This is another feature i think will be handy for non-accounting end users.
When posting an purchase directly from bank account or when creating a purchase invoice under purchases for assets like office equipment, furniture & Fixtures etc, it will be good to get a drop down box which would ask ‘how many years we expect the asset to last’ and then behind the scenes calculate the appropriate depreciation amount which then is automatically entered in respective depreciation account.
This feature will be handy also if you guys decide to implement a more detailed profit & Loss account.
It will good to get votes in for this from other users.
Seems plausible but it would require quite a bit of work to keep everything in sync. Depreciation in QF is handled by recurring journals. It would be tricky to keep these in sync if the purchase value is modified or deleted. These are my initial thoughts, I’m just thinking in terms of development hours.
No updates here I’m afraid, it’s not a simple implementation so we’d rather wait until there’s stronger demand. In the mean time I would recommend using recurring journals to record depreciation.
re: your reply in my other post that you will be implementing some tax overview reports.
How do you plan to accommodate for depreciation? unless a user puts in via a journal (and obviously remembers/or knows how to do it) there is no way QF prompts the user to account for depreciation. Depreciation calculations will be crucial part of any tax estimates/over view reports.
We need to be mindful of whether the average Quick File user will be able to handle depreciation on fixed assets. Some of these areas are more complex and often left in the hands of their accountants/bookkeepers to correct at the year-end. What we want to avoid is over complicating the system for 90% of our user-base in order to accommodate for 10%.
To get this working effectively there would need to be a register of fixed assets a way to modify, add, remove and lock items in this register along with a number of reporting views. It’s several weeks of development time plus testing so unfortunately it’s not something we can dive into at this stage. We will continue to review this though.
Hello there,
How about an ‘Asset Register’ please, not necessary a depreciation calculating facility, but something where client can record what the asset is, date of purchase, value, perhaps scan the purchase invoice and attach the pdf. We as accountant could then add the depreciation every year if we don’t use Annual Investment Allowances schemes. There may be a box to tick or a note area to indicate if AIA or depreciation has been used.
With regards to depreciation calculation, please see email from a client below. this just shows the need to have something in place which can prompt user to calculate depreciation as soon as a new fixed asset is tagged in the system. I would really appreciate it if this feature is given some consideration.
Many thanks, Sameera
Hi Sameera,
I’m just confused because i thought that office equipment would be visible as an expense in the profit and loss report (even if not the full amount as some items might have its costs spread across multiple years)
So basically I’m looking for a report where I can base myself to decide how much dividends to pay myself but if the profit and loss does not take into consideration all expenses then I don’t know how much to pay
Thanks
You can use recurring journals to depreciate assets at the moment, obviously these need to be manually setup. Anything more sophisticated than that would take a few weeks to fully implement and test. At the moment there are just too many other areas that we need to prioritise. Sorry to disappoint.
Ideally it would be ‘nice’ to have it right away, but i can understand that other things take priority and there is a long list of other things that need implementing, i am only requesting that if you can have this feature in your ‘future features list’ and that its given some thought later.
We actually started developing an asset register about a year ago but it was problematic linking it into all the other areas. The whole thing got very messy so we canned it.
FA registers are a pig to program. It all goes reasonably well until you get to disposals and then, as Glenn says, it gets really messy. It’s certainly a desirable feature, but I can definitely understand why it’s not a top priority.
Am I right to say depreciation should be journalled at the end of the period, not the beginning? We’ve bought an asset today that we’d like to depreciate monthly over three years (so 1/36th of the asset value per month). Must we wait one month before adding the reoccurring journal? If so, it’s a shame you can’t add journals at a future date because it would be nice to be able to log everything in Quickfile on the date of purchase while it’s fresh in the mind.
