General Ledger Activity from Asset Transactions

When a new Object is added, the following general ledger entries are the result. 

NOTE: The A/P invoice entry and C/D Check Run happened earlier. 

The Fixed Asset add process starts at the Object Add below. The accounting for the cost basis to move from the clearing account to the final asset account and the resulting depreciation entries are automatically created in the background.

Suppose there is a gain or loss on the disposal of an asset. The one place in the asset system where you need to create a journal entry manually is related to disposal. The first part of the entry is automatic. The manual entry is required only for a gain or loss.

When an Asset is moved to a new department or branch, the accounting for the cost basis and depreciation is automatically created in the background.

When splitting an Asset, all the cost basis and depreciation accounting are automatically created in the background.