If I had purchased an asset before 01-04-2013 then how can I account for it?

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 an Opening Balance. To record it, please pass a journal entries by following the below steps: 

Step 1: Login to ADDA -->> General Ledger --->> Journal Entries -->> Create Journal Entry -->> Enter Journal Note -->> Journal Date -01-04-2013.

Step 2: Enter Amount -->> Debit Account Fixed Assets(Asset Name)(Can be created under General Ledger >> Chart Of Accounts >> Assets >> Asset Accounts) -->> Credit Account Opening Balance.  

​

    • Related Articles

    • 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 create ledger account?

      Creating Ledger Accounts: System will be having some accounts by default which will be used by most of the Apartments. And if required, more ledger accounts can be created for Assets/Liabilities/Expense/Income. Step 1: Login to ADDA >> Admin >> ...

    • How to upload the opening balances for assets and liabilities?

      Step 1: Go to the General Ledger section -->> Select Journal Entries -->> Click on Bulk Posting -->>Then, choose "Batch upload Opening Balance from Excel." Step 2: Download the provided template from Step 1 and input the relevant data: Account: Get ...

    • 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 ...

    • How to add Assets on ADDA?

      ADDA provides you with the facility to add assets which belong to your apartment complex (eg: Gym equipment, Office electrical, etc). This will help you with the details of the assets like the last AMC has done, the cost of the assets, etc. Step 1: ...