Defining Opening Balances for Existing Fixed Assets
Once a fixed asset has been created, you next need to enter an opening balance. This is achieved by entering a general journal posted to the accounting period that the asset was acquired.
If you are adding assets having just moved to PS Financials software, use the accounting period used when you started using the software.
Defining opening balances
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Select GJ from the Document Type drop-down list then select General Journal from the Input Form drop-down list.
The Document Type will be preceded by the first two letters of the required location code, in the following example, LL.
- Select the required Document Date and Document Period then click OK.
- The General Journal form is displayed. Enter the required asset type Nominal and Account together with the relevant nominal code to credit.
- When you have entered all applicable fixed asset opening balances press F5 to post the document.