on 06-17-2010 1:02 PM
Hi,
can someone please provide me with the step by step process of AUC,s and fixed aseets from the enduser side along with the journal entries.I am new to asset accounting and dont know much about it.
Regards,
Nishu
Nishu
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Thanks.
Rgds,
Zub
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Hi,
The asset procurement life cycle is completely depends upon business scenario.
I list down few entries....
1) AUC
Debit AUC asset
Credit Vendor
Capitalize the asset
2) Debit Final asset
Credit AUC
3) Depreciation run
Debit Depreciation (Expenses account)
Credit Accumulated depreciation account
Sale to customer
4) Debit customer account\
Debit Accumulated depreciation account
Credit Asset account
Debit/credit profit/loss on sale of asset (Difference between amount realised and NBV of the asset)
Best Regards,
Madhu
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Hi
For AUC firstly you need to create the asset in AUC class without depreciation. Than in F-90 you acquire the asset from the source and you post all the expenses in the same AUC. After the completion of the asset, Create a new asset and with AIAB - Distribute the cost to the new created asset and with AIBU - Settle the AUC to the new one. This process simply you can follow.
Thanks
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