• Registered: 11/22/2007
  • Posts: 12

Topic: Asset Accounting

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

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

Re: Asset Accounting

Yes you are right. And you can do this easily in FA. What you are talking about is some kind of automatic codings for doing the monthly/yearly depreciations. This has been considered to implement in FA, but we want to do this the right way. There is also a need to do a cost/income periodically over several periods.
This is also one of our future plans.
These improvements will come in a future release.

/Joe