terence
terence January 04, 2012 10:16

extending capital asset life past 7 years

capital asset page only allows me to assign an asset life of up to 7 years. how can i extend this?
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  • Janice EMPLOYEE
    Janice (Official Rep) January 04, 2012 12:51
    Hi Terence

    Unfortunately FreeAgent does not support this function and is not something planned for the medium to long term future so please accept our apologies for this.

    As far as a workaround, all I can suggest is that you put it the purchase to an admin expense category within your P&L account and journal this to the Balance sheet Fixed assets codes e.g. Credit P&L account and Debit BS Assets

    For the depreciation side, either you or your accountant manually calculate the depreciation and journal these each month or year (whatever suits) This would be a smaller journal Credit the BS Asset and Debit P&L Depreciation.

    Here is how to create journals; http://www.freeagent.com/support/kb/a...

    I hope this helps and if you need any further assistance please do not hesitate to get back in touch.

    Kind Regards

    Janice
    Comment
    good answer! good answer! (undo)
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