Is Accumulated Depreciation A Liability?

Accounting
1

My Accountant has noticed on the Balance Sheet Report that Office Equipment Depreciation (0031) is always listed as a Liability.

But correct accounting suggests that it should be listed under Fixed Assets on the Balance Sheet.

Office Equipment 0030
less Office Equipment Depreciation 0031
equals Net Book Value

Is this correct? Has anyone else spotted this inconsistency?

2

accumulated depreciation is not liability like current or long term liability which needs paying off, it is credit balance which is offset against asset cost to get NBV. Quick file is producing listing of accounts in balance sheet not showing statutory format of balance sheet. I am sure if you export this report to any statutory accounts production software it will automatically map in correct presentation

3

See the posting below:

http://community.quickfile.co.uk/t/presentation-of-depreciation-in-balance-sheet/767/2

4

Joe, you mention above about some changes to the depreciation system, have these happened yet?

5

I agree - account 0031 should not be listed under liabilities. Please can this be moved to the Fixed Assets section.
Thanks

Gary

6

The changes have not yet implemented and at stage we are unable to provide timescales, although as stated in the previous posting, you will need to enter a journal if you want to view the net book value.