[GNC] How can I enter all fixed assets?

[Christian Lynbech]

Having been contemplating this as well, I came to the conclusion that I
would create an account for each expensive piece of equipment and then
a common account for all the small stuff.

In Denmark, you can write off a maximum relative amount of a purchase
each year, unless (or until) the value falls beneath a certain
threshold. For a big investment, I would want to track its depreciation,
both for myself and for tax purposes and I think a separate account for
each would be valuable (or one would need to do it in an external tool
as suggested).

As other wrote, it depends on the tax rules and what it is you want to
track. If for instance the existing equipment has all been written off
(so no tax effects) and the value is too small to affect the sum total
of your business (the balance), you could just leave the equipment out
of GNUcash.

You can always add the old equipment (or any new purchase) at the point
where it starts to matter. If for instance you would like to sell some
of it at some point, it could make sense to have it as a registered
asset, so the income does not spring up out of the blue.

                               /Christian



-----------------------
On Wed, Nov 30 2022, 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.










-- 
Dr. David Kirkby,
Kirkby Microwave Ltd,
drkirkby at kirkbymicrowave.co.uk
https://www.kirkbymicrowave.co.uk/
Telephone 01621-680100./ +44 1621 680100

Registered in England & Wales, company number 08914892.
Registered office:
Stokes Hall Lodge, Burnham Rd, Althorne, Chelmsford, Essex, CM3 6DT, United
Kingdom
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