General Ledger clearing accounts and interfacing
When interfacing transactions from Accounts Payable and Project Accounting, you are required to specify a General Ledger account. The clearing account specified in each application must match the clearing account designated in the account group assigned to the asset in order for the clearing account to zero out each month.
Here is an example of how the clearing account is used when adding assets from Accounts Payable.
Debit | Credit | Source | |
---|---|---|---|
|
X | AP175 | |
Accounts Payable Record initial cost entry | X | AP175 | |
|
X | AM170 | |
Asset Clearing (defined in Account Group (AM05.1)) Create General Ledger entries | X | AM170 |
Here is an example of how the clearing account is used when adding assets from Project Accounting.
Debit | Credit | Source | |
---|---|---|---|
|
X | AC160 | |
WIP or Expense Transfer activity to Asset -Management system | X | AC160 | |
|
X | AM170 | |
Asset Clearing (defined on Account Group (AM05.1)) Create General Ledger journal entries. | X | AM170 |