Hello all:
I've just taken over my nephews books, he brought me the disk and when I opened his Business I need help with his Depreciation.
For example:
In Vehicle it has $13,875.00
Depreciation 0.00
Original Cost $13,875.00
Office Equipment
Phone System $3,000.00
Computers $5,054.87
Fish Farm Equipment
Nets $1,716.80
Pump $455.40
Tanks $6,884.56
Now, I am in the process of making these adjustments for Taxes and to close off year end.
There is no Depreciation setup under the Office Equipment nor the Fish Farm Equipment.
1) Firstly does it have to be there? as I read that the amounts should be zero before setup? This would be so time consuming to reenter it for the entire year...so please don't tell me I have to. When I look into the Depreciation list I see several entries for new nets purchased over the year etc.
2) I've tried to make the entries to adjust (decrease) the Depreciation today and it seems to be adding the amounts? (Yes..I used the step by step and chose decrease) Then when I go back to the list of Chart of Accounts I see the same total? I'm baffled.
3.) In entering the adjustment I went to the Fixed Asset Fish Farm Equipment, chose Subaccount (nets) entered the Depreciation (decrease) and pressed ok. It added the amount.
*** I then tried going directly to the Fixed Asset Fish Farm Equipment, and decreased the amount there, chose Nets in Account, and it added it.
I'm pretty sure you are going to tell me that I need that Depreciation under each item.
It worked fine with the correct setup under Vehicel
Is there anyway just to finish off the books to show this deprecation I would like to keep the books in tact. I know my only option is probably to do it manually right?
Any help would be greatly appreciated. I just really don't want to have to go in and setup all the accounts for the entire year. I would rather finish this year off and then start anew in Jan. 06.
Thanks in advance.
