Opening Fixed Assets

Dear all,

I entered the opening fixed assets from FA Journals( as it was suggested in online help and by this forum)

I entered two enteries for each fixed assets(1. Acquisition cost 2. depreciation(accumulated))

e.g.

FA No. FA posting type Amount

Building acquisition cost 100000

Building depreciation -10000

Car acquisition cost 200000

Car depreciaton -20000

Prior to entering these balances I did Fixed assets setup, in which I mentioned acquistion cost account, accumulated dep a/c, depreciation expense a/c

and all other pre-requisites related to fixed assets setup.

After posting the FA Journals

I checked the each Fixed assets.

In fixed assets , it was showing

Building book value( 90000) i.e. acquistion cost-accumulated depreciation

car book value(180000) i.e. acquistion cost-accumulated depreciation

It was fine.

But my problem is, that, Since it is the opening balance of fixed assets, this must be reflected in chart of accounts also.

But these opening balances are not reflecting in chart of accounts.

But when I am seeing the Fixed assets report(Posting Group-net change), It is showing all the accounts(of chart of accounts), which are debited and credited Through FA Journals posting.

i.e. three entries for each assets are showing in this report

for example

11010 Land and building 100000

11020 accum. depreciation 10000

20050 depreciation expense 10000

So, Why the same is not reflecting in chart of accounts

Can anybody help me.

If you go to the COA and drill into account 20050 do you see the depreciation expense of 10000. Essentially you must do as it is on the report, is it balanced out by something else? Do you have a filter set?

I checked out all the three accounts(Via there account card even), but it is showing nothing. In account card it is showing balance as 0.

I haven’t set any filter also.

I dont think it is balanced out by something else, cause I have passed simply 2 entries one for acquisition cost and 1 for accum. depreciation, then there are no chances of balacing it out.

Dear Adamrou,

I have come to know, that If we want to hit our chart of accounts, then we have to pass an entry from FA G/L Journals also.

FA Journals will hit only Fixed Assets as there are only Fixed assets No. columnn in this forms, not any Account(chart of accounts).

Is this a correct statement ?

Does that means we have to pass two enteries 1 from FA Journals to hit Fixed Assets and 1 From FA G/L Journals to hit chart of accounts

Can you clarify it ?

Sorry I am not an FA expert, and know nothing really [:D]

However the FA G/L Journal should be the journal you use to post acquisition and depreciation as it is this journal that is integrated to the GL. The FA journal is used when the acquisition value doe not hit the GL. Now when you would use this I cannot tell you, you need a finance consultant to assist, but if you want the GL integration use the FA G/L Journal and see how that works for you from the perspective of the GL.

In this post http://dynamicsuser.net/forums/t/21264.aspx we already discussed this situation.

No, you don’t need both - only one of the Journals is used, because FA G/L Journal posts to both FA Ledger and G/L Accounts - if you have set up (checked) Integration to G/L in Depreciation book setup.

Now, when you already have postings in FA Ledger by means of FA Journal, if you repeat the same in FA G/L Journal, you will get duplicate amounts in FA Ledger and single in G/L. You can correct the situation by means of Genaral G/L Journal posting directly to G/L Accounts, but for next postings use FA G/L Journal.

Hope you would be able to understand what I meant - my answer appears rather messy with all those Journal names [:)], but, in FA Manual (on Product CD) there is a special chapter with samples about setting up FA - just about what you need.

Hi,

I need an opinion on setting up my fixed asset. Depreciation Book in Cronus Database is Company. Please enlighten me as what Depreciation book means?

Can I add as depreciation book Building, Building Improvement, Factory Furniture Fixture?

Then for example part of the Building book are listed under Fixed Asset Card areConstruction of Building, Occupancy Permit

Hope you can give suggestion to setup my opening fixed assets.

Thanks.

Hi Modris,

You know, I tried posting and the value does note reflect on the chart of accounts but when i try to navigate it was posted right there? but How come the entry was just the same. DB Building 1000 CR Building 1000? Why was the effect is like that?

Thanks

May I know you are from which country?

Do you know you have replied to 2 yrs old post? [;)]

Oh… Sorry… i had not seen the date…[:O]

Anyway, to close this issue. For indian scenario purpose, we use FA G/L Journal to post any financial transaction.

The purpose of FA Journal is to post transactions like Depreciation (IT Act) which is used for tax calculation purpose without affecting ledgers.

Thanks…