Modular Business Management & Payroll Software Solutions for SMEs

How do I add the value of existing Assets into a Fixed Asset Journal?

When preparing a new company database, you will probably have existing Assets that need to be added to the system.  Add these either by Import, or add them manually through the Right-Click/Add mechanism.   To add the value of the items into the system, follow these steps (let us assume you wish to start trading on 1st July):

Once you have added these two lines for each Asset (or imported them if previously prepared in a spreadsheet), you can select Process and Close.

The final step is to perform a Journal from the General Ledger screen.  The first line is to the Asset Control account, for the total value of all the above assets, at the purchase value.  The second line is to the Accumulated Depreciation account, for the total of the depreciation of the above assets.  This should be dated 30th June.