Fixed Assets Register
QuickBooks online has launched a new feature which allows us to create Fixed Assets and automate our depreciation entries. However, I have come across a few challenges and would like to discuss them:
1 - The accumulated depreciation till date is not reconciling due to a difference in depreciation policy. Our company follows a full year depreciation in the year of purchase and no depreciation in the year of disposal, whereas QuickBooks calculates depreciation on a Pro-Rata basis. How can we reconcile the Fixed Assets register with the Fixed Assets ledger in this case? (NBV in ledger is lower than register/schedule)
2 - How to make prior year adjusting entries in register/schedule to match ledger?
3 - Can we input customized depreciation policies?
Any guidance & help would be greatly appreciated.
Best Regards,
Muhammad Saddique