Generating a balnace sheet

Generating a balnace sheet – Free Online Small Business Accounting Software Questions & Answers

Hi Peter,
I am generating a balance sheet for 30th November 2014. The fixed assets value at 1st December 2013 is €2178. With a three year deprecuiation policy – I would have assumed a fixed assets value of €1512.50.
The fixed assets value in the balance sheet as at 30th Nov 2014 is (€968).
Just trying to undestand the numbers and the logic ?

1 answer

john_bullet Staff April 25, 2015

Hi Richie,
If you go into the fixed asset, and click on “Depreciation” at the bottom of the page, it will give you a list of each depreciation logged against the asset (and the net book value).
The issue you’re having is that fixed assets recorded without bills aren’t posted to the asset account (only the depreciation is).  You should add a manual journal entry for 1 Dec 2013 and debit the fixed asset account for 2178 (and credit the bank account that you paid for the fixed asset from). We do this automatically for you when you record your fixed assets as bills (for example, if you add a bill for a laptop, bullet automatically creates the fixed asset and depreciation accounting entries for you). 

  1. richiebowden April 26, 2015
    Many thanks John

    Should have paid more attention at accounting class :)

    Appreciate the prompt response.


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