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Thank you very much. We will consider this.

Celito

Thank you Apmuthu for your valuable feedback and tips.

With respect to salvage value I also find it practical not to consider it in computing depreciation. It is an estimate of an amount expected to be realized in the future, and therefore subject to uncertainty and the effect of the time value of money. It's better to fully depreciate based on total cost. If the asset can be sold or exchanged for anything above zero book value in the future, the amount realized can be credited to income. It is more conservative that way.

Thanks again. This clarifies many things and I now understand the flexibility and alternative approaches that can be considered.

Celito

Hello Apmuthu,

I read the Wiki. Is this still the best current solution for consignment items or is there any recent procedure to account for consigned items? In our scenario. When an item is sent out to the customer, it is treated as a consignment. There are other requirements that a customer complies that once completed will trigger the recognition of income. At that point we need to remove the item from consignment and credit it to cost of goods sold.

Thank you for any insight.

Celito

Hi anoobpmb, I just read this thread and I agree. It is possible and often necessary to credit an account with a normal debit balance and vice versa. Your solution is the most ideal, as is the script suggested by kvvaradha and the comments of joe and detkenn.

I look forward to receiving the files for Version 2.4.8 of your Approval System for GL Transactions.

Celito

I hope you don't mind my ignorance.'

Is it correct to say that an account belongs to a group, and a group belongs to a class? Can we set this up based on what applies to the company, or does FrontAccounting have a required setup? What does it mean that it will "check GL account settings before closing?" What will it check against what? This is still not clear to me. A simple closing entry will debit all income accounts and credit all expense accounts. The difference goes to P & L, which is then transferred to Retained Earnings.

If we just delete all fiscal year tables, will this solve my problem, and can we set up a clean fiscal year?

Thank you so much for your patience.

Celito

I still don't get it. There are no balances in the fiscal years prior to the current fiscal year. What specific actions should be taken in those prior years when all balances are zero. There's nothing to close or carry forward to the next fiscal year.

Thank you very much anoopmb for your quick reply. It's very kind of you. I will await the new file.

Best regards,

Celito

Any new thoughts on this? Is this possible at all? I am also interested to know.

Hello,

A newbie question: Is it possible to have inter-dimension transactions, i.e., Due to or From another dimension within the same company?

Thank you.

Celito