Acumulated Depreciation

[RJ4All]

Hello,

I’m setting up my account for the first time, and I’ve listed accumulated depreciation on assets, but it keeps appearing on liabilities on the Balance Sheet. I saw some posts suggesting that with the word depreciation, I should be able to assign a parent account, but it doesn’t give me the option.

[QFSteve]

Hello @RJ4All

Here is the link to the support article which gives instructions on depreciation

Balance Sheet Report

The Balance Sheet report gives you a snapshot of the assets, liabilities and equity for your organisation at a specific point in time. It is a useful financial statement for assessing the value of a company based on what the company owns and owes, as well as the amount invested by shareholders. In QuickFile you can locate the balance sheet in the main Reports menu: [image] You can then set a date for your balance sheet and see the results in tabular or chart format: [image] Your balance s…

What codes are you trying to use?

Are the default codes or your own?

Here are a couple of threads from the forum relating to this topic which may also help.

Struggling with Depreciation

Hello guys! I need your help to understand how depreciation works. I bought a laptop, tagged it as an asset and now, at the end of accounting period I want to apply depreciation. If I am entering manual journal, debiting 0021 and crediting 0020 it gives no result to me. I still will get the same amount when I will run the balance report. So, how depreciation works in Quickfile, should I debit 8001 and credit 0020? In this case it will reflect on P&L report and as I understand you do not clai…

Assets and depreciation journals

You have to decide how you want to depreciate it. First you need to decide how many years useful life the asset will have and what is its likely residual value at the end of that time (which may be zero). The difference between these two figures is the total amount you need to depreciate over the course of that useful lifetime, and you then have to decide how to divide that amount between the various years. For your example I’ll assume purchase price £250, useful life 5 years (which is probab…

[RJ4All]

Hello,

I’m using my own codes,

1310 Machinery & Equipment
1311 Acc Depreciation - Machinery & Equipment
1320 Furniture & Fixtures
1321 Acc Depreciation - Furniture & Fixture
1325 Fixtures & Improvements
1326 Acc Depreciation-Fixtures & Improvement

Should I try the default codes?

[ian_roberts]

In my QuickFile chart of accounts, my custom 00xx codes whose names say “depreciation” or “amortisation” have an option in their settings for “parent asset code” that links them to the net book value mechanism. I just tried creating a test code with a 13xx number named “Something else depreciation” and it offered me the parent code option, but when I create the same number but named “Acc Depreciation - something” it doesn’t - so it looks like the word “depreciation” has to be at the end of the account name to trigger this, not in the middle.

Try “Fixtures & Improvements - Acc Depreciation”

[RJ4All]

Hello, Ian. Thank you so much for trying to help. I’ve tried that, but I still don’t have the option. I’m wondering if maybe it’s because I created the account when I registered the first entry journal. Perhaps I should have created the account before?

[RJ4All]

Hello all, I got this message

”Depreciation pairs must reside within 1-1199 range of the balance sheet.”

Thank you for your help!