Defining Opening Balances for Fixed Assets

This topic assumes that you are familiar with the completion of document input forms. If you need more detailed instructions (such as the selection of dates, periods, and accounts, etc.) please see Completing Document Input Forms.

Once a fixed asset has been created, you need to enter an opening balance, typically the full purchase cost of the item. This is achieved by entering a general journal posted to the accounting period in which the asset was acquired. If you are adding existing assets having just moved to IRIS Financials or were previously manually calculating depreciation but are now looking to use the depreciation rule, please see the Defining Opening Balances for Existing Fixed Assets.

If you are adding assets having just moved to IRIS Financials software, use the accounting period based on when you started using the system.

1. Select Documents, then select Document Input from the menu.
   

2. The Document Input dialog is displayed. Select Drill (...) in Document type, then double-select to select LLGJ - Journal (where LL represents the location code of the document type) from the Select a document type dialog.
   
   

3. The defaulted input form for the selected document type is displayed in Input form. In the following example, General Journal.
   

4. The Number field defaults to the next available number of this document type and you unable to amend the document number.

5. The Date and Period default to today's date and the current period. These should reflect the dates on which the opening balance is based. If required, select the Date down arrow and select the required date from the calendar, or select Drill (...) in Period, then double-select to select the required period from the Select a period dialog.

6. Select OK to confirm your selections. The General Journal document input form is displayed.
   

7. Double-select in Nominal, then double-select to select the required asset nominal to debit from the Select a nominal dialog.
   

8. Next, double-select in Account to display the Select LLL_FIXEDAST account dialog. Double-select to select the required asset to debit. Both Nominal and Account are populated based on your selections.
   

9. Enter a Description such as Admin Assistant Laptop at Cost, then enter the amount to be debited in Debit. Tab across until a new line has been created.

10. Repeat this process for the nominal to be credited, then tab across to Description and enter a suitable description.

11. Tab across to Credit, then enter the same amount entered in Debit. Press F5 to post.
    

12. The posted document is then displayed in the Documents Posted panel, as shown in the following graphic. You can continue to post additional general journals, which when posted are also displayed in this panel.
    

13. Selecting a document link in the Documents Posted panel displays a Document Enquiry showing the transactions that have been posted.