Hello,
I am hoping you can point me in right direction with regard to recording noncurrent assets. I have accounts setup thusly: Assets:Noncurrent Assets:Property and Assets:Noncurrent Assets:Vehicles.
When recording vehicle and property (buildings) assets (and other types of assets) in these two account categories is it normal/best practice to record the purchase, adjustments in values and sale of such just in the 'Property' and 'Vehicles' accounts? Or am I best to create subaccounts of these for each individual property vehicle; e.g. Assets:Noncurrent Assets:Property:Property A, Assets:Noncurrent Assets:Property:Property B etc.
I hope I have explained that so it is vaguely understandable.
Thanks in advance for your, always, prompt and helpful advice.
Regards
MG
Hello MG,
It really depends on what level of detail you want to see in the financial reports. I would leave the assets as just Property and Vehicles but you can create separate accounts for each asset your business owns. If in doubt please check with your accountant.
Regards,
