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Rustler
Level 15

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@FTech

 

Premier has an name limit of 14,500, for some this does not impact them at all, but down the road you never know.
I played with this same thing back in 08, I have not read the book, hell didn't know there was one

in your screen shot you have "house" and a check for depreciation, what type account is house?
since a depreciation entry is paper, not real, where does the 6K come from?

to get the negative value for the depreciation item, I had to use a vendor credit, for that - it worked.  BUT, a/p was wrong on the balance sheet due to the massive vendor credit

Inventory asset on the balance sheet will be correct, but inventory valuation summary will include both the fixed asset item and the depreciation item - big difference in total valuation.  You could of course customize the inventory valuation report to include only inventory items you want, but if you add new ones, then you have re-customize the report.

and then there is the item list, even if you preface the FA parent item with zz-, all those inventory items for fixed assets show up in the middle of the item list, making it longer than hell, and harder to select an different type of item.  Type ahead will probably find the FA item before it finds the discount or other item.

Back then I did not think about creating a second a/p account for the vendor and the depreciation credit, you could do that in desktop, and then customize the balance sheet to not include that second a/p account.  But again if you add or change an account you have to re-customize the report.

more work than it is worth, and too prone to clerical errors IMO

As it stands all my FA are under the parent account, a balance sheet allows me to collapse the sub accounts showing just the sum total as fixed assets.  I would much rather have a long account list that I rarely use as opposed to a long item list I use all the time.

Once a year I bring up a memorized  journal entry, and if necessary  edit any values that need it, and save.  Compound journal entry, depreciation expense, and then all accumulated depreciation accounts.  Quick and easy.

Out of curiosity, are you the author of the book?

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