List a nominal account as a fixed asset

I have a couple of Asset nominal accounts which my accountant lists as “Fixed Term” assets rather than current assets. I don’t see any method of updating them so that they show on my Balance sheet in the same place as the accountants do. If I create nominal accounts under certain numbers will that work or is there another way to do this?

Hello @paul_gibbons

In QuickFile you can only assign/create nominal codes in the following sections of the Chart of accounts.

So in this case you will need to use the 0001-2999 range.

Thank you for your response, However, when you run a balance sheet report, it puts some of the assets (Such as 0040 Fixtures and Fittings) into Fixed Assets and others (Such as 1200 Current Account) into Current assets. I need a couple of those that are showing up in the “Current Assets” section, to show up in the “Fixed Assets” section. How do I achieve this?

Hello @paul_gibbons

Sorry I mis interoperated your query.

The balance sheet splits the codes.

Fixed assets are ranged between 0001 and 0999

the code range between 1000 and 2999 are either current assets or current liabilities depending on their balance.

For example 1250 credit card would usually be a current liability but if it has a credit balance it would show on the balance sheet as a current asset.

Thanks Steve. That’s what I suspected. I’ll go ahead and move the codes in my system.

Note @paul_gibbons that you need to be extremely careful using the words “debit” and “credit” when discussing these kinds of things. In accounting terms assets are debit and liabilities are credit - a bank account with a positive balance shows as a debit on the balance sheet (in current assets), an overdrawn account such as an outstanding loan or credit card shows as a credit (in current liabilities). Any “money in” transactions on a bank account are debit entries in the corresponding nominal ledger, “money out” transactions are credit entries.

This is reversed from what you might be used to when looking at statements that you have been sent by your bank or credit card provider, but it does make sense since those statements show “you” from the point of view of the bank, whereas your QuickFile ledgers show “the bank” from your point of view.

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@ian_roberts - that is a great explanation of why debit and credit can sometimes appear contradictory. Thanks

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