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Specify the quantity, price and amount.
See also: 4.2.3.1. Invoices Received
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(Receipt From Supplier).
Generate a report to check your actions.
2,Create Fixed Asset Entry- This is created to accept the item for accounting as an intangible asset.
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Specify the intangible asset, amount, method of depreciation, useful life, whether or not to charge depreciation.
See also: 12.1.1.1. Adding a Fixed Asset
Generate a report to check your actions.
Open the fixed assets catalog.
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Generate a report to check your actions.
4, Create a document Other expenses with the Reverse transaction type- This will be created to reverse the
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Specify the expense account, department, intangible assets account, name and amount.
Expense GL Account CR- Should be EXPENSE GL used in Invoice received.
GL Account DR- it should be the GL of asset i.e.. Intangible asset.
See also also 7.5.4. Other Expenses
You can see the below Trial Balance report, the expense of 10, 000 is closed.
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Open the fixed assets catalog. The value of intangible assets has been increased.
7, Once the entries are done, Month end closing should be done consequently (May-December).
Open the fixed assets catalog.
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Generate a report to check your actions.
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