How to Upload Opening Fixed Assets and Accumulated Depreciation during Go-Live?

1

ERPNext V15/V16

1. What is the recommended method to import existing fixed assets along with their opening accumulated depreciation?

2. How should the Opening Number of Booked Depreciations be determined? Should it be based on the actual number of depreciation entries already posted in the previous system, or can it be derived from the available-for-use date?

3. If there are any changes in the asset value during the current financial year, how should those be handled while importing into ERPNext?

4. Do we also need to post an Opening Journal Entry to reflect the asset value and accumulated depreciation in the General Ledger?

Could anyone please help me sort this out?

2

You can create/import the asset by ticking the “Is Existing Asset”.

You can use any method suitable to you. It depends on the what data is available in the legacy system. For example, Let’s say one asset has total life of 60 months, Gross Value of $1200 and you put Opening Number of Booked Depreciations = 25 and accumulated depreciation $400. System will prepare the depreciation schedule using this details for balance 35 months and balance value of $800. Approx monthly depreciation $22.86.

Changes after importing in ERPNext or before? Any changes before importing should be done in previous system and you should import fixed assets after that changes.

Yes, you need to book the opening journal entry for the asset value and accumulated depreciation in General Ledger.

Thanks,

Divyesh Mangroliya

3

Can you please share sample entry that one needs to create in JV? In my case we have 60+ fixed assets.

4

Thank you for taking the time to explain this.

Appreciate your help!!

5

Hi,

You have to pass the Journal Entry as follows:

For Asset
Entry Type: Opening Entry
Debit Account: Put the grouped amount as per asset’s account. e.g. Machine, Vehicle, Computer Equipments etc. Opening Net Asset Value
Credit Account: Temparory Account

For Accumulated Depreciation:

Entry Type: Opening Entry
Credit Account: Put the grouped amount as per asset’s accumuldated account. e.g. Machine, Vehicle, Computer Equipments etc. Opening Accumulated Depreciation Value
Debit Account: Temparory Account

You can get the accounts details from Asset Category as follows:

image
image1827Ă—1025 75.6 KB

Thanks,

Divyesh Mangroliya

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6

I have a query regarding the Opening Number of Depreciations Booked field during Asset import.

If the depreciation for FY2025 was calculated on a daily basis instead of monthly, how should we determine the value for the Opening Number of Depreciations Booked field?

Your guidance would be appreciated.

Thanks.

7

Hi,
If you make some errors or rounding the number of opening depreciations booked will get adjusted in depreciation schedule calculated by the system for the future depreciation.

Regards,

Divyesh Mangroliya

8

Thank you so much!