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Chart of Accounts coding

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#1

Hi

I’ve set up depreciation in the Current liabilities instead of fixed assets
How can I move the code from one group to the other please

Thanks

Chris

#2

Hi @Twins1998

As it’s a custom code, you can remove it and re-create the correct one.

If you have entries in the incorrect code, if you view the entries from Reports >> Chart of Accounts, you can use the “Move to a new code” option at the top of the page, and move the entries to the correct code.

Hope that helps, but if you need any further help, please don’t hesitate to let me know.

#3

Thanks Mathew

I already tried to do this but it wouldn’t let me as it was a code with the same name

Is there a way I can change the name so I can re-create it and then move the entries?

Thanks

Chris

#4

You can change the name of a custom code at any time by clicking the orange cog:

image
image829×133 7.45 KB

It may be easiest to create a new code with a slightly different name, move everything, and then rename the new one after deleting the original.

Hope that makes sense?

#5

It makes perfect sense, tried to do it but couldn’t move entries as they are journals for depreciation

Will I need to journal them across to a new code - also I don’t know how 0061 ended up where it is in the structure anyway and I’m a bit fearful that exactly the same will happen

See attachedChart of Accounts balance sheet.xlsx (10.2 KB)

thanks

#6

If you go into the chart of accounts, find 0061 and click the cog wheel icon then there’s an option for “parent asset code”. If you set this to 0060 then this will link the accumulated depreciation code to the original asset code, which moves it up to the fixed assets section and calculates the net book value.

Essentially, what you’re seeing is that QuickFile will only list assets (i.e. nominals with a debit balance) in the Fixed Assets section. Liabilities (anything in 0001-2999 which has a credit balance) show under current liabilities, unless they’re a depreciation nominal which has been explicitly linked to a parent asset. There’s nothing wrong with your choice of nominal code or the journals you’ve created, you just have to do the parent link thing to change where it is shown in the balance sheet.

#7

Hi Ian

I’ve tried to do this but I don’t get the link option
I only get the options to allow the code to be used in sales and purchases
Am I missing something?

Thanks

#8

That’s odd, any code in the assets and liabilities section that has “depreciation” or “amortisation” in its name should offer the “parent asset” box.

#9

see attached screenshot

can it be fixed?
SCREENSHOT CODE LINK.pdf (239.3 KB)

#10

This is beyond my ability to help (I’m just a user), it’ll need to be looked at by QuickFile staff (@QFSupport)

#11

Hi Mathew

Can you help with this please - see other messages since you last messaged me

thanks

Chris

#12

Thanks Ian for your help, appreciated

#13

Hi @Twins1998

As long as the code is in the range of 0001-1999 and the word “Depreciation” is in the nominal account name, it should show the option to specify a parent asset code.

I’ve tried to recreate this on our side and I do get the option of specifying a parent code. Is this still the case if you refresh the page?

#14

Hi

When you say refresh the page do you mean revisiting? There doesn’t appear to be a way to refresh the page

#15

Yes - that’s spot on. Clicking “Refresh” in your browser would do the trick :slight_smile:

#16

Hi Mathew

I’ve sorted it now thanks - I was using an old browser and have swopped to chrome and it now shows the tag option

Obviously the software is different in different browsers

#17

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