Asset accounting is a mayor accounting task each month or year. A lot of taxes are involved.
A asset is like an expensive long-life item that can be depreciated following certains rules.
Two mayor types are needed: Asset under construction and final asset. Only the final assets are depreciated.
An asset has a period of life of 2 or more years.
Each asset needs :
- a balance account for the first expense or investment,
- another balance account to track the depreciations done each period and
- a third account (profit and lost) to track the expense of each month/year.At this moment, I don't have to follow a lot of assets using Front accounting. For each asset I have to do all the calclations manually and enter the results as journal entries.
Thanks for your help
David
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