[GNC] How can I enter all fixed assets?

[Stephen M. Butler]

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
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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