Reversing Certain Accounts

Hi im new to using this so please forgive me if this is simple. Ive had a quick look though the forums but can’t seem to find what im after.

I’m just curious if it is possible to reverse certain accounts that automatically appear such as the Fixed Assets - depreciation account. I put in all my fixed assets at the cost price and then added the depreciation from their purchase up to this month using the tool rather than the starting balance option. I basically did this as i wanted all my assets to appear in my capital account rather than the starting equity one…a bit OCD i know. The issue im having is now that all the depreciations from the past up until now are sitting in the expense account. I was going to reverse this against the capital however i can’t access the fixed asset - depreciation account in my general journal. Is it possible to change this or will i have just have to do it using the starting balance and then just put up with having a starting equity account…OR is there a way to do this and then move the starting equity into a capital account.

Sorry about the novel but any help would be great thanks

I’m not sure I completely understand your question, but I’ll answer what I believe you asked.

Any depreciation recorded will appear in the Fixed assets - depreciation account because it is an expense allocable to the accounting period in question. If depreciation was taken prior to your start date, you must use the starting balance feature on the fixed asset creation screen. (As a side note, to show this correctly in the Fixed Asset Summary report, you must set your start date one date before you actually started using Manager. Then it will appear as an opening balance with subsequent recorded changes, but that is a minor point.)

Fixed assets never belong in a capital account. They belong in a separate asset account.

You will not be able to. Fixed asset entries can only be made in the Fixed Assets tab. Click on the blue number in the accumulated depreciation column, then the New Depreciation Entry button.

Your capital account(s) should only record contributions of funds into the business and draws or dividends going out. Fixed asset transactions should be entirely separate.

Having said all that, if you wanted to go backwards and handle your fixed assets from the beginning of their lives, you would have to recreate your entire accounting history as well.