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I purchased assets for the first time this year. can anybody please advise on what the correct journal entries would be to input the depreciation for these before closing the year off?

there are several aspects.

did you actually buy it or is it on lease, hp, contract hire, is there a loan etc etc.

How do you want to do your depreciation? Leave it to the accountant at year end, do manual journal at year end or use the sage automated journals at the end of each month and the asset register.

Year end journal can work several different ways this is the most basic simple way, you can have extra accounts for additions, disposals, current year depn and so on.

Lets say we are going to do straight line depreciation over 4 years so this year we are depreciating the asset by £250

CR 0015 £250.00
DR 8000 £250.00

Result is

Thanks for that. I carried out the process on the straight line procedure: CR the Fixed Asset Account and DR 8000, but when I look at the nominals afterwards there is no entry in the Fixed Asset depreciation nominal, but the figure shows in 8000 and the figure in the fixed asset nominal itself has reduced by that figure.
Should there also be an entry in the fixed asset depreciation mirroring 8000 and if so where am I going wrong please?

Whoops sorry, there was a typo in there, you don't post it to the fixed asset account, you post it to the fixed asset depn account. I have edited the post to make it correct, sorry.

Thanks for the clarification. It all works out now, thanks again what would we all do without your help?