Benefits of creating an asset item? (rather than just assigning to Fixed Asset account)
Andrew_8635213
Member Posts: 45 Reckoner 
Is it beneficial to create an asset item for every piece of plant and equipment that needs to be capitalised?
Opposed to just expensing it directly to a Fixed Asset account?
Our accountant tracks our depreciation in their own database if that makes any difference.
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Comments
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I always just use one account and make a memo of what the item is
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It’s unfortunate that the Fixed Asset List doesn’t really have any specific auto features but it’s a good way of capturing/reporting on all the Assets together that your Tax Agent is depreciating (even those at 100% eg being expensed outright)
Ultimately, it really comes down to personal preference though 😁
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