Photographic equipment

[tobijenkins1980]

Hi all, 

So I understand the concept of creating a fixed asset for any of my photographic equipment. (although I can only see Tangible asset which I assume is the same?) I am struggling with what valve to put into the depreciation field once I have clicked the 'track depreciation of this asset' box. The original cost and date option is obvious, but is the valve I enter into the depreciation box the amount it will actually be worth in five years? Or is it the percentage it will have gone down in one year? Or something else? 

Thanks in advance!

T

[John C]

Hi tobijenkins1980

Tangible assets can either be current or fixed. Current assets are things like stock or cash, items that the company expects to use up or sell within a year. and fixed assets are things like equipment, such as your photographic equipment, and property, things that a company expects to use for more than one accounting period.

You will have to create a Tangible assets account, in the detail type select machinery and equipment and Name the account.

In the depreciation box you will enter an amount that you expect the item decrease in value over a given period. We suggest that you refer to an accountant of what this amount should be.