If you are integrated with one of our partners (e.g. Xero, QuickBooks Online, Sage Intacct, Microsoft Dynamics 365, etc.) AssetAccountant will show an error and not be able to post journals to your GL unless you have carefully setup your GL account mapping.
For example, if some but not all P&L and Balance Sheet accounts are not mapped or assigned for ALL of your asset groups, AssetAccountant will not post journals:
Sometimes, accountants prefer not to use the two accounts shown above.
Immediate claim account: It is okay to map this to a depreciation expense account.
Clearing/Suspense accounts: AssetAccountant interrogates clearing accounts to detect new "draft assets" created in your integrated General Ledger (e.g. D365, Xero, QuickBooks Online, Sage Intacct). Once you have applied your chosen depreciation and/or leasing settings for new draft assets, the correct accounting treatment will be applied in the next journal you post. These treatments of cost, accumulated depreciation, profit/loss on disposal etc. is determined by how you setup the account mapping in your Asset Groups (see above). After the journal is posted, the clearing account will be zero'd.
Instead of a clearing account, you could alternatively map to a Cost Account, but if you do this, AssetAccountant will post ALL events such as disposals to the Cost Account risking duplication. We recommend setting up a Clearing/Suspense Account to avoid the problems that would cause. Having a single Clearing account mapped to all Asset Groups is okay.
If you choose to not use Clearing/Suspense accounts as recommended, it is suggested you run some tests with to make sure the journal entries come out as you expect.
You can always delete these testing journals both in AssetAccountant and your GL and try again with no data consequences!
- Always ensure your clearing accounts are setup as parent accounts, NOT sub-accounts or assets assigned to them may not be recognised in AssetAccountant.
- It is important to map accounts to ALL of your asset groups, whether they contain assets depreciating in them or not.
- If you have previously disconnected your integration, to be able to post journals to your GL again, you must re-map your GL accounts to each asset group.
See below data flow diagram for how clearing accounts work with a typical integrated fixed asset register