Depreciation - Balance sheet only or can I use Profit and Loss?
by Mary Peters
Question regarding depreciation.
I need some advice regarding Fund Accounting.
I use a software package that allows me to depreciate my fixed assets, but to do so I have to include in the transaction the use of a Profit and Loss GL account.
My Chart of Account Structure is set up that all my accounts are of the type Balance Sheet. Is it OK for me to use a Profit and Loss account when I am Fund Accounting?