Help with entries for exisiting assets

marplemad

Could someone help me with journal entries for recognising an existing asset with accumulated depreciation please? I am using VT Transactions+ if that helps. :-)

marplemad

Thank you for answering - sorry my question was lacking detail.
I am entering opening balances in a new accounting system for an existing business with an existing building, which has accumulated depreciation over the years and will have a depreciation charge this year. VT Transactions does not have an asset register to use.

marplemad

I'm using VT Transactions, not VT Final Accounts so no asset register. Sorry, this is a new one for me, so the answer is probably very obvious but I can't wrap my head around it. As the asset is existing and wasn't paid for in this year, where is my opposing entry to the asset account?

marplemad

Thank you for your help with this - it finally clicked and I have sorted it! :-)