hi all, can anyone able to explain me how to enter the opening balance for each assets & how it will calculate the depreciation (based on which date) & so on Thanks & regards Santhanakrishnan.S
For opening balance for each asset, we have to pass two entry for single asset.
First entry - Purchase Price of the asset and
Second entry - Accumulated depreciation
It should be posted in the last date of the year. It will be taken as opening balalnce in the next year. The depreciation will be calculated based on this.
I think your way is correct. But I still have problem when export template from system. I do this as below:
Fisrt step: Export template for import fixed asset details( Asset Table, Asset Book, Asset Book Table)
Second step: Export template for import Ledger Journal Trans and Asset Trans ( Ledger Journal Table, Ledger Journal Trans, Asset Trans)
Third Step: Import Acquisition (or purchase price) for fixed asset with transaction type Acquisition
Last step: Import Acumulated Depreciation for fixed asset with transaction type Depreciation
But actually, I dont know where is the field to choose the type of transaction. I can not find this type of transaction in Ledger Journal Trans, and problem is in Asset Trans there is no relationship with ledger journal trans, what is the information to cooperate them?
When I import in to system, there is no error message display,but still can not find the asset trans. Pls give me an advise, pro.
You import Acquisition and Accum.deprec. as described, BUT in FA Journal or FA G/L Journal and post them. - NOT G/L Journal.
Difference between the two FA Journals is, that first updates only FA Ledger, but second - both FA Ledger and General Ledger, if Depreciation book in question is integrated with G/L.