Re: [SQL-Ledger-users] Yet Another Chart of Accounts Question

[Wild A. S. <su...@wi...>]

Okay!  I did not know that accounting terms differed from country to
country like this, but I can live with it.

Thanks you for the work on sql-ledger.  I really do believe that it is a
great tool.

Murrah Boswell

D Simader wrote:
> 
> The chart is a sample chart only and should be changed to your preferences
> and terminology you use in your country.
> 
> I have not allowed for such things as yearend procedures or prorated half
> year rule calculations for depreciable assets because every country has
> their own rules. Use a calculator and add a GL entry.
> 
> Dieter Simader    http://www.sql-ledger.org   (780) 472-8161
> DWS Systems Inc.     Accounting Software       Fax: 478-5281
> =========== On a clear disk you can seek forever ===========
> 
> On Wed, 20 Dec 2000, Wild Apache Support wrote:
> 
> > In the chart of accounts, account numbers 1825, 1845 and 5660 are
> > related to amortization.  However, amortization only applies to
> > Intangible Assets (i.e., rights, privileges, competitve advantages,
> > etc.).  Furniture, equipment, vehicles are considered long-term tangible
> > assets and are usually depreciated over the life of the asset.
> >
> > To support this, you need a depreciation expense account and an
> > accumulated depreciation account for each category of long-term tangible
> > asset.  Then the accumulated depreciation accounts are setup as contra
> > accounts.
> >
> > Then the amount recorded in the depreciation expense account for that
> > particular asset is reported in the the Income Statement.  In the
> > balance sheet, you would have an entry that shows the purchase price for
> > the tangible asset minus the accumulated depreciation for the asset.
> >
> > Just some thoughts!
> >
> > Murrah Boswell
> >
> >