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Depreciation of Fixed assets for Land & Propertys

Question asked by Denesh 1 year ago

Hello

I have properties that I wish to add on to my balance sheet. Yes, I can do this by the fixed assets feature. however, it doesn't allow me to add this until a depreciation of 1% is entered. why is this? it should let me put fixed assets, such as properties that don't have a depreciation.

I have tried everything. You cannot delete the depreciation as you will need to process the asset to the next financial year otherwise it would not appear for the next year.

Thanks D

1 Reply

Hi Denesh,

You can indeed add assets on the Fixed Asset register, however, this just determines the way in which an asset should depreciate. It's always best to add the asset as a purchase using a fixed asset account code - if you create a bill you can actually add the purchase to the fixed asset register from the bill:

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If the purchases were prior to using Clear Books - you could add them as opening balances on the Dashboard>Opening balances>Other balances or as a journal.

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