How do you account for depreciation at the end of a financial year on Reckon One?

CATHRINE

I have calculated all the depreciation on the schedule of assets on the IRD calculator but now I need to account the amount of depreciation on Reckon One.
Also, can you claim depreciation on a private vehicle used for 80% business? Thanks 

Zappy

You will need to enter a general journal entry for the depreciation. As for depreciation on a motor vehicle used 80% for business you should be aware, this is not the place for tax advice. I know for example there are different methods of claiming expenses but I am not a tax agent and I don';t carry the professional indemnity insurance to allow me to give tax law advice. You should speak to your accountant about this matter as he will be the one whom is preparing your return. He ought to be acquainted with the law. He will also have insuarnce. Thank you. 

Zappy

Anjd you could start here: https://www.ato.gov.au/Business/Income-and-deductions-for-business/Business-travel-expenses/Motor-ve...

Kwikbooks (Professional Partner)

Hi Catherine

If you have calculated the depreciation or been given it by your accountant, you need an expense account "depreciation exp" - the jnl entry Dr the dep.exp & credits the 'less depreciation' sub account of the asset/s.

Jessica Harris_8651631

Hello,

I am having the same challenge! I understand the depreciation expense account but how do I set up the "less depreciation" account? Is it a subset of each asset ie does our trailer (an asset) have a sub account called "less depreciation"?

Thank you, Jessica

Zappy

Jess its an fixed asset account. Do you have an accountant? A bookkeeper, A bas agent?