Hello,i'm new here.Does anyone know what nominal code to use for recording depreciation for a property.I thought i might use 0011 as BO and create one as 8005 as BP&L.
before we answer you need to introduce yourself so that people know at what level to pitch the answers. i.e. level of experience, practicing under which body? etc.
Also if you could include your first name in your signature so that people do not refer to you as ada (seems very impersonal using peoples profile names).
I assume that you are asking about Sage but you need to state in questions the software that youu are referring to.
And lastly, are you sure that you should be depreciating this property at all? What is the expected property life? Does everything relate to the structure of the property? What is the full scenario in relation to this property? i.e. what is it to the business?
look forwards to chatting soon,
kindest regards,
Shaun.
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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.
Came across this one by accident - great when someone asks a question, but then completely ignores the questions posed by someone who has taken time to respond and needs the answers to those questions to assist further.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Assuming a property isn't an investment property...
How can you split the bricks from the land? I take it a professional valuation is needed before any thoughts of a depreciation figure can be calculated!
I'm sure I read somewhere that a particular type of land can be depreciated, exception rather than the rule though of course.
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
