Fixed Asset GL Setup

• Fixed Asset Setup
• Fixed Asset Incoming

Fixed Asset Setup

General ledger Fixed asset setup

Setup the Fixed Asset Tab of the Fixed Asset cost account

 

Create the fixed asset inventory item

  

Check that the tick is on for Allow to TrackIT

 

 

Check minimum balance for transactions is setup

 

  

Check that Fixed Asset automatic schedule journal is active

This is to ensure that the Fixed Asset Journal is run each night

 

Setup TrackIT group codes in order to group fixed assets together on one journal

Similar type fixed assets

 

Fixed Asset Incoming

In order to bring in a Fixed Asset, use the GRV document to do this

Create a GRV / Purchase Invoice to bring in the Fixed Asset.

If you are bringing in a fixed asset that is for an opening balance.

Suggestion is to make the VAT / GST as zero because the Tax has already been taken into account.

For take on, take the date back to the date that you want the fixed asset to run.

 

Create the Serial number for the item

Enter the Brought into use date and residual value

 

GRV ledger entries are updated with the fixed asset cost

 

TrackIT item created

 

 

TrackIT Fixed Asset information updated