Fixed Assets - Review Points
Checkmybooks looks for issues with capital versus revenue treatment of transactions and produces 2 types of Review Points.
Low value items in fixed asset accounts
Looking for small amounts that are more likely repair or other expense transactions but wrongly posted to fixed asset accounts.
A purchase invoice for £29.99 for a new drill.
Looks for transactions less than a specified value [that you can change] posted to accounts of type fixed asset.
"There is 1 low-value transaction posted to Plant and Machinery".
Potential fixed asset items in profit and loss accounts
Looking for transactions that might be fixed asset purchases but wrongly posted to certain typical profit and loss accounts.
A payment for £5,000 in Repairs and Renewals described as "Deposit for new van".
Looks for transactions with a value greater than or equal to a specified value [that you can change] in accounts of type profit and loss where the account name contains specified words [that you can change] and where the transaction details contains specified words [that you can change].
"There are 3 postings in Repairs and Renewals that may be fixed asset items".