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Nov 02, 2014 at 08:04 AM

Add depreciation for the year in Accumulated Depreciation

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Hi,

We are uploading legacy data for asset during middle of the year.

In OASV, I am uploading the GL as

XXXX100 Asset Aquisition Value GL DR 100000

XXXX150 Accumulated Depreciation GL CR 40000

99999999 Asset Data Takeover GL CR 60000

There is Depreciation for the year INR 5000. Do I have to add INR 5000 to Accumulated depreciation and then post in OASV? Please see below:

XXXX100 Asset Aquisition Value GL DR 100000

XXXX150 Accumulated Depreciation GL CR 45000 (includes Depreciation for the year)

99999999 Asset Data Takeover GL CR 55000

Then while uploading Legacy GL balances I have to include Depreciation for the year GL account INR 5000 for the P&L.

Kindly suggest if this process is correct, since I am finding this as a double impact of Depreciation INR 5000 in B/S and P&L.