Non-Default Asset Settings: Generated Transactions
As you create a fixed asset, you create and process purchasing transactions. To update GL balances, the system generates the GL transactions described in the following sections.
Transaction Generated for the Fixed Asset Purchase
When you create a fixed asset on the Fixed Assets (FA303000) form, the system generates the following general ledger transaction.
| Account | Source of Account | Debit | Credit |
|---|---|---|---|
| Fixed Asset account | The Fixed Asset Account box on the GL Accounts tab of the Fixed Asset Classes (FA201000) form for the asset class | Asset cost | 0.00 |
| FA Accrual account | The FA Accrual Account on the Fixed Assets Preferences (FA101000) form | 0.00 | Asset cost |
You can view the reference number of the GL batch in the Batch Nbr. column on the Fixed Asset Transactions (FA301000) form. The reference number is also a link that you can click to view the GL batch on the Journal Transactions (GL301000) form.
Transaction Generated for Fixed Asset Reconciliation
When you reconcile a fixed asset with the GL account generated on release of an AP bill, the system generates the following general ledger transaction.
| Account | Source of Account | Debit | Credit |
|---|---|---|---|
| FA Accrual account | The FA Accrual Account on the Fixed Assets Preferences (FA101000) form | Amount | 0.00 |
| Expense account | The expense account specified in the Account column on the Details tab of the Bills and Adjustments (AP301000) form for the bill line | 0.00 | Amount |
You can view the reference number of the GL batch in the Batch Nbr. column on the Fixed Asset Transactions (FA301000) form. The reference number is also a link that you can click to view the GL batch on the Journal Transactions (GL301000) form.