1.Accounts will give you copies of invoices that have been entered as an asset.
2.These invoices need to be entered into the asset register.
3.Go to pbc. Double click on general ledger. Double click on fixed assets.
4.Double click of asset register.
5.In code click on the drop down box and enter the next number. Eg 183 and a thorough description.
6.Choose the category from the drop down box.
7.Enter the department.
8.The general ledger numbers are as follows:
Motor vehicles at cost = 99110 accum depn 99111
Office furniture at cost = 99125 accum depn 99126
Plant & equipment at cost = 99130 accum depn 99131
The depreciation expense account is the department followed by 475 eg 10475
9.Type in the supplier name eg Nepean office supplies. If the supplier is not set up in the computer ask accounts which creditor they used to enter the invoice and use that number
10.Enter the purchase date.
11.Click on the depreciation tab at the top of the screen.
12.The depreciation method is always reducing.
13.The percentage is 18.75% for motor vehicles and 20% for all other.
14.The depreciation interval is monthly.
15.Enter the purchase price.
16.The opening and closing written down value will be the same as the purchase price.
18.On the last day of the month you need to post the depreciation
19.Go to g/l. Fixed assets. Post depreciation.
20.Click on post and a list will be displayed. Scroll over to the right and a next amount will appear.
21.If everything looks o.k. select all and click on o.k. you have now processed the depreciation for the month. Once the g/l has been posted these transactions will appear on the g/l account inquiry.
22.To reconcile the asset register with the general ledger go to PBC .
23.Double click on general ledger.
24.Double click on reports.
25.Double click on financial reports.
26.Click on load defaults.
27.Delete all reports except for the combined balance sheet. Change the date to the month you are reconciling and print. Take 2 copies of this report.
28.Go to fixed assets. Double click on reports.
29.Click on assets by department, choose the category and run report. Print a report for all 3 categories.
30.Highlight the total on the balance sheet and the asset report.
|Remember to deduct the accumulated depreciation|
|eg 99110 = 1731918.08 less 99111 –814820.76 total $814820.76|
31.If the totals do not balance there is possible an invoice that went into the g/l that you do not have a copy of. Ask accounts for the copy and enter into the asset register.
32.If you have difficulties with this process contact Chris Meyer of PBC.