UK Local Authority Depreciation Accounting
Hope I am not being too silly in posting this question?
1) Current entry for depreciation is
Debit Revenue (I&E account)
Credit Fixed Asset Depreciation Reserve.
2) Under the UK Local Authority Accounting regs (document ID 758012.1 there should also be a corresponding neeutralising entry which
Debits Capital Asset Adjustment Account on the balance sheet
Credits General Fund on the I&E account
However the set up for the UK SORP states that the General Fund ledger code must be of type liabilitiy and this is the only type you can pick on the asset category
So the question is how can the credit to the General Fund be achieved if set up only allows a libaility code?