Entering a journal

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Folks - please forgive a complete newbie for asking silly questions.....  

Here in NZ it's end of FY.  I've been entering transactions in RockonOne all year and all is OK in that respect.
Now it's time to enter the annual depreciation, which I've separately calculated.

I'm aware it needs to be a journal entry, and I've a clue it needs to be a double entry:

1.  Debit the value in an Expense account (maybe called Depreciation), which I've just setup
2.  Credit the value in my "Fixed Assets: less Accumulated Depreciation" account

But though I've started entering some numbers, I've never had the courage to hit the Save button as I'm far from sure I'm entering it all correctly.

Biggest issue is probably GST.  I'm hazy on this.  Currently both the accounts mentioned above are setup for no GST, but is this correct.

And what do I actually put into all the relevant boxes on the Journal page? 

I've searched and searched and cannot find any direct help files or videos on a step by step process for this. 

Anyone who can offer such help it would be so much appreciated.

Many thanks

Peter

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Peter Selwyn

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Posted 4 months ago

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Toni

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Hi Peter
Yes your jounal entry is correct,  and the entries are GST Exempt - as Depreciation is not a Good or Service.
The entry will create an expense (non cash) entry into your P&L and the credit to Acc Depn will reduce your asset value (for tax purposes).  

Hope this helps - you can push the Save button - :-)
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Peter Selwyn

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Thank you so much....  :-)