2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Accounting involves a lot of different operations with main, off-balance and other accounts. One of the main transactions is the write-off of fixed assets. It is carried out exactly with the guidelines, as well as other documents regulating the procedure.
Transport, facilities that belong to the category of fixed assets can be written off. To do this, they must be obsolete or technically worn out. Fixed assets are also liquidated if they are hopelessly damaged as a result of an accident, natural disaster, or incorrect operating conditions. Structures that are subject to reconstruction and destruction, as well as those that cannot be restored, are also written off.
Modern rules allow for the write-off of fixed assets, even if they are fit for work, but are not needed due to the termination of the corresponding production. This procedure is carried out even if it is not profitable and impractical, but there are certain specific reasons for this.
The write-off of fixed assets requires an order, inin which the owner (manager, director) of the disposed property declares the decision taken. It is not necessary to explain the reasons for this action. By order of the head, a special commission is created, which consists of persons using fixed assets. If the write-off of fixed assets is carried out regularly, there must be documents that can justify the reasons for the liquidation of a particular asset. The commission requires the presence of the chief accountant.
write-off is drawn up. It must be issued in duplicate. One document remains in the organization, and the other is transferred to the accounting department. The actions taken must be reflected in the accounting report.
The next operation is the write-off of tax debt. The main reason for such a procedure is the loss of the ability of the tax authority to recover the debt as a result of the expiration of the established period. For this, there must be a court order stopping the powers of the tax service due to the expiration of the debt repayment period. You also need to have a certificate from the tax office, which indicates the amount of debt. This type of write-off is not made without these basic documents.
Another type of accountingoperations is a write-off from an off-balance sheet account. The presented account contains those funds that are not the direct property of the organization. Write-off occurs if they become the property of the enterprise.
Recommended:
What is depreciation of fixed assets and intangible assets?
The process of accruing depreciation of fixed assets and intangible assets is a very important aspect of accounting in an enterprise. How to calculate depreciation, the management of the enterprise or the entrepreneur decides
Structure and composition of fixed assets. Operation, depreciation and accounting of fixed assets
The composition of fixed assets includes many different assets that are used by the enterprise in its core and non-core activities. Accounting for fixed assets is a difficult task
Fixed assets include Accounting, depreciation, write-off, fixed asset ratios
Fixed production assets are a certain part of the property of the company, which is reused in the production of products, performance of work or provision of services. OS are also used in the field of company management
Posting to fixed assets. Basic accounting entries for fixed assets
The non-current assets of an enterprise play an important role in the production cycle, they are associated with logistics processes, trade, provision of services and many types of work. This type of assets allows the organization to earn income, but for this it is necessary to carefully analyze the composition, structure, cost of each object. Constant monitoring is carried out on the basis of accounting data, which must be reliable. Basic postings on fixed assets are typical
Sale of fixed assets: postings. Accounting for fixed assets
Material base, technical equipment of any enterprise depends on the structure of the main assets. They are an integral part of the production process, they are used in the implementation of all types of economic activity: the provision of services, the performance of work. The use of BPF with maximum efficiency is possible with proper planning of their operation and timely modernization. For a comprehensive analysis of this asset, it is necessary to correctly reflect it in all types of accounting
