What posts in assets and projects
Three Fixed Asset documents post: Asset Acquisition, Asset Depreciation and Asset Retirement. Nothing in Project Accounting posts.
| Document | When | Debit | Credit |
|---|---|---|---|
| Asset Acquisition, Acquisition or Acquisition Adjustment | Save, only in a book with Post To General Ledger | The asset group's asset cost account | The Offset Account typed on the document (proposed: the group's acquisition clearing account) |
| Asset Depreciation | Save, whatever the book's Post To General Ledger | The asset group's depreciation expense account | The asset group's accumulated depreciation account |
| Asset Retirement | Save | The accounts the Fixed Assets posting profile names for the group and the disposal activity. The debit side totals the cost of the units retired plus any gain | The accounts the same profile names |
Every voucher is made in the Transaction Journal of the document, on its Posting Date, in the company's own currency. A Posting Status other than Posted (a park status the journal allows) keeps an acquisition parked.
Where the accounts come from
- The Fixed Assets posting profile in the general ledger names an account per post key, for each asset group and each activity (Acquisition, Depreciation, the disposal activities). A line with no asset group or no activity applies to all. See Posting Profile.
- The acquisition clearing account proposed as Offset Account is the group's clearing line on that profile: the account the purchase receipt debited when the asset was bought.
- The Offset Account of an acquisition is whatever the user leaves on the document.
The retirement's exact lines follow the posting rules set for the screen; the reconciliation of the asset ledger with the general ledger checks that its debit side equals the cost of the units retired plus any gain.
Undoing a posting
Reverse on the toolbar of the document, with a Reverse Date on or after its Posting Date. It is refused while a later document of the same asset exists: reverse the newest first (retirement, then depreciation runs, then adjustments, then the acquisition). A parked acquisition is deleted instead. See How do I undo a fixed asset document?
Documents that never post
- Asset Master and Asset In Bulk. They make cards. The value comes with the acquisition.
- Acquisitions in a book without Post To General Ledger, for example an Opening or tax book.
- Billing Proposal. It raises no invoice and posts nothing. Invoice on Customer Invoice in receivables.
- Time Sheet. Hours are recorded, not costed.
- Project Ledger Posting. Its account mapping is stored; nothing reads it.
- Every other Project Accounting screen. Project cost reaches the accounts through the stock, purchase and expense documents that name the project, on their own accounts.