Depreciation

Hi Mercy,

You are able to define the Asset ID when creating an asset, but once depreciation has started for the asset this is no longer customisable. There is no way to control the transaction ID for any transactions added in Clear Books as this is generated automatically on a sequential basis.

But the depreciation value is not reflecting in the P&L, while the Acc Depreciation automatically reflects in the Balance sheet. So how will the depreciation be expensed?

When you create the fixed asset you will determine the purchase date the method of depreciation that you are using to devalue the asset. As you mentioned the acc depreciation is also set in this process and is shown on the balance sheet.

If you head to the fixed asset overview screen and click the depreciation icon (downwards arrow) on the right side of the asset, you will be presented with all potential depreciation from the purchase date to the present date on a monthly basis. Marking the depreciation entries that have been created for the current accounting period will allow for the current depreciation journals to be created and be reflected on the P&L.

Thanks Theo, Please where do I see the Fixed asset overview

The Asset overview can be found by heading to Tools > Fixed assets. This will display the asset register (overview).

I have gone through all the headings under tools but could not find the fixed assets Icon

What I have are: Stock, Journal, Dividends, Import, Export and integration

Thanks Theo, It worked. I appreciate.