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Asset accounting

Assets

· Current assets

· Fixed assets

Transactions:

· Asset acquisition / Asset purchase

· Asset sale/Retirement

· Asset transfer

· Asset scraping

· Depreciation posting

Asset accounting org structure

Chart of depreciation (Defined at country level)

Asset class

Asset master

Sub-asset master

Create Chart of Depreciation: (OAPI)

For depreciation we have to copy from one COD to another COD

Give the specific description for specific chart of depreciation (For which we have copied)

Specify the name and save it

Click on Copy/Delete depreciation areas

Below is the standard one at the time of creating chart of depreciation.

· Book depreciation

· Depreciation as per Income tax ACT 1961

Assign chart of depreciation to the company code

Define Asset classes

· To define asset classes we need to maintain/create below steps.

ü Define account determination (ORG2)

ü Create screen layout rules (FBAU)

ü Define Number range interval (AS08)

ü Define asset class (OAOA)

Define account determination (ORG2)

Click on new entries and define the accounts with our own account determination

And save

Create screen layout rules (FBAU)

Click on copy item and define screen layout rule for it. (Nothing but asset field status variant)

And save

Define Number range interval (AS08)

We are defining the number range for each asset for each asset class.

Define asset class (OAOA)

Click on new entries

In this we need to create or give own asset class name and assign account determination, screen layout and number ranges to this asset class.

** For Asset under construction (AUC) system will not calculate the depreciation.

Creation asset class for Land

Define asset class for building

Define asset class for Plant and machinery

Define asset class for furniture

Define asset class for vehicles

Define asset class for Asset under construction

And save.

From below table we defined asset class with the combination of account determination, screen layout, number ranges.

Account determination		Screen layout		Number ranges	Asset class
H1000	Land	H100	Land	01	H1000
H1100	Buildings	H110	Buildings	02	H1100
H1200	Plant & Machinery	H120	Plant & Machinery	03	H1200
H1300	Furniture and Fixtures	H130	Furniture and Fixtures	04	H1300
H1400	Vehicles	H140	Vehicles	05	H1400
H1500	Asset under construction	H150	Asset under construction	06	H1500

Creation of GL master data for asset accounting

GL Account name	A/C Group	Rec a/c type
Land	B/S Assets	Assets
Buildings	B/S Assets	Assets
Plant & Machinery	B/S Assets	Assets
Furniture and Fixtures	B/S Assets	Assets
Vehicles	B/S Assets	Assets
Asset under construction	B/S Assets	Assets

Creation of GL account for Land

Creation of GL account for Buildings

Creation of GL account for Plant and machinery

Creation of GL for Furniture

Creation of GL for Vehicles

Creation of GL for Asset under construction (AUC)

Creation of Accumulated GL accounts for assets

Note:

For Land and Asset under construction (AUC) will not have depreciation. (No need to create those accumulated depreciation GL accounts)

Creation of Accumulated Dep for assets
GL Account name	A/C Group	Rec a/c type
Buildings	B/S Liabilities	Assets
Plant & Machinery	B/S Liabilities	Assets
Furniture and Fixtures	B/S Liabilities	Assets
Vehicles	B/S Liabilities	Assets

Creation of Accumulated depreciation on buildings

Creation of Accumulated depreciation on Plant and Machinery

Create Accumulated depreciation on Furniture and Fixtures

Create Accumulated depreciation on Vehicles

Creation of Depreciation for assets

Creation of Depreciation GL A/Cs
GL account name	A/C Group
Dep on Buildings	P/L Expenses
Dep on Plant & Machinery	P/L Expenses
Dep on Furniture & Fixtures	P/L Expenses
Dep on Vehicles	P/L Expenses

Create depreciation GL account for Buildings

Create depreciation account for Plant & Machinery

Create depreciation on Furniture and Fixture

Create depreciation GL account on Vehicles

Creation of Profit or Loss on sale/retirement of an asset

Creation of Profit or loss G/L accounts
GL Account name	A/C Group
Loss on scraping/Retirement	P/L Expenses
Loss on sale of an asset	P/L Expenses
Profit on sale of asset	P/L Income
Proffit on sale for scrap and Retirment asset	P/L Income

Creation of Loss on scrap/retirement of an asset

Creation of loss on sale on asset

Creation on Profit on sale of asset

Creation of GL for Profit on sale of Scrap/retirement of asset

Assign G/L account AO9O

Enter the chart of Dep

And click on Account determination

Select individual account determination and click on Balance sheet

GL accounts should be selected for specific GL related fields only.

1. Select Land- Account determination and click on balance sheet accounts

Select land Related GL account

H1000 Land
B/S Sheet	GL account asset number	Y
	Loss on scrap/retirement GL account	Y
	Profit on scrap/retirement GL account	Y
	Gain from asset sale GL account	Y
	Loss from asset sale GL account	Y
P & L	Accumulated Depreciation GL account	-
	Expenses ordinary depreciation GL a/c	-

2. Select Building- Account determination and click on balance sheet accounts

H1100 Building
B/S Sheet	GL account asset number	Y
	Loss on scrap/retirement GL account	Y
	Profit on scrap/retirement GL account	Y
	Gain from asset sale GL account	Y
	Loss from asset sale GL account	Y
P & L	Accumulated Depreciation GL account	Y
	Expenses ordinary depreciation GL a/c	Y

3. Select Plant and machinery- Account determination and click on balance sheet accounts

H1200 Plant and Machinery
B/S Sheet	GL account asset number	Y
	Loss on scrap/retirement GL account	Y
	Profit on scrap/retirement GL account	Y
	Gain from asset sale GL account	Y
	Loss from asset sale GL account	Y
P & L	Accumulated Depreciation GL account	Y
	Expenses ordinary depreciation GL a/c	Y

4. Select Furniture and Fixtures- Account determination and click on balance sheet accounts

H1300 Furniture and Fixture
B/S Sheet	GL account asset number	Y
	Loss on scrap/retirement GL account	Y
	Profit on scrap/retirement GL account	Y
	Gain from asset sale GL account	Y
	Loss from asset sale GL account	Y
P & L	Accumulated Depreciation GL account	Y
	Expenses ordinary depreciation GL a/c	Y

5. Select Vehicles- Account determination and click on balance sheet accounts

H1400 Vehicles
B/S Sheet	GL account asset number	Y
	Loss on scrap/retirement GL account	Y
	Profit on scrap/retirement GL account	Y
	Gain from asset sale GL account	Y
	Loss from asset sale GL account	Y
P & L	Accumulated Depreciation GL account	Y
	Expenses ordinary depreciation GL a/c	Y