Posting depreciation journals is the process of making periodical adjustments to your general ledger to add a depreciation expense to the P&L whilst balancing with the same reduction of the capital amount in your fixed asset account on the balance sheet.
The depreciation account will be debited, and the respective accumulated depreciation account will be credited.
AssetAccountant gives you various options as to how these journals are posted.
If you are acquiring assets in AssetAccountant, but NOT in your GL, then you would select all of the posting options as per below.
This is also the case if you are using one of our integration partners (e.g. Xero, QuickBooks Online, Sage Intacct, etc.) and your fixed assets are being purchased and entered to a clearing account upon purchase. Upon posting the journal, with the below selections being made, the clearing account will be zero'd.
Alternatively if the acquisition cost or disposal receipt has already been picked up and allocated to the fixed asset account in your GL, then you would uncheck the appropriate box, thus choosing not include the addition/disposal $ in your journal.
To which accounts the debits and credits for journals are posted, please refer to:
Setting up and mapping GL accounts for asset groups, for posting journals (integrations)
Below is an example output of an AssetAccountant periodic journal including a classification split for location.
This is an example journal output to spreadsheet if you are NOT integrated to one of our integration partner GL's:
