Topic: Fixed Asset Category Configuration and GL Accounts

While setting up a fixed asset category, its unclear which specific GL accounts the names are referring.


I expected to find:
The Asset Account
The Contra Accumulated Depreciation Account
The Expense Account
The Gain/Loss GL Account

What I find instead are:
A Sales Account
An Asset Account
A Depreciation Cost Account
A Depreciation/Disposal Account

I've been trying to read the code, but not certain how these named accounts map to the accounts I would expect to see in a depreciation transaction or in an asset disposal transaction.

John

Re: Fixed Asset Category Configuration and GL Accounts

Some of the accounts are determined in Setup -> System and General GL Setup.

You can also add as many accounts as you like.

Suggest you set up a training company 1st, this will also help you understand the program.

3 (edited by jkent3rd 07/02/2018 03:35:38 am)

Re: Fixed Asset Category Configuration and GL Accounts

So after I've dug through everything this is what I have determined:

-The field labeled "Asset Account" is where you select the GL asset account that will hold the purchase value of the fixed asset.
-The field labeled "Sale Account" is where you select the GL income/revenue account you wish the revenue from the disposal of the asset to be recorded at the time of sale.
-The field labeled "Depreciation Cost account" is where you select the GL expense account for depreciation expense to be debited/recorded each time depreciation is run.
-The field labeled "Depreciation/Disposal Account" is where you select the GL contra-asset account for the accumulated depreciation to credited/recorded each time depreciation is run.

Re: Fixed Asset Category Configuration and GL Accounts

@jkent3rd: Thanks for the info.
Stands Wiki-ed.

Re: Fixed Asset Category Configuration and GL Accounts

You can also change the field labels using a 'translation' if you want?