Company Asset (Van) Written off in an accident

An absolute pleasure - bookkeeping can be a very pedantic process at times!

i have sorted it now.

I was putting the money into the directors loan account and not the HSBC account!

Sorry for my stupidity. As you can tell i'm not an accountant

Thank you again for your help

Then something is still wrong.

Send over a screenshot of the journal?

And also confirm you've deleted the Yodlee transaction instead of explaining it?

I'm making progress - i think.

As you mentioned the date bit was wrong so i changed it to the date the money went into my back account. The dividends have gone up by the 6k - (As i thought they possibly should) but the total money in the bank accounts is still out by 6k

Or perhaps you've done the journal at a future date instead of the date the funds went into the bank?

In that case your original journal must be wrong. If you've put £6k into your bank a/c via the journal you most definitely don't need to do it again.

Something is still not right, as now by bank balance is about 6k higher from where it states it is in clear books. which is obviously this new insurance payment.

instead of deleting the transaction, if i add it back into clearbooks then the two will be equal again

This should do it:

Is there an archive function for assets? I can't remember now (posting from my phone).

As for Yodlee, just delete the transaction using the Red Cross as you've already created it via the journal.

Thank for your help. Just going back to my original post, I still have an asset registered and a cheque payment to tally in with Clearbooks. I have gained a journal entry.

Can I just delete the asset from the register?

What do I link the 6k insurance payout to in Yodlee?

My last post actually wasn't that helpful.

You take dividends from retained profits (after tax). Since you're profits haven't changed (well they have actually, they've dropped slightly due to the 'loss') it stands to reason the available dividends will follow suit.

I thought dividends was money you can pull out of the company? How can you pull money out of the company if it is wrapped up in assets?

Sorry I'm just trying to understand the figures

Nope. The value of the cash at bank has gone up by £6k but the value of your assets has gone down by roughly the same amount. The only change is the slight loss on the asset overall.

ok so the dividends are back where they were before i posted the journal. But shouldn't it go up by about 6k as that money has now been released?

You've posted the bank payment of £6k to the insurance expense account where as it needs to go into your bank account.

I would have thought the money for dividens would go up by about 6k because monies that were once tied up within the asset are now released?

I understand the above. What I don't understand is my money available for dividens has dropped by about 6k?

I have already deducted the cost of the van once. Why again?

Then that's correct.

Think of it like this: you originally bought a can for £6900, you've told the accounts it's reduced in value by £230 so far which means the van is now valued at £6670. However, you've only revived £6000 cash for the van which means you've lost out on £670.

Original purchase price 6900 Depreciation 230 Insurance payout 6000 Profit/loss 670

Run me through the figures?

I have done as you stated. but it has just made my accounts 6000 worse off, when in reality my accounts are 6000 better off now with the insurance payout.

Should the totals in the columns be the other way around?

ok... i'll see if i can do that. So before i create the new Journal i need to get the totals for the 4 lines of info stated above as when i go in to create it doesn't seem to be able to drag the information through.