sziguras
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recording a fixed asset
I am Treasurer and do the books for a non-profit Co-Operative. Last year we spent some money (around $6500) upgrading the electrical cabling in our factory. That was recorded as an Expense by the previous Treasurer. Our Auditor has since said it should have been recorded as an addition to our fixed assets but he is not able to advise how to do that. I've tried to find articles on MYOB about how to do this but most just say to talk to an accountant. Can anyone advise me how I can record this spending as a fixed asset? Should I also delete it as an expense transaction (the auditor didn't include it in our list of expenses)? I'm a bit confused about how to manage all of this, any advice most appreciated.Solved789Views0likes3Comments