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Presentation of depreciation in balance sheet


#1

When I run my balance sheet, I see that the accumulated depreciation accounts (I’m only using accounts 0014 & 0021) are presented as liabilities. Why are these not presented as a reduction to the net book value in the fixed asset section?
Thanks


Depreciation on the Balance sheet
#2

At the moment, the balance sheet reports the nominal codes without adjustments and therefore depreciation separately, you will need to enter a journal if you want to view the net book value (cost less depreciation) of the asset. We are due to make some changes in this area and i’ll update this posting in due course.


Is Accumulated Depreciation A Liability?
#3

@dckeaney I appreciate this is an old post however I just thought that you may like to know that we have released an update to the balance sheet report that will factor in any depreciation and reflect the net book value.

When opening the balance sheet if any balance is discovered on 0020, 0030, 0040, 0050 0100 or 0110 the following option will appear allowing you to display as a net book value.

So the balance sheet would appear by default as follows:

And then when applying the Show Net Book value flag:


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#4

Hi Glenn

Please could you check account no. 6131434807.
I have just added a journal for depreciation into account 0021, but the box for ticking show net book value does not appear.
I also logged out and back in.

Thanks


#5

Do you also have a balance on 0020? I believe they need to come in pairs.


#6

Thanks Glenn.

I had the asset in 0030 (office equipment) and the corresponding depreciation in 0021 (plant & machinery)
As i wanted to claim the annual AIA applicable to plant & machinery in the first year.

Just changed the 0030 to 0020 and the box for NBV has come up.

Many thanks for the help.


#9

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