Hello,
I followed the instructions of how to record the purchase of an asset in an asset account.
As the suppliers invoice needs to be paid in 80 days please can you advise if I should also create a purchase invoice? Or if not how this is handled.
We have numerous assets (tools etc) recorded on a spreadsheet that will have depreciated (the accountant does the depreciation on these as a group for the EOY accounts). Do I have to ask the accountant for the value of each indicidual item when I 'go' live with my Solar Accounts on the 1st April so that I can input them with correct opening balance (or can I just put their original purchase value and get the accountant to adjust it when he gets my first set of Solar accounts in 2012?
many thanks, Solar Accounts is fantastic, my life as a spreadsheet slave is over!
Hi Janis,
Glad to hear you like Solar Accounts!
Regarding the asset purchase, you will need to delete the Money Paid Out transaction and replace it with a Purchase Invoice and then a Purchase Invoice Payment.
You should record the accrued depreciation in Solar Accounts - this will ensure your total assets figure is accurate and your accounts balance. If you don't want to apply the accrued depreciation to each individual asset account, you can instead have a single 'Accrued Depreciation' asset account with a negative balance. Check with your accountant though because he/she may prefer you to do it a particular way.
Regards
