Fixed assets and the profit and loss and fix assets reports not matching

1

I am not sure if this is a problem if not can someone explain it to me
My profit and loss has loss on disposal of 46.93 and depreciation of 48.31, Date of report 01/04/2023 to 31/03/2024.
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Drill down on Loss is

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drill down on depreciation is
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Then I go to the fixed Asset report and theres nothing in it
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Then I go to the depreciation Calculation sheet and it has entrys
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oh and there is only 1 entery for the 2024 F.Year
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I am using desk top version 24.9.2.1834 windows 11 64bit

2

Where is the drill down on the loss on disposal?

You showed depreciation drill diwn twice

3

If you look at the bread crumbs at the top of each you will see one is loss one is depreciation, The first on is on the loss and the next is the depreciation.

Would it be because I ran the depreciation and then disposed of the assets ? but why is it not showing in the fixed asset summary

4

Show your fixed asset list, from the tab

I think you have misunderstood how to setup fixed assets and deprecation

5

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The assets are all set in same manner as this one
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6

Did you dispose all of your fixed assets in the year?

Please explain what happened during this year

You cannot record a depreciation charge for the laptop dated 31/03/2024, if you disposed of it on 01/12/2023

7

Noticed that you include a website as a fixed asset. A website is not a fixed asset because it isn’t physical. It’s an intangible asset, if it has long-term value and is expected to generate future income. If not, it’s treated as an expense.

  • Intangible Asset: If the website is expected to generate future benefits, create an Intangible Assets account in the chart of account under assets and amortize (spread costs) it over its useful life.
  • Expense: If the website is mainly for marketing and doesn’t have long-term benefits, setup an Advertising or Marketing Expense account in the chart of accounts under profit and loss under expenses.
1 Like
8

Read this Dispose of fixed assets | Manager

9

Not being rude but thats not my question and My IRD manager said its just as fine being there as intangible

10

I dont do the entries the system does it so I did not even notice. Will revisit. Thanks

11

The system does not do any entries automatically - the user has to instigate the entry

1 Like
12

No offence taken. I just observed this entry. Irrespective of what your IRD Manager finds it is wrong practice to handle a website as a fixed asset, for instance not only is it not tangible it therefore can also not depreciate. It is up to you what to do with this but as this is on a public forum I hope other users will consider the proper accounting practice.

13

Another early riser ! I hate mornings like this

14

I think some intangible assets can be amortized - certainly in some jurisdictions, they can be

15

The key is amortizing, not depreciating.