On 1/17/23 10:00 AM, Dr. David Kirkby wrote:
That would require a *lot* of accounts, but I guess it makes it blindingly
obvious what the items are. I was hoping to try to automate the
depreciation with the Scheduled Transactions in GnuCash. I've not used them
yet, but I assume that it would be much more tricky if things are in many
different accounts. But maybe I am wrong.
For the purposes of submitting to Companies House, I only need the total of
fixed assets - no breakdown is necessary. If the company was inspected, I
assume that inspectors would want to see a breakdown.
Maybe I misunderstood, I thought you wanted to track the items' values &
depreciation separately. By all means, otherwise lump them in one
account. (you can of course make separate transactions for each item,
which would allow you to run Transaction Reports filtered on each item
if needed)
What would you do for transactions that have already been written off? I
was tempted to add those, as the company has been going for 8 years, so
whether I add 8 years of assets or 5 does not make much difference - am
extra 55 items.
I don't see why there would be any need to. If they are already zero,
they don't need to enter the book at all as far as I can tell.
Would it be sensible to create a vendor in GnuCash called
"Written off" and let all things that are written off be purchased from
"Written Off"? I don't really want to enter a new vendor for everything
purchased years ago, and already written off. That would mean filling in
the names and addresses of 55 more vendors, which would be a bit too
time-consuming for my liking.
These were purchased long ago and you're just carrying forward their
remaining value. This should be no different than any other Opening
Balance transactions.
Just do something similar to the example transactions in Chris' reply.
As he noted, if you want to record the original price, do that as an
Opening Balance, then with the same date, make another transaction
reflecting the currently accumulated depreciation. The end result would
be the present value as of the date you opened the GnuCash book.
Then continue to depreciate as instructed by your accountant. None of
this involves Vendors or Bills.
Regards,
Adrien
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