Hi All
Can anyone told me how to enter the opening balnace of the fixed Asset. Means account entry and what should be the service life should be define.
Thanks
Hi Imran,
You can use FA journal to enter opening balance for FA. Service life should be defined on FA master, value model.
It depends on the time frame when you are entering FA balances. If the FA is already in use and you are getting opening balance of FA, then:
FA (Group) Dr.
Accd. Depr (FA Group) Cr.
Service life depends on many factors, like depr method selected. Generally it is calculated based on depr. %.
Pranav...
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Hi Pranav
Thanks for reply
Can u explain me with the example. Like the fixed Asset aquire on 1/1/2011 with Rs10000, eg i am starting my system from 1/1/2012, fixed asset service life is 10 yrs and its dep,say, Rs 1000.
1) When we define the fixed asset in FA Details, what should be aquisition date and price
2) in value model, what should be the remaining life.
3) how to put this FA opening balance through module
4) Method is Straight line
thanks
Hi
When you Load Master Data
1) Aqisition Date is 31/12/2011 but aqisition value is 10,000/=
2) Depriciation Period Remaing like 9 Yrs or 108 Months
3) Service Life like 10 Yrs or 120 Months
4) Now you can acuire & Net Book value is 10,000/=
When you load Opening Balances as of 31/12/2011
1) Depriciation amount 1,000 & Post
2) Now the Net Book value is 9,000/=
Warm RegardsMS
Hi MS
i got the master details but the opening balance insertion point i dont get. what will be the posting profile for the Fixed Asset Aquisition and fixed asset aquisition adjustment and same for the depreciation.
Can u explain me through thr entry
There needs to be created only one posting profile and you can route all the transactions using that. In posting profile, you define account for different transactions like acquisition, depreciation etc.
When FA is imported in system, we adjust FA account to its actual value and depreciation in accumulated depreciation. For example, in your case,
FA Acc will be debited with 10000 and Accumulated Depreciation will be credited with 1000. This way your net book value will be 90000.