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How do I bring in assets we already owned before going live?

Make each asset's card, then acquire it into a book with Opening ticked, typing the original cost as Acquisition Amount and the depreciation charged so far as Initial Depreciation Amount. The Opening book makes no voucher, so the general ledger keeps its own opening balance.

Screen
Asset Book, Asset Master, Asset Acquisition
Who
The implementation consultant
Takes effect
On Save; depreciation goes on from Run Depreciation From Date

Before you start​

  • The opening balances of the asset and accumulated depreciation accounts are in the general ledger, from the old system.
  • A list of every asset: group, original cost, acquisition date, depreciation to date.

Steps​

  1. On Asset Book tick Opening on the book the assets are taken into. Post To General Ledger clears itself.
  2. On Asset Master make a card per asset, typed (not from a receipt).
  3. On Asset Acquisition for each asset: Activity Acquisition, the Opening book.
    • Acquisition Date: the original date. Acquisition Amount: the original cost.
    • Initial Depreciation Amount: the depreciation charged up to go-live.
    • Run Depreciation From Date: the first day after the last period the old system depreciated.
  4. Save. No voucher is made. The asset ledger shows the cost and the initial depreciation.
  5. Before the first depreciation run, untick Opening and tick Post To General Ledger on the book if its depreciation should post. The depreciation run makes its voucher in any case.

Check it worked​

  • Asset Transactions shows each asset's book value equal to the old system's.
  • The board tile Net book value matches the general ledger's opening balance.

If something looks wrong​

  • Initial Depreciation Amount is not shown. The card was made from a purchase receipt; the field is shown only for typed cards.
  • "Acquisition Adjustment Amount cannot be greater than Acquisition Amount". The depreciation to date is more than the cost.
  • The straight-line asset's remaining life is wrong. Life is counted from Run Depreciation From Date for the full Asset Life of the group. The value left after the initial depreciation is spread over that full life. For assets part-way through their life, take them on through a group whose Asset Life is the life remaining.
  • Asset Book - Opening and Post To General Ledger.