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Reply from KenThomson on Jun 23 at 12:48 AM If you receive and put into use an asset, regardless of whether you have received the invoice for it or not it should be put into the fixed assets register and be depreciated.
If you have not yet received the invoice for it then yes you can accrue for its cost.
If the effect of the depreciation is small and therefore immaterial, then don't bother.
| | | ---------------Original Message---------------
From: SITISIFIR
Sent: Thursday, June 23, 2016 12:27 AM
Subject: Fixed Asset Accrual Questions
Hi,
My question is, if we open PO to purchase bulk of fixed asset on 1/4/16, then DO date on 1/5/16, but vendor already invoices me on 30/4/16, should I accrue this fixed asset, or should I capitalized the asset? Another problem is the invoice is also not received at 30/4/16, we only find the amount in their Statement of Account.
If I have to accrue this Fixed Asset, should this accrual consider as part of Fixed Asset or Current Asset?
Please advise. TQ |
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