Update Fixed Assets
Update Fixed Assets
To import all the existing fixed assets first create the asset record and then create a Journal Entry to update the General Ledger.
Create Asset record for each asset that your company owns which is not fully depreciated.
To create a new Asset:
- Create an Item with 'Is fixed Asset' enabled.
- Go to Assets > Assets > New.
- Enter Asset Name.
- Enter Item Code.
- Enter Location.
- Enter the Purchase Date.
- Enter Gross Amount.
- Tick Is Existing Asset.
- Save.
Know more about Assets here.
When you create an Asset with 'Is Existing Asset' checkbox ticked, the General Ledger is not updated. You will have to update the value via a Journal Entry.
To create a new Journal Entry:
- Go to: Accounting > General Ledger > Journal Entry > New.
- Enter Posting Date.
- Select the appropriate fixed asset ledgers in Account column and enter the value in Debit column.
- Select 'Temporary Opening' ledger in Account column and enter the balancing amount in Credit column.
- Set 'Is Opening' to Yes.
Updated on: 27/03/2023
Thank you!