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Write-Off
Learn about general ledger posting for debit and credit transactions for a fixed asset write-off transaction.
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(a) |
If the FA Module Control option GL update depreciation to branch on asset is not selected: |
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Debit [book value] |
GLControl.FALossWriteOffAccount
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Credit [cost] |
MyAsset.myAnalysis.CostAccount
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Debit [depreciation] |
MyAsset.myAnalysis.ProvisionForDepreciationAccount
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Debit [value of accumulated revaluations - if applicable]
GLControl.FARetainedEarningsAccount
Credit [value of accumulated revaluations - if applicable]
GLControl.FARevaluationReserveAccount
MyAsset.myProfitCentre.glAccountStructure
MyAsset.myProfitCentre.myBranch.glAccountStructure
MyAsset.myBranch.glAccountStructure
FAControl.myDefaultProfitCentre.myBranch.glAccountStructure
GLControl.suspense
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(b) |
If the FA Module Control option GL update depreciation to branch on asset is selected: |
|
Debit [book value] |
GLControl.FALossWriteOffAccount |
|
MyAsset.myBranch.glAccountStructure MyAsset.myProfitCentre.glAccountStructure MyAsset.myProfitCentre.myBranch.glAccountStructure FAControl.myDefaultProfitCentre.myBranch.glAccountStructure GLControl.suspense |
|
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Credit [cost] |
MyAsset.myAnalysis.CostAccount |
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MyAsset.myBranch.glAccountStructure MyAsset.myProfitCentre.glAccountStructure MyAsset.myProfitCentre.myBranch.glAccountStructure FAControl.myDefaultProfitCentre.myBranch.glAccountStructure GLControl.FACostAccount GLControl.suspense |
|
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Debit [depreciation] |
MyAsset.myAnalysis.ProvisionForDepreciationAccount |
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MyAsset.myBranch.glAccountStructure MyAsset.myProfitCentre.glAccountStructure MyAsset.myProfitCentre.myBranch.glAccountStructure FAControl.myDefaultProfitCentre.myBranch.glAccountStructure GLControl.FAProvisionForDepreciationAccount GLControl.suspense |
|
Debit [value of accumulated revaluations - if applicable]
GLControl.FARetainedEarningsAccount
Credit [value of accumulated revaluations - if applicable]
GLControl.FARevaluationReserveAccount
MyAsset.myBranch.glAccountStructure
MyAsset.myProfitCentre.glAccountStructure
MyAsset.myProfitCentre.myBranch.glAccountStructure
FAControl.myDefaultProfitCentre.myBranch.glAccountStructure
GLControl.suspense