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Entering breeding stock depreciation

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January 17, 2017 03:23PM
I'm not sure what is the best way to enter depreciation in my program. I had chosen none until end of year and not entered any depreciation in accting, depreciation, asset depreciation. Our fiscal year doesn't end until Jan 31, 2016, so in actuality it is still open. Several times during the years we have sold breeding livestock. The entries were generated as credits to the asset account and debits to the acc depr accounts, based on the end of last year depreciation bv. What do I need to do as far as entering depre in the acct, depr, asset depre schedule?

For example, on one set of cows that completely sold out, all the values on the original purchase line are zeroed out. The line below it that shows sold or death loss, shows the total original cost less the total accumulated depre through last year, leaving a book value for 2016 of $934.75. So, for 2016 do I enter 1/2 year of depreciation? Then will it clear out when my year end closes out?

If we had only sold a part of a specific lot, then would I enter the depreciation amount for the ones we still had on hand + 1/2 year for those that we sold? I'm a little confused on how to do that.

Appreciate your help.
Mary Paul Williams
SubjectAuthorPosted

Entering breeding stock depreciation

Mary Paul WilliamsJanuary 17, 2017 03:23PM

Re: Entering breeding stock depreciation

KathyClineJanuary 18, 2017 08:09AM

Re: Entering breeding stock depreciation

Mary Paul WilliamsJanuary 18, 2017 08:14AM

Re: Entering breeding stock depreciation

KathyClineJanuary 18, 2017 08:53AM

Re: Entering breeding stock depreciation

Mary Paul WilliamsJanuary 18, 2017 09:52AM



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