[GNC] How can I enter all fixed assets?

[Stephen M. Butler]

On 11/29/22 18:24, Michael or Penny Novack wrote:
> On 11/29/2022 8:18 PM, Dr. David Kirkby wrote:
>> I want to start using GnuCash for a company I set up several years 
>> ago. The
>> company has some assets - mainly electronic test equipment. Let’s
>> hypothetically assume
>>
>> VNA £1000
>> Signal generator £500
>> Frequency counter £250
>> Calibration kit £2000
>>
>> Total is £3750
>>
>>
>> Is there a way of entering the individual items into GnuCash? I realise
>> that I can create an account
>>
>> Assets -> Test equipment
>>
>> with an opening balance of £3750, but that doesn’t itemise individual
>> items.
>>
>> It would be a bit tedious to create accounts for every item individually
>>
>> Assets -> Test equipment -> VNA
>> Assets -> Test equipment -> Signal generator
>> Assets -> Test equipment -> Frequency counter
>>
>> and set each to have an appropriate opening balance.
>
> Normally under "assets" one might have a number of high level 
> sub-accounts. For example "current assets" (cash and cash equivalents, 
> bank accounts, A/R (could  be "factored), negotiable instruments, etc. 
> Then there might be "inventory" if the business bought and sold 
> widgets. But the sub-category you are asking about is "fixed assets". 
> HOW you subdivide further probably best dictated by how you depreciate 
> them and I haven't a clue about "depreciation" rules in the UK.
>
> a) If your gnucash books already exist I would create the accounts 
> with zero balance and add the current BOOK VALUE* with a transaction.
>
> b) HERE I would need to know the year purchased, original basis, and 
> total depreciated so far. For that reason I probably would have 
> assets:fixed assets:test equipment: (and then each because the 
> depreciation history for each likely different.
>
> I will stop here because you aren't so much asking a gnucash question 
> as a "fundamentals of accounting" question and you need to look up 
> "accounting for/depreciating the fixed assets of a business" and 
> "adjustments upon disposal of a fixed asset" in accordance with the 
> rules of your jurisdiction. In other words, THAT would be the same as 
> in the old days of keeping you books by hand pen and ink on paper.  
> Those rules will affect your choices with regard to "keep all 
> together" vs "have each separate", etc.
>
> Michael D Novack

The short answer implied by previous responders is:  There is no Fixed 
Assets module in GnuCash!

Given Michaels comments above, you find it better to keep a spread-sheet 
for each class of asset (depreciation rate/age) and keep the sub-totals 
in GnuCash.

-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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