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