Fixed Asset GL Setup

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