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Create journal entries for Accounting CS or Workpapers CS

You can use Fixed Assets CS to create journal entries for your clients in Accounting CS or Workpapers CS.
  • You need Accounting CS or Workpapers CS on your hard disk.
  • The application and client data paths between Fixed Assets CS and the accounting application need to be consistent within the 2 applications' user preferences.
  • The client ID in Fixed Assets CS needs to be the same as the client ID in the accounting application and not exceed 11 characters.
  • You need to have an Accounting CS or Workpapers CS offset account for the client to reflect purchase and sale activity. We suggest you create Account #999 Fixed Assets CS Depreciation Offset. This is a clearing account that's cleared when the journal entry is made.
  • The client's accounting processing period needs to be no longer than the Fixed Assets CS period. For example, the client can't have a quarterly processing period in the accounting application and a monthly processing period in Fixed Assets CS.
  1. Select
    File
    , then
    Print
    .
  2. Print the Book or Tax Group Summary report, depending on which treatment balances you want to use to make the journal entry.
  3. Use the report to verify that each asset group's cost and accumulated depreciation beginning balances for the current period coincide with the beginning balances for the corresponding accounts in your accounting application.
  4. Select
    Setup
    , then
    Journal Entry Accounts
    .
  5. Assign a unique number from 2.00 to 99.99 as the
    Journal entry reference number
    .
  6. To make a single journal entry for all assets, mark the
    Create a single journal entry for all assets
     checkbox.
  7. Choose an
    Association
     if you want to make journal entries based on it. 
    • Group (the default, if enabled)
    • Location
    • Type
    • Division
    • Cost center
    • Department
    • Custom associations that maintain a list
  8. Mark the
    Journal entry for Accounting CS
     checkbox (even if you're using Workpapers CS).
  9. Choose the tax treatment Fixed Assets CS should use to create the journal entry:
    • Book
      .
    • Tax
      .
  10. For each list item for the chosen association, enter the journal entry description and general ledger account number.
  11. For each asset group, enter the journal entry description and the applicable general ledger account number.
  12. Enter the Accounting CS or Workpapers CS
    Offset
     account number.
  13. Select
    OK
    .
    Fixed Assets CS creates journal entry transaction files for each period that the client processes in Accounting CS or Workpapers CS when the Fixed Asset CS client is saved or closed.
  14. To view journal entry information that's ready to be imported into Accounting CS or Workpapers CS, select
    Tasks
    , then 
    Display Journal Entry
    .
You can now import the journal entry transaction files into your accounting application.

This article applies to:

  • Product: Fixed Assets CS
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