Fixed Asset Opening Balances
Bevica Select has an Excel Template to import Fixed Asset opening balances, B-FIXED ASSETS. If it is not already in your company it is available to download at the end of this article.
Before you start
Understanding the Configuration Worksheet: Configuration Worksheet.
Understanding Excel templates: Excel Template Data Migration.
Switch off G/L integration
Prior to entering or importing your fixed asset opening balances, you must ensure that the depreciation book you are going to use has the GL integration switched off. To do this, open the depreciation book record and ensure all fields in this section are toggled off.
Create a manual fixed asset journal
If you would prefer to create the opening fixed asset journal manually rather than importing a template, navigate to the Fixed Asset Journals and open the DEFAULT journal batch. Populate the columns listed below except for:
Journal Template Name
Journal Batch Name
Line No.
Template
The template is a pre-formatted spreadsheet with the fields you need to create your opening fixed asset transactions within Bevica.
You will need a list of the following opening balances values per fixed asset record:
A journal line for the Acquisition Cost
A journal line for the depreciation value to the end of the last fiscal year
A journal line for the depreciation value YTD
You can create a further line for the salvage value if applicable
The template has the following fields:
1 Journal Template Name
(5619) FA Journal Template
Code 10 (Mandatory)
Enter ASSETS
2 Journal Batch Name
(5620) FA Journal Batch
Code 10 (Mandatory)
Enter ZZ-DM
3 Line No.
Integer (Mandatory)
Must be a unique number per line. Line numbers normally start with 10000 and increment by 10000, for example 10000, 20000, 30000
4 Depreciation Book Code
(5611) Depreciation Book
Code 10 (Mandatory)
Enter the Depreciation Book Code
5 FA Posting Type
Option (Mandatory)
• Acquisition Cost • Depreciation • Salvage Value
6 FA No.
(5600) Fixed Asset
Code 20 (Mandatory)
This is the Fixed Asset No.
8 Posting Date
Date (Mandatory)
11 Document No.
Code 20 (Mandatory)
Populate this with a relevant document number reference
12 External Document No.
Code 35
Populate this if you have another reference to bring across
13 Description
Text 100
Enter a relevant description
14 Amount
Decimal (Mandatory)
This should be a credit value for depreciation and salvage value and a debit for acquisition cost.
Upload the journal
Once the template has been applied, navigate to the Fixed Asset Journal ZZ-DM batch and check that the journal holds the same information as the data migration template used.
Ensure all columns you have imported data into are visible (with the exception of Journal Template Name, Journal Batch Name and Line No.).
Have all the lines been imported?
Select a number of lines at random. Are they all correct and the values both correct?
Export the journal lines to Excel and make sure the details look correct, including dates and values.
From the Fixed Asset Journal page preview or print a Test Report (Actions, Posting, Test Report)
Select Process, Post then Preview Posting. Check the entries that will be posted look correct.
Post the journal
Before Posting any opening balances, it is a good idea to copy the company as a backup, so you have a point to return to if there are problems once the Fixed Asset Journal has been posted. See Bevica Select - Creating new Bevica companies for information on how to do this.
Reconcile
Once Posted, the entries need to be reconciled with the values from your old system. The following should be checked:
Balance on Fixed Accounts. Check that the figures on your old system and Bevica match.
If your opening trial balance has been imported, check that the FA opening entries posted match the relevant GL Accounts. If your opening TB hasn't yet been imported, check the opening FA entries against your old system.
Another trusted user, rather than the person who created and posted the opening balance, should perform these checks. They should do this using their own data source from your previous system and not rely on the migration files you used in case there were errors on those.
Switch on G/L integration
Once you have imported and reconciled your fixed asset opening balances, you must ensure that the depreciation book you used has the GL integration switched back on. To do this, open the Depreciation Book record and ensure all relevant fields in this section are toggled on.
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