attempt to use the functionality Manager has.
That’s all very well, but what if you purchase more fixed assets in the meanrime or dispose of one of your existing assets?
Hi @Tut, I don’t think we have misused the program here. We only have recorded the entries simply because we don’t want to do this every month.
@eko , these steps we’ve taken is only to supplement the lack of the system for straight-line depreciation or the recurring depreciation entry. We know these variables you are talking about and have thought of the same before doing so. However, we have deemed it efficient for us to just record it in advance. The 6 clicks is not difficult nor time consuming if you are only handling one (1) company, and company has 2-3 assets only. Think of an accounting firm that handles a number of companies and numerous assets each company.
This has been considered as well. But we are only doing this for assets which the company deemed to be used within its useful life: no disposal. If you purchase more assets, I believe you record them as Separate asset correct? Only that the chart of account is the same. So it’s a separate depreciation entry.
Although these are future expenses, I believe the principle is just the same with recurring entries, only that this is already recorded. I disagree that this is not a good practice. It is using the functionality of Manager efficiently. Should assumptions change in the future, there is no problem with deleting entries especially that Manager has the Audit trail for all entries. Nothing will be unaccounted for.
I realized that you already posted this same request under a topic in ideas 14 days ago Recurring and automatic depreciation - #16 by ibadlon I’m sure you are aware that this is against the forum rules at FAQ - Manager Forum more specically:
Don’t cross-post the same question or comment in multiple topics.
Your arguments in several posts there and here are related to the absence of Straight Line depreciation automation (you also had difficulty using the clone function).
I got sidetracked by your posting about already recording expenses that will realize in the future. You explain that doing this is a coping mechanism to have fewer entries to do and therefore found acceptable for the several businesses the accounting firm serves, despite being questionable accounting practice.
But that is a crucial difference. Recurring transactions are only templates for future entries. You are actually recording depreciation expenses.
@eko the above was main point of this topic. I just have pointed the reasons to where my request was coming from. Although this might be similar to the other topic, I believe it’s still a different request.
Recording in advance as a questionable accounting practice is subjective. There is nothing wrong nor would result to inaccurate figures in this.
@ibadlon what is the difference between:
Sorry for the confusion.
In recurring and automatic depreciation, the “Period” meant the Period you set for start and end of the entry. Like the below.
In this topic, since I have recorded all entries including future ones, the request is to limit or set period in the Fix Asset Tab so that it will not include those future entries (like the summary tab).
or as at similar to is available in the investment tab
Please show where there is a period setting in the investments tab, I can not find it.
have a look at
Did you try setting the date field to something other than today?
Such as prior to your last transaction or end of the financial year.
The investment report only has a To date and the report shows that too:
It’s a balance sheet account
@ibadlon, you still insist on treating Fixed Assets tab as a report but it is not.
The tab isn’t reporting on the financial position of your fixed assets, it’s merely summarizing all the transactions for a given asset.
To view your Fixed Assets as at a specific period of time, you can use the Summary tab or Fixed assets summary report.
I have my reasons why I insist this as I have replied to you before.
One employee is given limited access which includes maintaining the fix assets. We know the figures can be taken either in Summary tab or Fixed assets summary report. However, we do not want a particular employee to see the financial position of the company. Fix Assets summary report does not have the option to show other data stored in custom fields.
Note that we use the copy to clipboard and Paste it to a specific report the data from fix asset module as the other columns populated through custom fields are crucial in our report.
@ibadlon, you are asking for a major restructuring of the purpose of individual functional tabs because:
- You have unique desires for a report, which you have not disclosed, that are apparently not satisfied by standard financial reports, such as the Fixed Asset Summary.
- You have assigned an employee to maintain fixed assets, but do not trust the employee to see the financial position of the company.
Almost every business encounters situations where standard reports do not meet all internal desires. That is why Manager allows copying of data for external manipulation. You are unlikely to see modification of the software to match your specific desires.