Support Forums Investments Year End Processing : How to add the depreciation of Building and Fixure

Year End Processing : How to add the depreciation of Building and Fixure

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  • #9443

    newbee
    Participant

    Hi
    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
    newbee

    #9487

    BOS
    Participant

    Hi,

    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

    Regards
    BOS

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