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 JRNL - Journal from the Select a document type dialog.
   
   

3. The defaulted input form for the selected document type is displayed in Input form.
   

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 Journal document input form is displayed. Complete the Journal, entering Opening Balance details.
   

7. Next, double-select in Account . Double-select to select the required asset to debit.