Hi,

Sage 50 Canadian does not have a Fixed Asset system, so use your judgement and what you know about the company to set up your account numbering with enough room between the account numbers to add Depreciation / Amortization and summary 'net' accounts.

It's possible to use the Inventory system to keep a list of your assets (in a separate G/L account from other inventory), but there's no Depreciation / Amortization functionality of course.

Thanks Randy.

I'm hoping you can answer another issue i have. I am new to Sage. When i did my history i think i made a big mistake with my installments. I am a sole proprietorship. I entered the amounts i paid to installments in account 2160. These amounts were paid in 2017, obviously I'm waiting to get my taxes done for 2017 now. So now i have a credit in 2160 for these installments. But I'm sure i should not have entered any amounts for those?? And when i do pay installments going forward i should debit owners equity correct?

Thanks so much for your help!

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S Masnica said:

And when i do pay installments going forward i should debit owners equity correct?

If the instalments were personal income tax instalments (not GST, payroll, or other) they belong to the owner, not to the owner through the business.

Since the payments were made from the business, they are owners' drawings regardless of what they are used for.

In order to make it easier to keep track (or because of bank requirements), proprietorship books may be set up like a partnership's books with only one partner - they record owners' beginning equity, earnings (automatically posted), further deposits, and drawings each in separate equity section accounts.