On 11/30/22 15:39, Dr. David Kirkby wrote:
Having given this more consideration I think the following is my best bet.
Comments welcome, but I am not expecting to get definitive professional
advice.
I am considering to lump them all together under Assets -> Fixed Assets,
with an opening balance equal to the value at the start of the financial
year, taking into account the depreciation. That value is given to me by my
accountant.
This will mean that I can not work out the depreciation on an individual
item, but my accountant does that each year to submit the accounts. I pay a
professional to do that.
He can tell me at the end of the year how much the sum of all items have
depreciated, and I can just enter that sum once per year. He can also give
me the exact amount of depreciation on every item, but I will just ignore
that, and record the sum. He doesn’t normally give me the individual items
- only the sum. He did give them to me this year as I asked for them, but
normally he doesn’t give me a detailed breakdown.
In previous years my accountant has never expected me to work out the
depreciation - he does it once per year.
If I was inspected by HMRC, I doubt that they are going to quibble about
the fact I don’t know the depreciation of assets on a particular day. If
they do, my accountant would be able to supply them.
The HMRC website lists what is inspected of directors - I put a copy below.
It mentions “Details of assets owned by the company” but does not actually
define what details they are.
Does changing the total value once/year in GnuCash under
Assets -> Fixed assets
seem reasonable given that is all my accountant ever gives me?
Dave
Accounting records
Seems reasonable to me. I would ask the CPA/Accountant if that
satisfies the below that you referenced.
You must keep accounting records that include:
- all money received and spent by the company, including grants and
payments from coronavirus (COVID-19) support schemes
<https://www.gov.uk/guidance/reporting-coronavirus-covid-19-grants-and-support-payments>
- details of assets owned by the company
- debts the company owes or is owed
- stock the company owns at the end of the financial year
- the stocktakings you used to work out the stock figure
- all goods bought and sold
- who you bought and sold them to and from (unless you run a retail
business)
You must also keep any other financial records, information and
calculations you need to prepare and file your annual accounts and Company
Tax Return
<https://www.gov.uk/prepare-file-annual-accounts-for-limited-company>. This
includes records of:
- all money spent by the company, for example receipts, petty cash
books, orders and delivery notes
- all money received by the company, for example invoices, contracts,
sales books and till rolls
- any other relevant documents, for example bank statements and
correspondence
--
Stephen M Butler, PMP, PSM
[email protected]
[email protected]
253-350-0166
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