Dear All :- Please can some one help me tell the procedure to upload Fixed Asset Opening balance as on 1.1.18 along with Accumulated Depreciation - actually I tried in Asset Document filling all fields ( creating Item, Asset Category) and in Asset Document - I ticked " Existing Asset" giving last years Purchase Date and Gross amount and Accumulated Depreciation amount and other details and on saving and submitting it … no entries are passed - i.e no effect in Balance Sheet - I thought Dr and Cr entries will be passed -
Please help in this and also
suppose - Asset has some Asset ID and is given to an employee - how to capture this information also please.
A quick help in his area is highly appreciated -as the Company is due to close the books - but opening FA is still to be uploaded please…
You should create a Journal Entry to update opening in the Fixed Asset and Accumulated depreciation account.
Yes, thank you Sir, I explored and found out - you are correct - in Asset Document - the Gross amount and Accumulated Depreciation is getting registered once we select ( is existing asset) - and is show in the Asset Register - but no accounting entry is passed.
We have to pass manual JV to record opening Gross amount and Accumulated Depreciation via Temporary Opening balance GL as contra ( i,e the opposite DR or CR ).
So this way the Balance Sheet is effected by Gross amount and Accumulated Depreciation and also Asset register report is updated with the item details ( when we create Asset document)
So both Financials and Asset report tally - as regards opening balance.
Now when I record an existing assets the system ask for the invoice number and receipt number of the assets, and since this is an old assets for years ago.
the question is how could I record existing asset without recording the purchasing invoice number?
@MAoffice-Where you able to solve this issue?
@MAoffice @Eli i think you don’t need to put purchase invoice number for existing asset. enter purchase date and it’s gross amount
check the link below