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OASV after AS91-Legacy Upload

former_member218048
Active Participant
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I want to upload certain assets to the System through AS91 transaction. The asset had original acquisition value 500 and now it has depreciated. However, I think we have to have some value as the acquisiton value for uploading. Hence I have decided that : Original acquisiton value - 500, Current value (memo) - 1. Hence the difference of 499 would be the accumulated depreciation. What entry I have to pass in OASV for effecting this ?

Accepted Solutions (1)

Accepted Solutions (1)

Former Member
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Hi ,

Net book value = 0, then Dr and Cr. Asset and Accumulated Depreciation Account,and

Net book value>0, then Asset A/C..Dr, Accumulated Depreciation A/C..Cr and Initial Upload Asset A/C cr...

You can pass one consolidated entry for all the Assets and do not need to pass individual entries for all the Assets

Thanks,

Raviteja

former_member218048
Active Participant
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If we pass entry to Initial upload a/c, it will have a balance and since we do not show the intial upload a/c no where in the Financial statement, that will distrot the whole picture, right ?

atif_farooq
Active Contributor
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Hi:

Initial stock upload account will be used in case of upload of values. It will not distort picture. You just need to be careful about it mapping at accurate place in FSE2 where it will be represented in financials.Waiting for forum feedback

Regards

former_member218048
Active Participant
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Let me make my issue little more clear:

We have to upload some assets which are fully depreciated.

I have made a memo value of 1 for this asset class as it was required that this asset should have a nominal value.

One asset, say, which had initial value 500 is to be uploaded.

What should be the accumulated depreciation for this, 500 or 499 ?

What accounting entry I should pass for this ?

atif_farooq
Active Contributor
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Hi:

Its obvious that Acc dep should be 499 since you want to keep 1 as memo value for the asset and 500 is its acquisition cost. Entry should be

Acc dep Dr 499

Asset Dr 1

Initial stock upload Cr 500

Br

former_member218048
Active Participant
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Hi Atif,

Did you mean to say:

Asset A/c Dr. 500

Accum Dep A/c Cr. 499

Initial upload a/c Cr.1

If that is the case, the intial upload a/c will have a credit balance of 1 which will have to show in the Financial statement. How this will be nullified ? In the intial upload, all the Dr. & Cr. of initial upload will be matched once the upload is finished, right ? If we make a credit balance in this account, how that will be nullified i.e. what matching Dr. will be made for this ?

atif_farooq
Active Contributor
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Hi,

Please look at the entry i wrote in my last reply. Initial stock Fi will be credited using 500 and asset ,its acc dep will be debited with Rs 1 and 499 respectively. Hope this clarifies.

Regards

former_member218048
Active Participant
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Hi Atif

You have told me to debit the 'accumulated depreciation' account. Could you please tell me what is the reason for 'debiting' accumulated depreciation account rather than 'crediting' it which is the normal accounting entry ?

Former Member
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Atif.

Even I was confused looking at the entry suggested by you. Why are saying to debit Accu depr account?

Answers (2)

Answers (2)

former_member218048
Active Participant
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Thanks for the inputs

former_member245440
Active Participant
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Hi Nikkita,

How to upload the data in As91 plz expain the process.Thanks!

atif_farooq
Active Contributor
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Hi:

There was some ambiguity in my mind regarding your question...Yes you are right , we are not discarding the asset so that acc depreciation is to be debited ...

Regards