Submitting journals to Workpapers
If an Assets register is integrated with an underlying ledger, you can add Assets journal details as an unposted journal in the Workpapers trial balance table.
(Australia) Capital gain and Profit are posted combined under the “Profit on Sale” account.
(New Zealand) Capital gain will be posted under the “Capital Gain” account, and the Profit on Sale (also known as depreciation recovered) will be posted on the mapped “Profit on Sale” account.
At least one asset must be created to submit journals. 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.
Depreciation journals are calculated and submitted for the full year only.
- Open the Client Accounting > Assets tab.
Click Submit journals on the Tasks bar.
The Assets journals period end date must match the Workpapers period end date to submit journals. The Workpapers period must be an open period; you cannot send journals to a completed Workpapers period.
In the window Submit assets journals for posting? click Yes. The journals are submitted to Workpapers for posting.
You can also resubmit journals with new entries; the resubmitted journal updates the existing journal in Workpapers with the account codes that have a difference in value.
- In the window Asset journals have been submitted successfully, click OK.
- To view the Assets accounts, open the Workpapers trial balance sheet.
- Click View all in the Tasks bar. The journals are displayed in the Journals window.