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

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

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