25 Overview to Fixed Asset Journal Entries

This chapter contains these topics:

25.1 Objectives

  • To split an asset into one or more new assets

  • To transfer an asset from one account to another account

  • To globally change category codes using the asset transfer program

  • To dispose of assets

25.2 About Fixed Asset Journal Entries

You can use the Fixed Assets system to record asset splits, transfers, and disposals in your accounting ledgers. When you indicate what assets you want to affect by a split, transfer, or disposal, the system automatically creates the necessary journal entries.

In addition, by using subledger functionality you can transfer or dispose of asset costs from a single subledger if necessary.

After the system creates the fixed asset journal entries, you must post the entries to the Account Ledger (F0911) and the Item Balances (F1202) tables.

Creating fixed asset journal entries includes the following tasks:

  • Splitting fixed assets

  • Transferring fixed assets

  • Disposing of fixed assets