Help with entries for exisiting assets
marplemad
Registered Posts: 5 New contributor 🐸
Could someone help me with journal entries for recognising an existing asset with accumulated depreciation please? I am using VT Transactions+ if that helps. :-)
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Comments
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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.
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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?0
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Thank you for your help with this - it finally clicked and I have sorted it! :-)
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