First Choice Final Accounts home page

User guide

Overview                                                  
What you need to know
System requirements 
Upgrades
Version history

Getting started
Introduction
Setting up a new client
 Creating your first accounts - step by step        
Final accounts production checklist
Console toolbar

Using First Choice Final Accounts    
Chart of accounts
Accounts description file
Special account codes
Posting file data entry
Transferring opening balances
Importing trial balances
Using the client data screens
Printing the final accounts
Using Quick View/print
Dealing with fixed assets
Creating/filing accounts for Companies House

Other Topics
Periods of accounts and comparatives
Final accounts creation options
Cashflow statements for limited companies
Final accounts validation
HMRC Live validation
The trial balance import wizard
How the software handles iXBRL
The iXBRL viewer
Submitting accounts to HMRC and Companies House
Exporting self assessment data to tax packages
The Clients directory screen
 Installing import conversion files
Final accounts formatting options               
Limited Company abbreviated accounts                                                                     
                                                                         

 

 

 

                        

Dealing with fixed assets

Categories
There are 8 categories of tangible fixed assets available for use. See account codes 359 to 406. There are 6 accounts within each category - COST: ADDITIONS: DISPOSALS: ACCUMULATED: CHARGE FOR YEAR: ELIMINATED ON DISPOSAL

Cost and Accumulated are used for opening balances only and normally should not be used to post anything else - but see below under Revaluations.

Each of these 8 categories is linked to its own depreciation account between codes 185 and 192 and loss/profit on disposal accounts between codes 195 and 202.

To change the name of a category, change the description in the linked depreciation account (between 185 to 192) and if required change the iXBRL tag.  The new name will appear in the Fixed asset schedule and any other note relating to that category. The loss/profit on disposal account name will be automatically changed.

Revaluations
There are no separate accounts in the fixed assets groups for distinguishing Cost and Accumulated values with Revaluations. To account for a revaluation surplus in the accounts being prepared, post the surplus/deficiency to the Cost or Accumulated account of the relevant fixed asset and post the journal credit or debit to account code 738 or 739 - Revaluation reserve - surplus in period. The software will then format the accounts and notes properly.

Revaluations - Notes to the accounts (Limited Companies)
The cost value per the trial balance defaults to the total cost, when the asset is selected on the notes page.