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Does a depreciation adjustment create a separate journal entry or is it automatically included in the disposal journal entry?

Two options are available when you make deprecation entries in conjunction with a disposal:

  • You can "plug" a positive or negative depreciation amount into the Current Pd Depreciation field on Manage Asset Master Information and post it before posting the disposal. In this approach, a depreciation adjustment is treated just like any other depreciation posting and is identified as a DEPR entry in the Fixed Assets (FA) Journal. This methodology creates the most complete audit trail because the FYTD Depreciation field in the Asset Master record is updated when the current FA accounting period is closed. Further, no additional entries need to be made with respect to the depreciation adjustment.

  • You can make a "depreciation adjustment" entry at the time the disposal is entered on the Manage Disposal Transactions screen. In this approach, the depreciation adjustment is posted only when the disposal entry is posted and is identified as a DADJ entry in the FA Journal. A DADJ entry posts debits/credits to depreciation expense and accumulated depreciation accounts in the G/L (as does a DEPR entry) but, with this methodology, the FYTD Depreciation field in the Asset Master record is not updated when the current FA accounting period is closed. Further, an additional general ledger journal entry is required using this process to debit accumulated depreciation and credit the gain/loss account for the depreciation adjustment amount.