Accounting entries for Mid year Asset Conversions in a live company code

[Former Member]

Hi,

There is asset conversion for a live company code.

I just wanted to know, how the accountings entries should be posted(through OASV/FB01(after OAMK settings))

Say the APC value is 3400 . The useful life is 5 years. Dpereciation (previous year(453.35)+current year(340)) is 793.35 .

In current year depreciation is posted for 6 months.

I just wanted to know, how the journal entry should be posted.

Is it as below?

Asset Recon account debit 3400

Accumulated depreciation account credit 793.35

Asset load account credit 2606.65

Also please let me know, if we need to split current year and previous year values while posting the journal entry ?

Regards

SR

[former_member198650]

Hi SR,

If you want to split the depreciation, then you have to create a entry on different dates.  The entries would be:

previous year end:

Asset recon. a/c Dr 3400

Accumulated dep. a/c Cr 453.35

Asset load account Cr 2946.65

Current year:

Asset load account Dr 340

Accumulated dep. Cr 340

Regards,

Mukthar

[Former Member]

Hi Mukhtar,

Thanks. Cant it all be done with a current year journal posting ?

Regards

SR

[former_member198650]

Hi Swastik,

Yes, you can. The entry will be:

Asset recon. a/c Dr 3400

Accumulated dep. a/c Cr 453.35

Accumulated dep. Cr 340

Asset load account Cr 2606.65

Regards,

Mukthar

[Former Member]

Hi Mukthar,

Thanks. Do you mean to say it as below?

Asset recon. a/c Dr 3400

Accumulated dep. a/c Cr 793.35

Asset load account Cr 2606.65

So we are posting the juranl entry for depreciation of previous year and current year in on GL line. Just wanted to know, wheather there would be any impact of this on reconcilliation?

Regards

SR

[former_member198650]

Hi,

No Impact. Both will be reconciled.

Regards,

Mukthar