Instant asset write-off / Assets not showing on balance sheet
Hi
We have purcahsed an asset and we would like to claim instant asset write-off. I spoke to the accountant and I was told to record it as asset then they will do the depreciation on tax return. I just check the balance sheet to see if the new asset has been recorded correctly but I can't find it on BS.
Is this the correct journal entries?
Can somebody please shed light, please?
Hi Fabulous_WM
I’d recommend getting your accountant to look at the journal entry to ensure that it is correct. They will be able to confirm whether or not the transaction is correct.
In terms of the account not showing up on the balance sheet, I’d recommend checking the account type as there are a number of different types under each of the main categories such as Asset and Liabilities
