Creating a new Asset Account or Asset Booking
End Goal or Outcome: This article will help you to create a new asset general ledger account.
Task Description: The asset ledger is the log of entries affecting asset accounts from all recorded journal entries.
Table of Contents
Create a new asset general ledger account
Create a Payment Method
Pay Cash Advance to Employee
Adjust the Employee’s Cash Advance in the Purchase Invoice
Adjust Employee Cash Advance against multiple Purchase Invoices
View the Account Balance
Balance Sheet Report
Create a new asset general ledger account
Menu Path: Accounting > Masters > Accounts
Enter the Account Code and Description and select the parent code
2. Create a Payment Method
Menu Path: Finance > Masters > Payment Methods
3. Pay Cash Advance to Employee
Menu Path: Finance > Transactions > Payments
Step 3: Check the ‘Miscellaneous Payments’ option
Step 4: Enter the Amount and select the respective Account for Miscellaneous Payments
Step 5: Save the Transaction
4. Adjust the Employee’s Cash Advance in the Purchase Invoice
Menu Path: Purchase > Transactions > Purchase Invoices > Open a Purchase Invoice > Menu > Payment > Pay
5. Adjust Employee Cash Advance against multiple Purchase Invoices
To adjust the Employee advance against multiple Purchase Invoices of the same Supplier:
Menu Path: Finance > Transactions > Payments
Step 5: Select the Transactions against which the advance needs to be adjusted and save the Transaction.
6. View the Account Balance
Menu Path: Accounting > Masters > Accounts > Select the Account in the Account List > Menu > Accounting Entries
Step 3: In the Accounting Entries window, check the ‘Include Unposted transactions’ and select the Date/ Range.
Step 4: Right-click on the Debit column > Show Summary > select the ‘Sum’ option.
Step 5: Right-click on the Credit column > Show Summary > select the ‘Sum’ option.
Step 6: View the Balances.
7. Balance Sheet Report: The Balance Sheet Report gives the Balance for each Account.
Step 1: To Access the Balance Sheet Report,
Menu Path: Accounting > Reports > Balance Sheet
Note: You can refer to the balance with respect to each Account for the selected Accounting year and Period.
End Result: .
Examples & Illustrations/Use Case Scenarios: This will be an Activity in Question/Answer format.
Reference: Provide related knowledge base articles/ any other article/ any related reference links.