G/L Post Codes

Setting up your G/L Post Codes

You must create G/L Post Codes if you want the application to automatically create Journal Vouchers for posting Fixed Asset transactions to your General Ledger.

Within the G/L Post Codes master list, you enter the accounts to debit and credit for each occurrence in an asset’s life. There are four different types of G/L post codes, which may be set up for an asset:

  1. Acquisition
  2. Depreciation
  3. Disposal
  4. Gain/Loss on Disposal

Add a new G/L Post Code on the "General Ledger Codes" screen using the "Add GL Code" button.

gl form

Form Parameters

GL Post Code: A unique short identifier representing the account G/L entry you are creating. Post Code Description: Descriptive text of up to 50 characters of the G/L entry you are creating. Credit/Debit: The two tabs onto which you select segments used to generate the accounting structure to be used for each. Source: Set a combination of up to 10 segments to post to. You can set these values separately on the Credit and Debit tabs.

For the source, you have levels of priority which you can set. This will determine which values should override others: Table: The application uses the segment selected on this window. Table Preferred: The application uses the segment selected on this window unless there is not one specified. Then it will use the segments specified at the asset key level. Asset: The application uses the segments specified at the asset level. Asset Preferred: The application prioritizes the segments specified on the asset level. If there is none specified, the system will use the segments selected on this window.

Journal Vouchers

Once you have setup the G/L Post Codes, you can select these post codes in the Category and/or Tax Class setup, as described in the help text. When you specify the appropriate post codes for a category, all of the assets that belong to that category, will use these post codes to generate the journal voucher to be posted to the G/L.

You may however specify within the Asset Specific Depreciation setup, modified or unique codes that may only apply to a single Asset.

When you perform the Depreciation Run process --- you may view the G/L Posting Preview Report to ensure the G/L Codes attached to the various depreciation profiles assigned to the assets are producing the entries you expect. If not, modifications may be made, and the Depreciation RUN process re-run to generate the corrected entries.

When you perform the Depreciation Update process --- you may view the G/L Posting Summary Report to capture the posting entries for the G/L Post Codes you selected.