Forum Discussion

Rum's avatar
Rum
Experienced Cover User
4 years ago
Solved

Instant asset write off journal entries

Should I record an instant asset write off as an expense or depreciation via the balance sheet?

Thanks

  • IanChait's avatar
    IanChait
    4 years ago

    Hi Rum 

     

    All Assets should be recorded to a Fixed Asset account in the Balance Sheet, and then the depreciation should be recorded to an Accumulated Depreciation account in the Balance Sheet and Depreciation expenses account in the Profit and Loss 

     

2 Replies

Replies have been turned off for this discussion
  • IanChait's avatar
    IanChait
    Ultimate Cover User
    4 years ago

    Hi Rum 

     

    All Assets should be recorded to a Fixed Asset account in the Balance Sheet, and then the depreciation should be recorded to an Accumulated Depreciation account in the Balance Sheet and Depreciation expenses account in the Profit and Loss 

     

  • Rum's avatar
    Rum
    Experienced Cover User
    4 years ago

    Thank you Ian. Much appreciated.

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Level up your skills using MYOB software.

 

Find help guides and technical solutions for all MYOB products here

Explore video tutorials for our software at the MYOB Academy here

 

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.