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Hi,
The fixed asset budget process in our company is very tight. If you have been approved for a 10K CAPEX a specific year and you don't spend it fully, it's lost.
How will you capture the fixed asset in the current scenario? It is end of December 20X0, your fiscal year ends in December. You have ordered a PC, you received the invoice, the shipment confirmation from the vendor, but it will arrive at your premises on jan 5th 20X1.
Will you book it in fiscal year 20X0 - without trigerring any depreciation yet of course, as fixed asset to be received or something of that category?
Or should you wait for the reception of the asset before booking it ?
Thanks.
The fixed asset budget process in our company is very tight. If you have been approved for a 10K CAPEX a specific year and you don't spend it fully, it's lost.
How will you capture the fixed asset in the current scenario? It is end of December 20X0, your fiscal year ends in December. You have ordered a PC, you received the invoice, the shipment confirmation from the vendor, but it will arrive at your premises on jan 5th 20X1.
Will you book it in fiscal year 20X0 - without trigerring any depreciation yet of course, as fixed asset to be received or something of that category?
Or should you wait for the reception of the asset before booking it ?
Thanks.