Which purchase date should I consider in the asset register

Which purchase date should I consider in the...

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Hi all,

I have just started to help a small charity (not VAT registered and with income below £250,000) to do their bookkeeping  in a voluntary basis.

The manager of this charity normally buys assets in his personal card and asks for a reimburse in the future, which happens whenever he remembers to do it (can take days or months to happen).

The manager bought some assets months ago, but had just claimed for their purchase now. Which day should I consider when including the items on the asset register? Should I consider the original day of purchase in the asset register and cashbook and start to count depreciation from this date as well?

Which date of purchase should I consider in the asset register when an asset was bought on the previous financial year, but the manager had just claimed them on the current financial year? By the way, the value of this asset is not material.

Sorry for such a simple question, but I am still studying to become an accountant and wouldnt like to make any mistakes while helping this charity.

Any guidance will be really appreciate.

Thanks a lot

Replies (2)

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By johngroganjga
31st Mar 2015 00:39

The original purchase date, or if later the date on which the asset was delivered to the charity and available for it to use. The date of reimbursement is irrelevant. 

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By Melody
30th Mar 2015 18:00

As johngroganjga said.

If the charity had purchased the assets directly from a business and didn't pay the supplier until some months later, or even the next accounting year, you wouldn't even be asking the question.  

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