I am assuming we have to do a Journal entry for this.
Which account will be debited and which account will be credited ?
Thanks in advance
To record Depreciation Entries
Click on assets select the direct property.On the left hand corner there is tab Add another item record the property improvements and depreciation .and update the asset.
When you do this the system automatically record the entry as follows
Fixtures and Fittings-Db 5-1070-05 & Cr 1-1170-05
Buildings -Db 5-1070-04 & Cr 1-1170-04
Plant and Machinery -Db-5-1070-06 & Cr 1-1170-06
For capital works deduction you have to record as journal entry.by Db 5-1060 Capital works deductions and Cr 5-1070 04 Depreciation Buildings.
Attatched Sample Screenshots for Depreciation
You must be logged in to reply to this topic. Click here to login or register