Skip to Content
0
Former Member
Nov 30, 2009 at 10:06 PM

Journal entries for the assets conversion FIAA

49 Views

I need to know how to pass the journal entries for the current year deprecaiton, retirements, sale off etc in FIAA>

Pass the journal entries to the P&L accounts in the current year. The journal entries will be for periods April to Sept 2010 i.e. 01 to 06 periods.

Now comes the serious stuff and I want to know exactly how do I bring in these transaction and how the journal entries are passed?

u2022 How do I handle the current year depreciation in the P&L account and in Balance sheet? Is there any entry for the balance sheet, I donu2019t think so please clarify.

u2022 How do I handle the current year sale of asset in the P&L account and in Balance sheet? Is there any entry for the balance sheet, I donu2019t think so please clarify. In case it is not taken off by the finance form the fixed asset register then we have to a pass a journal entry correct?

u2022 How do I handle the current year write off of the asset in the P&L account and in Balance sheet?

u2022 How do I handle the current year retirements of the asset in the P&L account and in Balance sheet? What is the manual entry?

u2022 What reports are to be printed for the reconciliation purpose?

u2022 Do I pass journal entries for each period therefore 6 entries?

u2022 The conversion account should become ZERO, correct?

I need your tips and tricks to handle the errors. What type of errors are noticed in the conversion process, and the important tables to look at and the important t codes for FIAA conversions

Thanks