I am new to this site and fairly new to working with nominal codes. I am hoping someone might be able to help me with a coding query please. We recently have brought a defibrillator for our company, but I am unsure which nominal code to place this under? Would it be health & safety?
depends on asset materialarity and type of business that you are in.
No idea on the cost of a defibulator but if greater than your expense cut off level (which seems likely) then you will need to capitalise and depreciate.
please supply more details,
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thanks for your reply. The type of business we are in is engineering and manufacturing. The defibrillator cost was £999.00 excluding vat, and we have had several people trained to use the equipment on site using SJA. Hope that helps :) Thanks, Kaz
the equipment itself along with any initial costs incurred in bringing the equipment to the place and condition intended for use (such as delivery cost) needs to be capitalised and depreciated over its useful economic life. Off hand I would say four years but that is very much down to your own companies depreciation policies.
The training costs are not capital expenditure and should be expensed as such does not meet the criteria of being an intangible.
I'm not a Sage user but I'll see if I can dig out the codes for you.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Equipment... Well, it's neither plant, nor office equipment but as its for use on the shop floor I would go with 0020 for the equipment nominal code although I am sure that someone more adept with Sage will be along imminently to correct me on that if there is an alternate code that would be better for the circumstances.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
