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Rum's avatar
Rum
Experienced Cover User
3 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
    3 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 

     

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  • IanChait's avatar
    IanChait
    Ultimate Partner
    3 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
      3 years ago

      Thank you Ian. Much appreciated.