What is the Process of Fixed Asset From Inducation to
Disposal & what are the journal entry in GL , AP AND IN
OTHER MODULES
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Answer Posted / tgs100
Here are the steps
1. Create a Purchase Order. Distribution line will have asset clearing account (defined in item master). No Accounting entries
2. Receipt of the Asset: Asset clearing account - Dr and Accrual A/C - Cr
3. Create Invoice and match with PO/Receipt: Accrual A/C - Dr and Liability A/C-Cr
Make sure that Track as asset flag is enabled and accounting entries are created and transferred to GL
4. Run "Mass additions create" program. This program transfers the invoice distributions to fixed assets module
5. Prepare mass additions - Here change the status of the line to POST and then add the details like category, location, asset key, etc.
6. Run post mass additions - This will create assets in asset master.
7. Run depreciation. Accounting entries are created for Asset addition, Depreciation, etc and transferred to GL.
Asset addition
============
Asset Cost - Dr
Asset Clearing - Cr
Depreciation
===========
Depreciation expense - Dr
Accumulated Depreciation - Cr
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