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JE06 – Journals for Assets – Part-1

Journal Entries for GL / AP / AR / FA / CE JE06 – Journals for Assets – Part-1

00:01 – 000: Start from the Beginning ⟶

00:03 – 100: ABOUT ⟶

00:21 – 200: BACKGROUND ⟶

00:48 – 300: CONCEPT AND EXAMPLE ⟶

02:00 – 400: A/C SETUPS ⟶

02:28 – 401: Book Controls ⟶

04:02 – 402: Asset Categories ⟶

05:35 – 403: Asset Inquiry ⟶

07:19 – 500: ACCOUNTING JOURNALS ⟶

07:23 – 501: ASSET ADDITION & DEPRECIATION ⟶

10:34 – 502: UNPLANNED/BONUS/DEFERRED DEPRECIATION ⟶

10:39 – 502: 01: Unplanned Depreciation ⟶

11:23 – 502: 02: Bonus Depreciation ⟶

11:33 – 502: 03: Deferred Depreciation ⟶

12:33 – 503: COST ADJUSTMENT ⟶

13:45 – 504: PAYABLES TO ASSETS CYCLE ⟶

13:51 – 504: 01: Payables Invoice for Asset Procurement ⟶

14:18 – 504: 02: Create Asset through Mass Addition ⟶

14:44 – 505: PAYABLES TO CIP ASSETS ⟶

15:12 – 505: 01: Create CIP Asset ⟶

15:21 – 505: 02: Incur Cost through AP Invoice ⟶

15:40 – 505: 03: Add to CIP Asset Source Lines (Mass Additions) ⟶

15:54 – 505: 04: Capitalization ⟶

16:11 – 506: ASSET REVALUATION ⟶

16:26 – 506: 01: Asset Revaluation 1 ⟶

18:18 – 506: 02: Asset Revaluation 2 ⟶

19:00 – 506: 03: Revaluation Amortization ⟶

19:42 – 507: ASSET TRANSFER ⟶

20:03 – 507: 01: Asset Trf between Balancing Seg Value ⟶

22:35 – 507: 02: Asset Trf between Cost Center Values ⟶

23:43 – 508: ASSET RECLASSIFICATION ⟶

25:21 – 509: ASSET IMPAIRMENT ⟶

25:56 – 510: RETIREMENT AND REINSTATEMENT ⟶

26:16 – 510: 01: Cost of Removal in Payables ⟶

27:13 – 510: 02: Asset Sales Invoice in Receivables ⟶

27:43 – 510: 03: Cost of Removal sqr-off in Assets ⟶

28:04 – 510: 04: Proceeds of Sale sqr-off in Assets ⟶

28:18 – 510: 05: Net Book Value (NBV) Retired ⟶

28:44 – 510: 06: Retirement of Revaluation Reserve ⟶

28:58 – 510: Note2/3: Multiple Gain/Loss Accounts ⟶

30:35 – 510: Note1: Asset Reinstatement ⟶

31:33 – 510: Note4: Revaluation Reserve Retirement ⟶

32:03 – 600: CLOSURE ⟶

Chapter Markers

00:01 – 000: Start from the Beginning
00:03 – 100: ABOUT
00:21 – 200: BACKGROUND
00:48 – 300: CONCEPT AND EXAMPLE
02:00 – 400: A/C SETUPS
02:28 – 401: Book Controls
04:02 – 402: Asset Categories
05:35 – 403: Asset Inquiry
07:19 – 500: ACCOUNTING JOURNALS
07:23 – 501: ASSET ADDITION & DEPRECIATION
10:34 – 502: UNPLANNED/BONUS/DEFERRED DEPRECIATION
10:39 – 502: 01: Unplanned Depreciation
11:23 – 502: 02: Bonus Depreciation
11:33 – 502: 03: Deferred Depreciation
12:33 – 503: COST ADJUSTMENT
13:45 – 504: PAYABLES TO ASSETS CYCLE
13:51 – 504: 01: Payables Invoice for Asset Procurement
14:18 – 504: 02: Create Asset through Mass Addition
14:44 – 505: PAYABLES TO CIP ASSETS
15:12 – 505: 01: Create CIP Asset
15:21 – 505: 02: Incur Cost through AP Invoice
15:40 – 505: 03: Add to CIP Asset Source Lines (Mass Additions)
15:54 – 505: 04: Capitalization
16:11 – 506: ASSET REVALUATION
16:26 – 506: 01: Asset Revaluation 1
18:18 – 506: 02: Asset Revaluation 2
19:00 – 506: 03: Revaluation Amortization
19:42 – 507: ASSET TRANSFER
20:03 – 507: 01: Asset Trf between Balancing Seg Value
22:35 – 507: 02: Asset Trf between Cost Center Values
23:43 – 508: ASSET RECLASSIFICATION
25:21 – 509: ASSET IMPAIRMENT
25:56 – 510: RETIREMENT AND REINSTATEMENT
26:16 – 510: 01: Cost of Removal in Payables
27:13 – 510: 02: Asset Sales Invoice in Receivables
27:43 – 510: 03: Cost of Removal sqr-off in Assets
28:04 – 510: 04: Proceeds of Sale sqr-off in Assets
28:18 – 510: 05: Net Book Value (NBV) Retired
28:44 – 510: 06: Retirement of Revaluation Reserve
28:58 – 510: Note2/3: Multiple Gain/Loss Accounts
30:35 – 510: Note1: Asset Reinstatement
31:33 – 510: Note4: Revaluation Reserve Retirement
32:03 – 600: CLOSURE

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