Exact Globe+

Entering opening balance - Assets

Introduction

When entering an opening balance, in general the amounts on the asset accounts are not divided over the assets. In general the total amount of assets is booked on the balance sheet for investment and on the balance sheet for depreciations. After that these amounts are splitted over the assets, where it has to be set which amounts are already depreciated and which amounts have to be depreciated in coming periods.

To simplify the process the amounts can be split via the opening balance function of Assets in [Assets, Entries, Opening balance]. In order to use this function, a number of criteria have to be met. First of all, all general ledger accounts which are used for the registration and depreciation of assets must have the subtype assets. Furthermore assets and assetsgroups have to exist.

In order to clarify the process have a look at the example below. The entry shown below is part of an opening balance entry and thus is not balancing.

It concerns 6 different computers with a different value. When entering the opening balance the total amount is entered. This total amounts needs to be split per asset. By using the opening balance functionality the mentioned amounts can be split. The split will be added to the original opening balance entry with the same our reference and with the same date, in this example 31-12-2004. The total amount is split like shown below by the opening balance functionality.

The total amount is first booked to zero and after that the balance is booked to 25.000 again, but than split per asset.

Note:
In case the general ledger account for the investment and the general ledger account (balance sheet) for depreciation is the same, the same entry is made. So the two lines are still made, only with the same general ledger account.

Explanation:

Group

You can select the asset group for which you want to split the opening balance here.

Our ref.

You select here the our reference from the opening balance entry in which the asset accounts are used. By default the system will search for the general ledger account that is defined as balance sheet account in the maintenance of asset groups

Filter

If you press this button, the field itemcode and serial number will be displayed. These fields can be used to limit the transactions that are shown.

Itemcode

You can select the itemcode that is linked to the opening balance entry of the asset. Only transactions where this item is linked will be shown.

Serial number

You can select a certain asset here. After that only transactions are shown where this asset is linked or from which a number of characters are entered.

Status

This field shows the status of the asset. The default value is active.

After all criteria are set, the transactions that need to be split are shown. Manually you adjust the original purchase date, the investment and the already depreciated amount per asset. The system will automatically show the current book value per asset. After processing the several assets will be linked.

Deprec. Start date

The date you enter here is the start date on which the original investment took place. On this start date the depreciation will start as well.