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Thread: Correct capturing of fixed asset

  1. #1
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    Correct capturing of fixed asset

    Good morning all.

    I have a question regarding the correct capturing of a fixed asset. We recently upgraded our CCTV surveillance system (added cameras, bigger screen, more channels, etc.) In Pastel, the previous upgrade is captured as "Machinery and Equipment". On the management statements asset register, it is entered as "Alarm Systems and Security" and in the financial statements of the previous accountant, it was allocated to "Furniture and Fixtures".

    What makes this even more confusing is that in our other department (with a separate set of books in Pastel), their CCTV is captured under "Computer Equipment".

    We still don't have the financial statements of the new accountant and they are closed for the season, so I can't ask them where this should go.. I must capture the invoice before they open up again in January to be included in the VAT return.

    Any advice please?

  2. #2
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    Hi betst07

    In my opinion the financial statements correctly classify it as furniture & fittings. I wouldn't worry if your new accountants have classified it differently (which I doubt) because they can just do so again.

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