Separate Offsetting A/c for Asset, Accumulated Depreciation and Depreciation GL

[former_member650819]

Hi,

I want to upload in OASV, Asset GL, Accumulated Depreciation and Depreciation for the year.

I would like to know, whether we have to create separate Offsetting GL for Asset, Accumulated Depreciation and Depreciation for the year GL.

Also, when I create offsetting GL in FS00, are they Balance Sheet or P&L accounts?

Kindly suggest.

[former_member198650 · Accepted solution]

Hi Nabin,

No need to create individual off setting accounts for every GL account. This GL should be legacy balance clearing a/c or legacy asset balance clearing a/c and it should be balance sheet account.

Generally this is a control account and these balance should be 0 after upload all balances in the system.

Regards,

Mukthar

[former_member650819 · Accepted solution]

Hi,

How about Depreciation for the year GL, since I am getting error to upload this GL as it asks for Cost Center.

I didnot understand by what u said, this is a control account and these balance should be 0 after upload all balances in the system.

How can we make the balance zero, please explain.

[former_member198650 · Accepted solution]

Hi,

Since you have created depreciation as cost element system is asking for cost object i.e.cost centre. Hence at the time of depreciation posting in FB01, you have to provide the cost centre and posts it.

Control account is not but your legacy balance clearing a/c. At the time of legacy data upload we have to create a legacy balance account. After uploading all data the legacy balance should be 0.  I have explained clearly below:

At the time of asset GL balances upload you make the entry as -

Asset A/c Dr        1000

Acc.Dep.A/c Cr      100

Legacy bal.clearing A/c Cr 900

At the time of liabilities GL balances upload you make the entry as:

Loan A/c Cr       900

Legacy bal. clearing A/c Dr  900

Like that you upload all legacy data by crediting or debiting to legacy bal. clearing a/c. After all postings, the balance is 0. Then only your legacy data upload is successful. Otherwise you might be missed some thing.

Regards,

Mukthar

[former_member650819 · Accepted solution]

That means, we have only one Legacy Bal Clearing GL for Asset and Liabilities legacy data upload.

Incase, we create separate Data Takeover GL for Assets, and upload all the assets using that. Once the upload is done, I can flag the Asset Data Takeover/Asset Initial Upload GL account as blocked (posting block).

Is that fine?

Hence if I create Asset Initial Upload GL account for Fixed Asset upload, then I have to create Legacy Bal Clearing GL for Liabilities.

Please let me know if this is fine.

[former_member198650 · Accepted solution]

Hi,

Yes you can create as per your desire. But if you sum up all legacy GLs balances and the there should 0. Then only your legacy data upload is successful.

Regards,

Mukthar