Global Ledger clearing accounts and interfacing

After interfacing transactions from Payables and Project Ledger, you are required to specify a Global Ledger account.

The clearing account must match the clearing account that is designated in the account group to the asset for the clearing account to zero out each month.

Here is an example of how the clearing account is used after adding assets from Payables:

Clearing account Debit Credit Source
Asset Clearing account is assigned to the Payables Invoice distribution line. X Payables Invoice Distribution
Payables record initial cost entry X Journalize Distributions

Sign in as Payables Manager and select Run Processes > Journalize >Journalize Distributions
Asset X Release Assets
Asset clearing that is specified in asset account group creating Global Ledger entries X Release Assets

Here is an example of how the clearing account is used when adding assets from Project Ledger:

Clearing account Debit Credit Source
Asset Clearing that is specified in Project Ledger X Project Interface Control
WIP or Expense Transfer activity to solution X Project Interface Control
Asset X Release Assets
Asset Clearing that is specified on Asset Account Group creating Global Ledger journal entries. X Release Assets