Product Update 403: Feature to write off and sell assets for financial entries generated enhanced (Slovak legislation)

In line with the legal requirements, the functionality to write-off and sell assets for Slovakia has been enhanced.

Assets groups screen

• A new section, Write off, has been added at Assets à Assets à Asset groups.
• At the P&L field, you can only select general ledger accounts with the profit & loss subtype under the Write off section.

Write off screen

• In the Write off screen, the P&L check box has been removed. You will now see the P&L field.
• At the P&L field, the Write off profit and loss general ledger account from the assets group maintenance screen will automatically be filled by default. You can define another profit and loss general ledger account if required.

How does the enhanced Write off functionality work?

Example: Write off 

• When an asset is purchased for EUR10,000, the following entries are created:

• When the asset depreciates, based on linear depreciation (12 periods), the following entries are created for each period:

• After six periods, the asset is written off. The following entries are the current values related to the asset, prior to writing off.

• When you click the OK button in the Write off screen, the entries generated are as follows:

Report displayed after the write off process has been completed

• The report also displays the entries that have been written off.

Sell screen

• In the Sell screen, the Write off check box will be selected by default.

• At the P&L field, the Write off profit and loss general ledger account from the assets group maintenance screen will automatically be filled by default. You can define another profit and loss general ledger account if required.

How does the enhanced Sell functionality work?

Example: Sell  

• When you click the Generate sales orders button in the Sell screen, the entries are as follows:

Note: The entries generated above are based on the samples illustrated at the Example: Write off section.

• If the Write off check box in the Sell screen is not selected, then the above entries will not be created.