Registering Opening Entries

If you are using the Fixed Assets application area for the first time, you must set up the General Ledger application area first. You then enter information from your old system.

How you do this depends on whether the Fixed Assets application area is integrated with the General Ledger application area.

The following procedure is used if fixed asset transactions are to be posted to the general ledger.

To Register Opening Entries:

  1. Make sure that you have completed the basic setup procedures for Fixed Assets.

  2. Create a fixed asset card for each existing asset.

  3. Set up FA depreciation books.

  4. Deactivate G/L integration. Open the Depreciation Book Card window. On the Integration tab, make sure all fields are blank (remove all check marks). If you have more than one depreciation book, deactivate G/L integration for each one.

  5. In the FA journal, enter three lines per asset: one with the acquisition cost, one with the accumulated depreciation to the end of the previous fiscal year, and one with the accumulated depreciation from the beginning of the current fiscal year to the date the program is to start calculating the depreciation. If you have other opening balances, you can enter them as well (for example, write-down, appreciation, and so on).

  6. When you have entered and posted the journal lines for each asset, remember to activate G/L integration again.

If the fixed assets are not integrated with the general ledger, omit steps 4 and 6.

Related Topics

Posting with Fixed Asset Journals

Creating Fixed Assets

Setting Up General Default Values for Fixed Assets

Setting Up FA Depreciation Books Manually

Setting Up FA Depreciation Books Automatically

Filling In and Posting FA G/L Journals

Filling In and Posting FA Journals


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