Forum Message

Depreciation, Startup Capital and Unpaid Wages

I HAVE NO KNOLEDGE OF SPREAD SHEETS WIILL YOU HELP BY LETTING ME KNOW HOW TO DO THE FOLLOWING
WHERE/HOW TO ENTER DEPREACATION ON SS

OWNERS STARTUP CAPITAL

WAGES OWED AND NOT PAID

FIXED ASSETS


Posted by Jamie Heaney on Jul 17, 2009 7:22 PM BST

Hi Jamie,

To answer each question:
1. I'm not sure what 'Depreciation on SS' is, but in general to record depreciation, transfer money from an asset account to an expense account. For example, to record depreciation on a car, create a new General Transaction from the Motor Vehicles account to the Motor Expenses account.

  1. To input your startup capital, go to the Accounts list and double-click on "Owner's Capital" to set the opening balance. You should also set the opening balance of the Cheque Account.

  2. See here for a quick overview of recording employee expenses:
    http://www.solaraccounts.co.uk/help/how-to-record-paye-and-ni-contributions.php
    For unpaid wages, create a new Liability account called 'Unpaid Wages' and use this as the Paid From Account instead of the Cheque Account.

  3. Create an Account Group called 'Fixed Assets', then create an Account with the Group Under field set to 'Fixed Assets'.

I hope this makes sense. Please let me know if you need more information.

Cheers,


Posted by Mark McLaren (Solar Accounts) on Jul 19, 2009 8:03 AM BST