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September 13, 2023
Question

Fixed Assets Register

  • September 13, 2023
  • 0 replies
  • 3 views

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