Hi Mark can you please advise if this is the correct way to account for building work.
I have created in Assets a File called Building Work. Raised orders against each supplier and booked the invoice to the Account Building.
My intention is after talking to my accountant is to right of a portion of the work each year, but not all of it as a % is for personnel use.
I have noticed that the costs are showing in the profit and loss account, when I apply payment the building work then appears in assets, however it still shows in the profit and loss account for the particular month that the invoice was entered.
I'm sure I have done something wrong as if it appears in the profit and loss account for the month entered I can not then right the building work of over the next few years.
Hope this makes sense.
Hi Tom,
That sounds odd - if you've allocated the purchase to an asset account it should not appear in your Profit and Loss report. Double-click on the applicable expense line in the report to see all the transactions that affect that line. Is your purchase invoice listed there? If so, please click menu File > Backup, then save the backup file and email it to me - that will give me a better understanding of the problem.
Regards,
