Fixed Asset Journals

Overview

Fixed Asset Journal can be used to manage acquisition, depreciation, and disposal of fixed assets.

Acquisition Fixed Asset Journals

Navigate to the Fixed Asset Journal. Then, click New to create a new record.

Populate the following fields:

• Posting Date

• Description (optional)

Then, click Save to save the record.

Click New to enter a new Fixed Asset Journal Line.

Populate the following fields:

• Fixed Asset

• Transaction Type with Acquisition

• Amount

• Balance GL Account (this is the GL Account that you used proceeds to acquire the fixed asset)

Depreciation Fixed Asset Journals are typically created by the Calculate Depreciation routine.

Click Post to post the Fixed Asset Journal.

Fixed Asset Ledger Entries and GL Entries are created.

Calculate Depreciation

Navigate to the Fixed Assets list. Select fixed assets, then click the Calculate Depreciation button.

Month End Date defaults to the previous month's last date and can be changed.

Click the Calculate Depreciation button.

One Fixed Asset Journal per GL Ledger will be created.

The new Depreciation Amount is calculated based on the Depreciation Amount between the Deprecation Start Date and the Month End Date, minus the Depreciation Amount previously posted.

GoldFinch automatically adjusts the Depreciation Amount so that it will never be more than the Remaining Amount on the fixed asset.

Disposal of a Fixed Asset

Create a new Fixed Asset Journal.

Select Proceeds on Disposal as Transaction Type on the Fixed Asset Journal Line.

Populate the following fields:

• Amount (this is the actual proceeds amount)

• Balance GL Account (this is the GL Account that you receive proceeds into)

Post the Fixed Asset Journal.

GoldFinch calculates Fixed Asset Gain/Loss by comparing the Remaining Amount on the fixed asset and the Proceeds on Disposal amount.

Review Fixed Asset Amounts

GoldFinch maintains the following 5 amount fields on the fixed asset page:

• Acquisition Amount (must always be positive)

• Depreciation Amount (must always be negative)

• Proceeds on Disposal (must always be negative)

• Gain/Loss Amount (negative amount is loss, and positive amount is gain)

• Remaining Amount (must always be positive or 0)