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Capital Assets do not appear correctly on my Balance Sheet
My capital assets do not seem to appear correctly and cause my Balance Sheet and Trial Balance to not balance.
I have added a laptop purchase from 2007 via the Add a Manual Asset Purchase option. My opening balances are from 1st Feb 2009. The asset depreciation looks like this:
12 Nov 07 Purchase of Capital Asset £299.00
12 Nov 07 Depreciation of 33.33% £99.66
12 Nov 08 Depreciation of 33.33% £99.66
12 Nov 09 Depreciation of 33.34% £99.68
Net Book Value £0.00
Total Assets Value as at 31 Jan 10: £0.00
My balance sheet for Opening Balances, is out by £98.64 as the Capital Assets figure shows zero.
My balance sheet as at now, or as at y/e 31/01/10, is out by £98.85 as it shows a Capital Asset figure of zero AND a depreciation value of £100, giving a net book value of £-100!
Capital Assets 0
less Accumulated Depreciation 100
Net Book Value £-100
I have tried altering the Capital Assets figure in the Opening Balances section within Settings, but this has no effect and is never picked up by the balance sheet.
Help please!
I have added a laptop purchase from 2007 via the Add a Manual Asset Purchase option. My opening balances are from 1st Feb 2009. The asset depreciation looks like this:
12 Nov 07 Purchase of Capital Asset £299.00
12 Nov 07 Depreciation of 33.33% £99.66
12 Nov 08 Depreciation of 33.33% £99.66
12 Nov 09 Depreciation of 33.34% £99.68
Net Book Value £0.00
Total Assets Value as at 31 Jan 10: £0.00
My balance sheet for Opening Balances, is out by £98.64 as the Capital Assets figure shows zero.
My balance sheet as at now, or as at y/e 31/01/10, is out by £98.85 as it shows a Capital Asset figure of zero AND a depreciation value of £100, giving a net book value of £-100!
Capital Assets 0
less Accumulated Depreciation 100
Net Book Value £-100
I have tried altering the Capital Assets figure in the Opening Balances section within Settings, but this has no effect and is never picked up by the balance sheet.
Help please!
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Inappropriate?Hi Rob,
I'll put this query into our Zendesk support system so that I can answer it privately.
Please could you reply to this query on GS with your e-mail address, or otherwise e-mail it to me on emily[at]freeagentcentral[dot]com? This is because we use e-mails to respond in Zendesk.
Kind regards,
Emily
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