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Hi all,
I am just starting to implement the fixed asset module onto our books.
I have the GP manual (we are using V10) and have already run into difficulty on page 14! Can someone explain to me what a 'book record' is - in layman terms. From the explanation, I am assuming I can just create one 'management accounts' book and subsequently one 'financial accounts' book if there were differences in our rates of depreciation as opposed to capital allowances.
Would this be correct?
If anyone has any other tips on important things for setting up the fixed asset module - please pass them on!
Many thanks
Clodagh
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Hi Clodagh,
You can have many books, but only one can integrate with your GL - this is known as the Corporate Book. You choose which one isthe corporate book.
The same assets can exist in all books. So you could have a book for your financial depreciation (selected as your corporate book and thus sending depreciation journals to your GL), and one for your capital allowances. The capital allowances one would not produce any GL postings however. It would just produce a report showing the capital allowancs 'depreciation' - and I suppose you could use this as the basis of a Corporation Tax calculation and Adjusting GL Journal if required.
You could do worse than copy your live data into a test company, set up your assets and run some depreciation runs to make sure the amortisation method you have chosen for your various classes of assets is producing the correct results (including testing asset retiring, adding new assets mid term etc.). The amortisation calculations can get confusing and the manuals explanations a bit obtuse, so testing is always a good idea.
Also, when you go live, make sure you fully depreciate your book through the end of your financial year before closing the year.
Best regards,
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