Hello, I just updated to 21.4.83 on Mac and I am having issues entering new Fixed assets.
I don’t see any of the information from below other than the option to show depreciation expense account and the disposal.
I imported the data from a company I setup previously and then removed certain entries as there is some carryover between companies bit for some reason, fields are not appearing in forms which are shown in the guides. I only see this:
I think I figured it all out, I had to create Asset Accounts, Expense Accounts, Control Accounts and then set the “Start Date”. I will keep working on this and post an update…
A major revision of the Guides is also underway to incorporate the many recent changes to the program. Guides related to fixed assets have not yet been updated, so what you see in the program might not match exactly. The basic concepts are still the same, though.
That’s what I thought, I don’t have a lot of experience in setting up the Chart of Accounts so I have been reading a lot but I thought I had a good understanding of the practices until I tried to work on depreciation.
I did manage to get things working but now I’m seeing multiple entries in the Summary which I assume is because I have duplicated Control Accounts or not linked them properly. Do you have any suggestions on how to fix this?
Thanks
If you look at the default control accounts that were already present, you will notice that there are two categories labeled as Fixed Assets. In one, the default account was Fixed assets, at cost. In the other, it was Fixed assets, accumulated depreciation. You have added control accounts to both with the same names, Neurofeedback Equipment and Neurofeedback Software. That is not good practice, because you cannot tell them apart when assigning acquisition cost accounts and depreciation accumulation accounts to assets.
You also have another set of accounts with the very same names. You have not shown enough information to tell where or how those were set up, but the same problem applies. However that occurred, you have 3 pairs of duplicate account names.
So if I understand what you are telling me, I should have setup the accounts as:
Neurofeedback Hardware Fixed assets, at cost
Neurofeedback Hardware, accumulated depreciation
Neurofeedback Hardware
Or do I only need the two accounts to track the purchase, the depreciation and the expense for depreciation for each type (Hardware & Software)?
This is the Chart of Accounts which I believe is the problem. Any advice is appreciated.
As I said before, it is impossible to tell from your screen shots how you set things up.
Every fixed asset needs to be assigned to one control account for acquisition cost, one control account for accumulated depreciation, one expense account for current depreciation entries, and eventually one expense or income account for disposal gains/losses.
Since you are new to the program, my recommendation is to abandon all these custom control accounts until you understand how the program works. Assign your fixed assets to the default accounts. Get them all entered satisfactorily and ensure you understand what is happening with various transactions. (I would do this in a test business.) Then, you can add the custom control accounts one at a time. Assign the assets to them. That will change all the prior transactions. You are getting confused by trying to add accounts and enter transactions at the same time.
