Create Initial Asset Entry – A summary of the activity
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This activity allows you to enter the initial balance entries for the fixed asset for a selected finance book. This activity is used once, while installing the “Fixed Assets Management” module. Asset entries can be made if the size of the organization is smaller and it possesses lesser number of assets. The initial balances entered through this activity are used for posting the various fixed asset accounts. However for the completion of initial balance entry the sum of the balances of each account must be equal to the balance entered in the general ledger of the same account. The purchase details of the assets can also be entered for valuation purposes.
Getting familiar with the pages inside
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To carry out the task |
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Create Initial Asset Entry |
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Update Acquisition Information |
What you can do in this activity
Tally the accounts with the General Ledger
Provision to capture legacy asset number
Initial asset entries can be entered for a selected finance book, for a selected asset class and group and the location of the asset. The asset groups, asset class and the asset location must be defined before these entries are made.
Go to “Create Initial Asset Entry” page.
Enter the necessary information
Tally the accounts with the General Ledger
Along with the asset number and description the value of the asset and details of the retirement are also entered. The balance of the asset accounts in which the balances are entered must tally with the balances entered in the general ledger of the company.
Go to “Create Initial Asset Entry” page.
Enter the necessary information.
Provision to capture legacy asset number
Asset numbers could have had a different asset number in the past. These legacy asset numbers can also be entered along with the initial asset entries that are made.
Go to “Create Initial Asset Entry” page.
Enter the legacy asset details.
The purchase details of the asset can be entered once the initial asset entries have been made in the finance book. Supplier details and capitalization details can also be entered for the asset.
Go to “Update Acquisition Information” page.
Enter the necessary information.