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

Andrew_8635213

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.

Kris_Williams

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

Acctd4

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 😁