DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

How to connect fixed assets entry to registry


#1

how o make a fixed assets registry by entering journal entries or connect fixed assets entry to journal and make annual depreciation fixed assets or how to do addition to appear in trial balance and in fixed asset report


#2

Read the Guides:



#3

Hi,
I need help on this issue.
All assets and some expenses are paid under the expenses claim module by the owner. If I understand rightly there is no need for any journal entries. Yet I cannot find the purchase amount for individual asset in the fixed assets. The screen for New Asset does not lead to a sub account but only control account FIXED ASSETS.


#4

You are responding on a topic over a year old. The links given in it have been unlisted because they are obsolete. Read this Guide: https://guides.manager.io/9106. And be sure your software is up to date, as procedures changed recently.


#5

Thks. Still I do not find any purchase cost in the fixed assets after the procedures are followed, namely creation of asset in fixed asset then expenses claim. When I do a test calculation for monthly depreciation, the amount of depn charge appears (-ve) but still no purchase amount for the asset to get the Book Value. Is this normal?


#6
  1. Create the fixed asset (using the Fixed Asset tab)
  2. Enter the purchase of the fixed asset as a Spend Money transaction and choose Fixed Asset/name of asset
    or
  3. Enter a purchase invoice and select Fixed Asset/name of asset as the account
    or
  4. Enter purchase as an expense claim. I just did this and it worked a treat

#7

Can you post a screen shot of the expense claim? Also post one of the fixed asset’s edit screen.


#8

Plse find print screen.


#9

No image was included. To upload screen shots, you must log in to the forum, not reply from email.


#10

Thks for yr help.


#11

Working backwards on your screen shots:

  1. You did not update your software. I can tell, because in your last screen shot, the Starting balance checkbox would no longer show if you had. So please update your software, as we can really only help in the context of the latest software. And the Guides reflect the latest software.

  2. The 100000 Purchase Cost you entered in the asset definition went into a custom field of your own creation. Custom fields are only informational. The program does not use them for any calculation or transaction. So that field and the number in it are completely useless. The information on purchase cost is input as described in the link I gave you in my first response. When entered correctly, purchases cost will show in the correct column. So you can delete the custom field named Purchase Cost. (First, however, you will need to delete all entries made in it for all your fixed assets.)

  3. The expense claim was posted to an account of your creation named 15300 OTHER EQUIPMENT. Since you have not shown your chart of accounts, I can only guess that might be an expense account. At any rate, it is not the control account to which the fixed asset, ITAL PROOFER, is assigned. That asset is assigned to the default control account for fixed assets, Fixed assets. The expense claim should have been posted to Fixed assets => ITAL PROOFER.

  4. All your fixed assets seem to suffer from the same problems. I suggest reading the Guide on how to purchase a fixed asset carefully.


#12

Thanks Tut. Can you show me how or where I get the updates. I delete the entries and then the custom field purchase cost.
Regarding the charter, the other equipment is in assets. see print screen.


#13

https://www.manager.io/desktop/download/

just download and install without uninstalling the previous version.


#14

Just creating accounts in the Assets group does not make things correct. Are all these extra asset and depreciation accounts you created custom control accounts made up of fixed assets? If not, none of the fixed assets features of the program will apply. I noted previously that your ITAL PROOFER asset had been left in the default Fixed assets control account. I suspect you have done the same thing with all these other fixed assets. Read this Guide about custom control accounts: https://guides.manager.io/9256.

You also have other problems. You have created two cash accounts outside the Cash Accounts tab. While your screen shot does not show it, I suspect you did the same thing with your bank account, which should be in the Bank Accounts tab. Read these Guides:

https://guides.manager.io/11367
https://guides.manager.io/9219

Your chart of accounts also shows expense accounts, PURC FOR RESALE and PURCH FOR TRANSFORMATION. Is this where you plan to post costs for inventory and raw materials? If so, this is incorrect. The cost of inventory is not an expense, but an asset. By default, the cost of inventory items is posted to Inventory on hand. It becomes an expense only when the item is sold. Then, its cost is transferred automatically to Inventory - cost.

It looks to me like an accountant gave you a list of accounts you should have for your business. But many of these are already available in Manager when you activate various tabs. Read this Guide: https://guides.manager.io/9181. And to further understand inventory management in Manager, read the three-part series of Guides, beginning with https://guides.manager.io/11111.


#15

Thks a lot. Have done it again, now its perfect.