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Thread: Quickbooks Journey

  1. #31
    Platinum Member AmithS's Avatar
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    Another Q on product samples and inventory adjustments.

    For product samples provided to customers - is this a cogs or expense?
    For product samples purchased from suppliers - is this a cogs or expense?
    For damaged product that cannot be sold - is this a cogs or expense?
    For product that is missing\short during stock take - is this a cogs or expense?

    Thanks,

  2. #32
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    Quote Originally Posted by AmithS View Post
    Another Q on product samples and inventory adjustments.

    For product samples provided to customers - is this a cogs or expense?
    For product samples purchased from suppliers - is this a cogs or expense?
    For damaged product that cannot be sold - is this a cogs or expense?
    For product that is missing\short during stock take - is this a cogs or expense?

    Thanks,
    3 and 4 are COGS.

    If you expense the 2nd one, then the 1st should not result in an entry.

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    AmithS (14-Nov-18)

  4. #33
    Platinum Member AmithS's Avatar
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    Does anyone on the forum use the QuickBooks "fixed asset item list" to record and depreciate assets?

    Some insight into this feature would be great. Is it for recording purposes only or does it integrate into the rest of your financials and have automated depreciation?

    Thanks,

  5. #34
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    Its one of those pointless features; it does not integrate with the ledger. It also does not deal with impairments, nor properly with disposals.

    You would probably have to record the details in a fixed asset program, so I am not sure you would want to duplicate the effort here.

  6. #35
    Platinum Member AmithS's Avatar
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    Hi All,

    Can someone please give me the quick run down on depreciation of assets in South Africa accounting...

    -Over how many years must the asset be depreciated?
    -Is there any limits on the value for assets to qualify for depreciation?
    -Pros & cons of monthly vs. yearly depreciation?

    Thanks,

  7. #36
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    Hi AmithS

    This link to an IAS 16 explanation should answer all your questions https://www.ifrsbox.com/ias-16-prope...and-equipment/

  8. #37
    Platinum Member AmithS's Avatar
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    Quote Originally Posted by Andromeda View Post
    Hi AmithS

    This link to an IAS 16 explanation should answer all your questions https://www.ifrsbox.com/ias-16-prope...and-equipment/
    Thanks Andromeda, appreciated.

    Is it common practice to add in manual journal entries to get your QBs figures to match fixed asset depreciation \ tax submission calculation figures?

  9. #38
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    Yes. There is actually no other way. That is to match your carrying values, which is cost less accumulated depreciation.

    Wear and tear and tax values you merely use when submitting your tax return. Depreciation is added back to profit, because it is a disallowed expense, and wear and tear is deducted in it's place.

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