Hello,
Your Acquisition Entry is not correct. Let me explain. First, the Fixed Asset Card, have you created it for the Asset to be Acquired? If yes, your Depreciation Book, for the Fixed Asset I am guessing is GAAP. Is the Depreciation Book Integrated to the G/L flagged = TRUE? If yes, then you must first use the Fixed Asset G/L Journals. This is because the Acquisition Entry will book the the General Ledger and Sub-Ledger (Fixed Asset). Your Entry above has the Account Type = G/L Account and the Bal. Account Type = G/L Account so therefore no Asset is being posted too and the Depreciation Book Code is invalid. The entry will look like this:
My Bal. Account No. offset to the G/L Account the actual Purchase Invoice dollars posted too, maybe a CIP or Clearing account. If the Purchase was already posted to the G/L and you only want to create the Fixed Asset to begin depreciating, you can book the above in the Fixed Asset Journal and the entry will look like this:
Hope this helps.
Thanks,
Steve
