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Muhammad Azeem

I created a asset and applied all the accounts properly but in balance sheet its accomulated depreciation is showing instead of book value. I am attaching the screenshots. Need guidance from seniors! Thank you so much.

Applied all the necassary accounts you can see in the following screenshot

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Navjot Kaur Randhawa
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Your balance sheet is showing accumulated depreciation instead of book value due to misconfigured journal entries or report settings. Try these fixes:

  1. Check Journal Entries
    • Debit: Depreciation Expense (600012)
    • Credit: Accumulated Depreciation (101002)
    • Ensure the Fixed Asset Account (101001) is not directly credited.
  2. Review Balance Sheet Settings
    • Ensure it displays Net Book Value (Asset Cost - Accumulated Depreciation) instead of just accumulated depreciation.
  3. Test with Manual Journal Entry
    • Debit: Fixed Asset Account (101001) with the asset cost.
    • Credit: Accumulated Depreciation (101002) with depreciation amount.
    • Debit: Depreciation Expense (600012).
  4. Recompute & Regenerate Reports
    • Refresh the balance sheet after adjustments.

If the issue persists, verify how depreciation is recorded in Journal Entries and share details if needed!

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