Help with entries for exisiting assets

marplemad
marplemad Registered Posts: 5 New contributor 🐸
edited 12:15PM in AAT member discussion
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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  • marplemad
    marplemad Registered Posts: 5 New contributor 🐸
    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
    marplemad Registered Posts: 5 New contributor 🐸
    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
    marplemad Registered Posts: 5 New contributor 🐸
    Thank you for your help with this - it finally clicked and I have sorted it! :-)

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