Once you've made all your modifications to this year's asset register as required, you can submit journals to the workpaper period.
Before you submit journals, it's a good idea to run your asset schedule reports first to make sure all your balances are correct.
If you're using Client Accounting Workpapers, you can use the Assets - GL reconciliation workpaper to compare the balances in Assets to the balance in the underlying ledger.
From within the Assets period, click the Reports menu and choose the report you want to view.
The following reports are available:
|Report type||Report Name||Description|
|Accounting & Taxation|
Contains a list of depreciation details for both Accounting and Taxation purposes for all assets (for Australia, this includes pooled assets).
The details of the pool will be displayed only if one of the balances is not zero
|Additions and disposals||Contains a list of assets that have been acquired or disposed during the financial year. Depending on your register settings, this report will contain both Accounting and Taxation amounts, Taxation only amounts or Accounting only amounts.|
A detailed report containing a list of all assets in the Accounting tab of Assets Live.
Journal Summary - Accounting
|Contains a list of all journals and the amounts posted or to be posted to the workpaper period. This report contains the values calculated for Accounting depreciation.|
|A detailed report containing a list of all assets in the Taxation tab of Assets Live. In Australia, a summary of assets in the small business and low value pool is also provided.|
|Contains a list of all journals and the amounts posted or to be posted to the workpaper period. This report contains the values calculated for Taxation depreciation.|
Low value pool
|A detailed report containing a list of all assets in the low value pool. This report is available for Australia only.|
|Small business pool schedule||A detailed report containing a list of all assets in the small business pool. This report is available for Australia only.|
Asset journals are submitted for posting based on selecting either “Taxation” or “Accounting” in the Register settings window. If you select “Taxation”, then taxation journals will be submitted. If you select “Accounting”, then accounting journals are submitted.
From within the Assets period, click Submit journals on the TASKS bar.
In the window Submit assets journals for posting? click Yes. The journals then appear in the workpaper period, ready to be posted.
In the window Asset journals have been submitted successfully, click OK.
If you receive the error "Asset journal entries cannot be submitted without an account code...", make sure you've selected an account for all Integrated accounts in the Maintain Control Groups window.
If you have any assets with a private use %, check that you've also specified a Private Use balance sheet account in the asset details.
Check out KB 37822: Error: "Asset journal entries cannot be submitted without account code..." for more information.
To post journals to the underlying ledger, open the workpaper period and from the TASKS bar, click Post Journals and accounts.
If you make a change in the asset register after submitting journals, you can click Submit Journals again to resubmit journals with new entries. This will update the existing journal in the workpaper period.
- From within the Assets period, click the Reports menu and choose either:
- Journal summary to view journal entries containing taxation movements
- Journal summary - accounting to view journal entries containing accounting movements.
- The Date range is automatically set to the current asset register year. Click OK to this window to generate the report.
The Account Code for each line item appears in the left column. This only appears if you've specified your integrated accounts in the Maintain Control Groups window.