Existing assets

To determine the initial accounting month for AccountAbility Fixed Assets, such as October 2017, follow the below. 

• Create each asset that existed in the prior month, specifically as of September 30th, 2017.
• Record the accumulated depreciation for each asset up until that date.
• Ensure that the values entered in AccountAbility match the GL Balances for the corresponding Asset and Accumulated GL Accounts as of September 30th.
• To import these balances, go to ACCOUNTING > General Ledger > Fixed Assets and click on the Import hyperlink.

For example: 

If you have an asset that you acquired two years ago at a cost of $5,000 that you have so far depreciated by $2,000 – then import the $5,000 here

Allocate fixed assets to a department

You can allocate each fixed asset to a department, enabling system depreciation journals to be dissected to a specific department. The system will then assign the depreciation expense journal entries for that department against the selected department.

Acquisition date defaults to the current accounting month

When a new fixed asset is created via the entry of a supplier invoice, the acquisition date of the asset now defaults to the current accounting month.

For Example:

You have closed the 2020 September accounting month. During the October accounting month, a ‘late’ supplier invoice dated September 15 is entered. Instead of the fixed asset acquisition date defaulting to September 15, it will now default to October 1, so it corresponds to the current accounting month. The acquisition date can be edited later directly in the fixed asset page if required. 

Importing Disposed Assets

This applies only to new agencies migrating on to Accountability. You can import disposed assets via the import template by entering a disposal date for the asset in column G of the template. Upon import, the system will create a disposal record for each asset and will not create a journal entry for the disposal.