Recently active topics in FreeAgent Central tagged with capital assets

My company year-end was 30/09/2008 but my opening balance sheet from that date doesn’t balance and I wanted to start using the FreeAgent system from 01/10/2008. I think this is because I can’t get the Net Asset Value correct.

The reason is that about 3.5 years ago I bought a laptop for £881. My accountant used a 25% reducing balance depreciation over 4 years (no idea why). So on 1st October 2005, £220 depreciation hit it to give a net book value of £661 on the 30th September 2006 balance sheet. On 1st October 2006 it was hit for £165 depreciation to give a net book value of £496 by the time of the 30th September 2007 Balance Sheet. On 1st October 2007 it was hit for £124 to give a net book value on the 30/09/2008 balance sheet of £372.

So I think that the Capital Assets section in my opening balance sheet in FreeAgent should read:

Capital Assets: £881
less Accumulated Depreciation: £509
Net Book Value: £372

This would make the Balance Sheet actually balance! But I can’t seem to get these values into the opening balance sheet. I believe that I need to do some witchcraft with double-entry accounting in the journals section, but I can't get the Accumulated Depreciation number to shift. Any thoughts?

I have entered a manual capital asset, but entered the wrong details how do i edit or delete it.

Hi,

Is there a place where I can input capital assets that have been introduced into the business and were held privately beforehand? As far as I can see these kind of assets are not subject to the first year allowance of 50%, they should use the regular writing down allowance of 25%. I just can't find where to put them in freeagent, I can only find the expense type of "Purchase of capital allowance" which seems to apply (sensibly) the FYA of 50%. Have I missed something?

Cheers,

Deb