I need to capitalise a Fixed Asset?
a) Go to General Ledger -->> Chart of Accounts -->> Assets --->> Assets Accounts -->> create new account. (For example - Fixed Asset - Computer).
b) Go to General Ledger -->> Chart of Accounts -->> Expenses --> create a new account - Fixed Asset.
c) Go to Expense Tracker -->> Add Vendor -->> Enter Invoice (from you had purchased computer) and select expense head - "Fixed Asset".
d) Pass a journal entry Debit Account -->> Fixed Asset - Computer and Credit Account -->> Fixed Asset.
Updating of Vehicle, Staff and Asset data
Vehicle, Staff and Asset data can be updated one by one OR can be updated through bulk upload. In case you want the bulk upload, Please login to ADDA and go to, Admin >> Admin Files >> ADDA Agreements >> Here find all three templates. Please fill in ...
How to record a Capital Expenditure or Capitalized Fixed Assets?
Recording a Capital Expenditure or Capitalizing Fixed Asset have 5 major steps. Step 1: Creating Asset Account A. Go to Admin -->> General Ledger -->> Chart of Accounts B. Click on Assets Tab C. Create assets accounts as mentioned at this link Note: ...
How to account Fixed Deposit?
We can enter the fixed deposit into the system. Step 1: create a GL for fixed deposit in general ledger charts of account. Fixed deposit GL needs to create under Assets in charts of account. Step 2: Pass a journal entry for entering the fixed ...
What is the Journal Entry for Asset Depreciation?
Reduction in value of tangible fixed assets due to normal usage, wear and tear, new technology or unfavorable market conditions is called Depreciation. Journal entry for depreciation depends on whether the provision for depreciation/accumulated ...
If I had purchased an asset before 01-04-2013 then how can I account for it?
If the Assets are purchased in the Last year, you can consider them as a Opening Balance. To record it, please pass a journal entries by following the below steps: Step 1: Go to General Ledger --->> Journal Entries -->> Create Journal Entry -->> ...