Depreciation
Question asked by Mercy Chibuike-Iheama 7 years ago
Hello, How can I create a transaction ID for an asset that I have filled in the asset register.
My apologies I assumed that the fixed assets feature had already been abled based on your original query.
To enable this feature head to Settings > Configure system > Toggle features, Fixed assets are located under the Major Features heading. Once this has been enabled and the page is refreshed you will be able to find the feature under the Tools menu.
I have included a guide below that should also assist you while creating assets. https://support.clearbooks.co.uk/solution/articles/33000203256-fixed-asset-register-overview
Best answerThanks Theo, It worked. I appreciate.
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
The Asset overview can be found by heading to Tools > Fixed assets. This will display the asset register (overview).
Thanks Theo, Please where do I see the Fixed asset overview
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.
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?
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.
You must 