Journals for Opening Balances of Fixed Assets

[DerekC]

Our financial year starts 01.11.20 and I have to post brought forward opening balances for Fixed Assets ie Plant & Machinery, Office Equipment, Fixtures & Fittings etc. If the journal is to debit 0020, 0030, 0040 etc what is the corresponding credit nominal code. Slightly confused.

[rhc]

Hi DerekC,
I think you can find your answer here:

Depreciation... How to handle it

Hi, We just had some new lights installed at cost of £1k. I want to depreciate this cost over the next year on a monthly basis (so £83.33 per month). What is the best way to do this on a month basis? Is it to record the expense to a nominal account in the balance sheet (£1k) and then every month journal across the amounts to a P&L nominee account (£83.33). Until the £1 balance sheet total is fully used up (12 months). Thanks, Darrell

and here:

Assets and depreciation journals

Hi I have recently bought a £250 laptop for business use for. I know I have to create a journal for depreciation but cant get my head round it. Is there a step by step guide available on how to do this in QF? I also have am item of equipment on my balance sheet which is now worth £0 but I dont know how to get this off the balance sheet. Any help much appreciated

just as an example: new item bought (lets say a computer) - the expense of the item goes to account 0030 (office equipment). The depreciation would then be a debit to account 8004 (Office Equip. Depreciation) and a credit to account 0031 (Office Equip. Depreciation) posted at the end of each month/year (depends on your circumstances). Disclaimer: I’m not an accountant so always seek a professional opinion

[ian_roberts]

@DerekC

I have to post brought forward opening balances for Fixed Assets

Is this because you’re transitioning to QuickFile from a different system? If your previous year is already in QuickFile then you don’t need to do anything to bring forward the balance sheet codes, it’s only the profit & loss codes that reset each year.