How do I put a new asset on the books?
Make the card on Asset Master, then acquire it on Asset Acquisition with the activity Acquisition, once per book. In a book that posts to the general ledger, Save posts the cost.
Before you start
- The asset's group exists and lists the book.
- If the asset was bought through purchasing, its receipt is saved. Use Asset In Bulk to make the cards: see Make assets from a purchase receipt.
Steps
- Open Asset Master (Fixed Asset › Process). Type the Name, pick the Asset Group, Quantity
1, Unit, Unit Cost4,000,000. Save. - Open Asset Acquisition and press New. Pick Posting Date, Transaction Journal, Activity Acquisition, the Asset and the Asset Book. Create.
- Acquisition Amount comes in as Quantity x Unit Cost; Offset Account as the group's acquisition clearing account.
- The Depreciation Profile tab fills from the book and the group.
- Set the depreciation. Salvage % if the asset keeps a value at the end (
10), Run Depreciation From Date if depreciation should start later than the posting date. - Save. In a book that posts, the voucher is made.
- Repeat for a second book if the group is kept in one.
Check it worked
- Asset Transactions shows an acquisition line and the book value.
- The next Asset Depreciation run includes the asset.
What posts
| Document | When | Debit | Credit |
|---|---|---|---|
| Asset Acquisition | Save, in a book with Post To General Ledger | The asset group's asset cost account, from the Fixed Assets posting profile | Offset Account on the document (proposed: the group's acquisition clearing account) |
Undoing it is Reverse on the toolbar, while no depreciation, adjustment or retirement has been posted on the asset.
If something looks wrong
- "Asset: ... is already acquired in Asset Book: ... by ...". The asset already has an acquisition in this book.
- "Depreciation Method: ... is not calculated yet; use Straight Line (SLM) or Reducing Balance (RBM)". Fix the book's profile.