Asset account for each asset?

patbell102

I have read the help sheet on recording capital assets and depreciation too. It doesn't tell me how I keep track of a specific asset when depreciating. Your dcumentation talks only of a general depreciation account with no reference to the asset it refers to. I understand this is so as not to undervalue the value of assets that a business owns but how does one keep track of the depreciation of specific items to understand when it is to be written off?

Mikeg

@patbell102,
Typically assets are tracked on a class basis on the balance sheet. Depreciation schedules are created to track individual assets and the associated accumulated depreciation. The depreciation schedule can be group by asset classes as well so that the total agrees back to the balance sheet. Since some businesses can own quite a few assets, it is easier to present as a total.

EnriqueFavaro

To add to what Mikeg wrote, while assets are aggregated in Wave, your depreciation schedule could be kept in a spreadsheet of some kind. Most businesses (and the business that I am the controller for) keep that depreciation schedule / asset listing in MS Excel. Alternatively, you can easily use Google Sheets.

There are other solutions out there, but generally they tend to cost more or be tailored for specific businesses (i.e. residential developers).

Hope this helps,

Enrique
Financial consultant
enriquefavaro@protonmail.com