Benefits of creating an asset item? (rather than just assigning to Fixed Asset account)

Andrew_8635213
Andrew_8635213 Member Posts: 44 ✭
in Reckon Accounts (Desktop)

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.

Comments

  • Kris_Williams
    Kris_Williams Member Posts: 3,204 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    I always just use one account and make a memo of what the item is

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,191 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited March 2022

    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 😁

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner(AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

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