Tas Basics & Depreciation...

Hi All,

This may seem obvious to many... but I would like to make sure I'm posting entries correctly.

In TAS I put new laptop in 'comp equip: additions' as a fixed asset....correct?
I understand that I should depreciate asset over 8yrs at 12.5%..so do I put 12.5% depreciation each year as an expense in 'bank money paid out' ?

Thanks

Dr Profit & Loss "Depreciation" account
Cr Balance Sheet "Accumulated Depreciation" account, reducing the net book value of the Fixed Asset

Crugers is correct. To do this in Tas Basics go to 'Accountants' at the top of the screen and then into 'Journals/Adjustments'. Under the 'Analysis' column in this screen if you hit 'F2' this pops up a list of all of your nominal accounts for you to choose from.
You can view all of your existing analysis codes and edit / add new ones by going to 'Accountants' and 'Enter / Enquire on analysis codes'

artdes said:

Hi All,

This may seem obvious to many... but I would like to make sure I'm posting entries correctly.

In TAS I put new laptop in 'comp equip: additions' as a fixed asset....correct?
I understand that I should depreciate asset over 8yrs at 12.5%..so do I put 12.5% depreciation each year as an expense in 'bank money paid out' ?

Thanks

Click to expand...

I would depreciate at 20% or 33.3% laptop life 3-5 years max

The 12.5% relates to capital allowances tax computation

Thanks for the confirmation Crugers & the step by step guide Featherhead (I figured this out after a while...but you confirmed I was correct)

I was thinking that 8 years is long for a computer as they usually need replacing in max 5 yrs...thank you Papervalue