GL Accounts for Depreciation

The GL accounts used when generating depreciation journal entries are determined first by what is set up for the Minor category assigned to the asset. If there are no GL accounts set up for the Minor category, then the Major category is checked. If there are no GL accounts set up for the Major category, then the depreciation journal entry is created at an Error status.

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  • Sean Tame

    Can you please provide a brief description of the following (and the typical accounts that each would be set to?)

    * DR Asset Cost
    * CR Asset Cost Clearing

    * DR CIP Cost
    * CR CIP Cost Clearing

    * DR Depreciation Expense
    * CR Accumulated Depreciation

    * DR Proceeds
    * CR Gain/Loss

    Thanks!

    2 upvotes

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