Transfer to a Session
Include your calculated depreciation, adjusted deprecation, disposed depreciation, and asset disposals into a session to be posted to the general ledger. Your entries will be posted immediately after transferring the session. See FAQs at the bottom of this page.
In this topic:
Session Information
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Enter a unique Session ID, Session Date, and Description.
Document Information
Starting Document Number: Enter a starting document number. This is the first document used for the transaction entries generated. The number of documents generated is determined by the Transfer Type (below).
Document Date: Enter a valid document date - this date serves as the effective date for the transaction entries.
Description: Enter a description for the document.
Transfer Type: This option will determine the way the session and documents are saved.
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The Detail option will create a document for each asset in the session.
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The Summary option will create a summarized document of the entries, but will not display individual asset ID information. This option creates one document for each depreciation date, entry type (depreciation calculation, disposal, or adjustment to depreciation), and account code combination.
Select Items to Transfer
After filling out the fields above, select the entries you'd like to transfer from the Available Items to Transfer grid.
Transfer and Save
We recommend generating a Pre-Transfer Depreciation/Disposal Register report to ensure your entries are accurate before transferring them to the general ledger. Certain actions, such as disposals, cannot be undone once transferred. To generate the report, select Review.
Note: This step is not required - if you're ready to transfer your entries without review, select Transfer and Save at the bottom of the page. If not, proceed as outlined below.
Your entries will be saved while you review the report. No entries will be transferred until you select Transfer and Save on the Transfer to a Session page.
To proceed with the transfer, select the Depreciations and Disposals breadcrumb link at the top of the window, then select Transfer and Save. Transferring the session will immediately post all calculations to your general ledger.
Transferring the session creates JVD (Journal Voucher Depreciation/Disposal) transaction entries and posts them.
When you transfer a session, the system automatically updates the individual asset's profile pages to reflect updated depreciation, last depreciation date, and any other relevant fields (go to the Asset Profile to see all the fields).
A disposed asset's profile page will be updated to reflect its new "Disposed" status, along with updated Cost, Salvage, Amount to Depreciate, Accumulated Depreciation, and Life values.
Note: When you close a fiscal year, you will not be able to depreciate assets that have a Last Depreciation Date within that fiscal year. In addition, if the asset has a status of Discontinued/Disposed, it cannot be changed after the year is closed.
FAQs
How does the Fixed Assets module determine what transaction entries to make, and where to post them?
An asset's type is what determines its accounting entries (see Asset Types). Asset types include the following transaction coding:
- The fixed asset general ledger account (used for disposals)
- The accumulated depreciation general ledger account (used for all types of depreciation entries)
- The depreciation expense general ledger account (used for depreciation entries)
- The distribution code
These accounting entries are posted to the general ledger when you transfer a session.
How can I reconcile the Fixed Assets Ledger to the General Ledger?
The Fixed Assets module is not a true subledger because entries can be made to your fixed asset general ledger accounts from any transaction source. In addition, assets added to the system are not checked to ensure they were booked to the General Ledger.
For that reason, we recommend periodically reconciling your asset inventory in the Fixed Assets module with the general ledger fixed asset accounts to ensure they agree.
To do this reconciliation, compare the Assets List Report to your Standard General Ledger Report or Expanded General Ledger Report fixed asset accounts.