TBH It’s not something we’re likely to look at in the next 3 months. We’re fully committed on other projects.
Thats fine, as long as its in the cards 
On other accounting softwares, this is additional item when tagging the bank - i.e. purchase/sale of capital asset
if possible, please leave this thread open for people to put in their votes.
Thanks
Hi Glenn, any update on this?
Thanks
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.
Thanks
Best, Sameera
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.
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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.
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something similar to FA register has been requested here:
http://community.quickfile.co.uk/t/fixed-assets-schedule/2979?u=sameera
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Hi Glenn
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.
Hi Glenn
No need to be sorry!
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.
Many thanks
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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.
Thank you for considering this. Looking forward to the results.
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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.
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I agree fixed assets are a problem accounting wise, but even most sole traders have assets i.e. a van or car needing depreciation calculations.
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Hi,
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.
Many thanks,
Brendan
Many fixed assets can be included as an ‘Annual investment allowance’ - ie laptops, machinery, tools where 100% is deductible as long as you spend under £200 000 a year. It should be quite easy to add in this asset expense as there is no depreciation involved. Pretty please can you add a special category for this.
The issue is that there are also seperate depreciation values depending on what the assest is i.e. a computer/satnav comes under 33.33% dep per yr. You have land 0%, Plant & Machinery 10% and Motor vehicle dep 25%.
I have this functionality on a spreadsheet accounting package that i used to use, before trading up to QF. I think it’s a very easy tabulation sheet to make as it just throws in the depreciation value and is needed for the end of year. Looks like I’m still going to need it if this is not part of the package.
And I really wish they would add ‘Cost of Sales’ (not labour) my head still cannot get around it as something else where i want to charge for postage.
There are more complex scenarios for depreciation other than just depreciating an asset over its life and booking it to the p and l each year. Sometimes there are situations where you may not be able to claim CT relief on depreciation because you’ve used AIA which is a tax deduction and not part of your accounts. In that situation depreciation would not create CT relief and would be added back but you’d probably still show the asset depreciating on the balance sheet. Qf would not be able to predict every situation and so its not as simple as some would like to believe.
Hi @Glenn, I have revived this topic due to changes in what HMRC are requiring when submitting a Self Assessment tax return with the additional complexity of differing depreciation dependant on the CO2 emissions for vehicles.
Business turnover increased above the VAT threshold in the last financial year which involves filing FORM-SA103F Self Assessment: Self-employment (full). NOTES-SA103F
Besides the more detailed reporting of overheads as defined using the HMRC categories there is a more complex calculation required for capital allowances i.e. depreciation dependant upon CO2 emissions.
A way of recording fixed assets that includes the appropriate writing down allowance (WDA) seems an important step to support small businesses.
Previously WDA of 18% was a standard that easily calculated an agreeable assets schedule journal.
How to manage assets with differing WDA 18%, 6% or 100% ?? I don’t have the answers!
An asset register to record the correct WDA seems a requirement under the more complicated HMRC expectations.