Conversion of a Purchase: Generated Transactions
As you convert a purchase to a fixed asset, you create and process an acquisition transaction. To update the GL balances, the system generates the general ledger transaction described in the following section.
Transaction Generated for Fixed Asset Acquisition
When you create a fixed asset and release an acquisition transaction, the system generates the following GL 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 |
| FA Accrual account | The FA Accrual Account on the Fixed Assets Preferences form | Asset cost | 0.00 |
| FA Accrual account | The FA Accrual Account on the Fixed Assets Preferences form | 0.00 | Asset cost |
You can view the reference number of the GL batch in the Batch Nbr. column of the table 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.