[GNC] Is it reasonable to have sub-accounts under Equity:Fixed Assets?

[Dr. David Kirkby]

On Tue, 17 Jan 2023 at 18:58, Adrien Monteleone <
adrien.monteleone at lusfiber.net> wrote:

>
> 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)
>

I might do that.

>
> > 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.


Although written off, it might possibly be of some use to be able to look
back over the years and see what was bought.

If something had been purchased 4 years ago, would you bother recording the
value each year, or just that when the accounts were submitted? I guess
that’s probably a personal preference.

I think nearly everything of mine is written off after 5 years. I think
some companies might write electronic test equipment off over a longer
period, but virtually all of mine is purchased used, and often when the
manufacturer considers it obsolete.

>
> Then continue to depreciate as instructed by your accountant. None of
> this involves Vendors or Bills.


Okay.

>
>
>
> Regards,
> Adrien


Thank you for the help. I didn’t get anything done with my accounts today,
due to other more pressing issues like dispatching items to customers, and
attending to my dog who has a bad paw.

Dave

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

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