Registering fixed assets we brought with us to this software

Hi there
My company began in Aril 2017 but we already had a number of assets that we brought with us. I can’t enter these as a purchase and each time I enter a journal entry it seems to send my profit and loss report mad. Can you advise how I enter a journal of plant and machinery and office equipment so that they appear on my profit and loss report?

Hi Andy,

Assets are generally registered against a balance sheet code, such as 0020 Plant and Machinery or 0040 Furniture and Fixtures (a full list can be found in your Chart of Accounts report), so these wouldn’t affect the P&L. If you’re using these codes already, it may be the other side of the journal (the balancing entry) that’s causing it to show up on the P&L.

I just want to check - what did you use for accounting prior to QuickFile? Have you used QuickFile for long? If the assets were recorded elsewhere (along with other accounting details), you may be able to import a trial balance to set your opening balances for you.

Hi thanks for this.
Sorry meant balance sheet not profit and loss.

Prior to this I worked as a soul trader so didn’t use software like this.

I think I’m correct in saying these items (iMac, Blackmagic Camera, PA equipment) should be down as assets but as they existed prior to this F/Y I can’t see how to create a journal that covers this.



I’m not an accountant but from what my accountant told me when we first set up, in a case like this the other side of the journal would be capital introduced (it’s somewhere in the 3000 range)

  • Debit the appropriate asset code for the market value of the asset at the point you brought it into the business
  • Credit capital introduced for the same amount

That will get it into the right place on your balance sheet, when it comes to tax I don’t believe you can claim the whole value in one go as Annual Investment Allowance for assets you already owned prior to bringing them into the business, but you can claim normal “writing down” capital allowances - double check with a real accountant if you want to be sure. Also make sure you keep documentation of how you decided on the appropriate “market value”.

1 Like

This topic was automatically closed after 7 days. New replies are no longer allowed.