Asset Opening Balances Checklist
Important!
The Fixed Assets is fully integrated with General Ledger so the methodology for loading opening balances is very important.
We recommend you follow the steps below to ensure a clean transfer of information from your old system to the TASS.web Fixed Assets module.
This checklist must be completed in full prior to the commencement of live processing in Fixed Assets.
Step | Menu Option | Details | Task |
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1 | The balances for the various Original Cost and Accumulated Depreciation GL accounts will have been loaded into General Ledger from the opening balances journal. |
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2 | You must have a reconciled Asset Register listing from your old system. This listing must contain the details of each asset including its Original Cost, Accumulated Depreciation and Net Book Value. The listing must be subtotalled for each asset category. The totals of Original Cost and Accumulated Depreciation from this list for each asset category MUST agree with the relevant General Ledger account balances |
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3 | Finance > Fixed Assets > Asset Information > Assets. | Add the asset details from your listing in Step 2 into TASS. For each asset, enter the original cost from your listing. It is imperative that the 'Operate Date' is entered as '01/01/????'. The Start Year will be ???? and Start Period will be 1). |
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4 | Finance > Fixed Assets > Asset Information > Assets. | When Step 3 has been completed for all assets, run the Assets Listing (click 'Print' icon on the List screen) and check that the total Original Cost on this listing agrees with the total of the General Ledger Original Cost Accounts). If it doesn't do not proceed. You must check this Asset Listing in detail and correct any errors so that the Original Costs agree before the next step is done. |
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5 | Finance > Fixed Assets > Asset Transactions > Transaction Batches. | Using your Asset Register listing in Step 2 above, enter the opening financial details for each asset. In the Asset Batch Details screen, select 'Addition' type and enter the correct Year and Period. For example, if you are running 'live' on TASS Fixed Assets from 01/01/2008, then you must enter Year=2008, Period=1. Enter the Net Book Value and Accumulated Depreciation for each asset from your listing in Step 2. |
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6 | Finance > Fixed Assets > Asset Transactions > Transaction Batches. | When all 'Addition' batches have been entered in Step 5, run the Batch Report by clicking the 'Print' icon on the List screen and check that the totals for Net Book Value and Accumulated Depreciation agree with your reconciled Asset Register List (Step 2). If it doesn't do not proceed. You must check these Batch Reports and make corrections by clicking the 'Edit' link. |
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7 | Finance > Fixed Assets > Asset Transactions > Post Batches. | When all 'Addition' batches from step 6 are balanced with your Asset Register listing, run Post Batches. Check the posting reports and keep as an audit trail of Fixed Asset opening balances entries. |
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8 | Posting from Fixed Assets to General Ledger will generate GL Journals to capitalise assets and clear the 'Asset Purchases Clearing' account. Therefore you will need to zero all Original Cost and Accumulated Depreciation account balances by journaling their balances into the 'Capital Purchases Clearing' GL Account. Do the following General Journal. DR Accumulated Depreciation A/C's. DR Capital Purchases Clearing A/C. CR Original Cost A/C's. |
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9 | Finance > General Ledger > Account & Journal Info > Post Journals. | Post the Journals created by Step 7. |
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10 | Finance > Fixed Assets > Listings & Reports > Asset Register. | Run the Asset Register for the Start Year and Period. Check that the totals agree with General Ledger balances for the various Original Cost and Accumulated Depreciation accounts. |
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11 | Keep reports as evidence of a balanced start to your TASS.web Fixed Assets ledger. Your Fixed Assets module is now loaded and reconciled with General Ledger and you are ready for normal Fixed Assets operations. |
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