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Posted fixed asset fails to show in asset account

Henry Padi Nyaunu
on 4/17/13, 6:54 PM 1,441 views

I have posted a new fixed asset together with its depreciation and even though the depreciation reflects in the accumulated depreciation account under fixed assets, the actual fixed asset records no gross figure of the asset. Could I have wrongly configured something?

It would be great if you provide some more information.

Mustufa Rangwala (mra)
on 4/18/13, 10:21 AM
Henry Padi Nyaunu
On 4/21/13, 2:21 PM

What i meant was that, after I had created a new asset by going to accounting > assets > assets> create assets, the cost of the asset I created was not reported in the chart of accounts in the corresponding fixed assets account but only the depreciation account.

I fixed that by posting the cost of the asset through the journal entry. I now have the cost of the asset and its depreciation properly reported in their respective accounts. Many thanks Mustufa.

On 4/22/14, 2:27 PM

I think that the only way to account for an asset is by entering the supplier invoice and assigning an asset category. You should also enter the asset account on the invoice line. This will create an asset automatically when you validate the invoice and will also generate a journal with a debit to the asset account and a credit to the supplier account.

Then, in the asset module you should account for the depreciation.

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Asked: 4/17/13, 6:54 PM
Seen: 1441 times
Last updated: 3/16/15, 8:10 AM