I'm working on an account that uses Asset Accounts to record capital and intangible assets and then credits an expense in a Contra Accumulated depreciation/amortization account. I heard Michael say he doesnt recommend this approach on one of the training videos, but the client account I'm working with is nonetheless setup this way. Each month we record the accumulated depreciation/amortization in the contra account - in Modano's Asset Schedule Module we have left the depreciation term as zero. The result is our Capital account remains untouched as expected, and each month an expense is recorded in the contra account. Our problem is not knowing how the best and easiest way to forecast the accumulated depreciation in Modano since we can't use the schedule. Has anybody encountered this and what was the workaround besides getting rid of contra accounts.
