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How to transfer a depreciation entry to the general ledger in EasyACCT

by Lacerte Tax 2023 Updated 6 months ago

There are two methods for transferring a journal entry from the Asset Depreciation module to the Write-Up Processing module:

  1. Automatic posting from depreciation to general ledger
    • Depreciation posts on a monthly basis only using this method.
    • When using automatic posting, the last general ledger year-end date and last depreciation year-end date must be the same.
  2. General ledger transfer

For both methods, each asset record must contain an Expense and Accumulated Depreciation account in order to transfer the correct amounts to the General Ledger.

Follow these steps to automatically post all companies:

  1. From the Company Selection screen, select System > System Utilities > System Characteristics.
  2. Go to the Automatic Posting Options tab.
  3. Select the option to Automatically Create the Depreciation entry.
  4. Enter a unique reference number to assign to the depreciation journal entries.
  5. Select Yes.

Follow these steps to automatically post one company:

  1. Open the company and select System > Company Wizard > Automatic Posting Options.
  2. If the checkbox is marked to override the Automatic Posting Options for the company:
    • Select option to Automatically Create the Depreciation entry
    • Assign a unique reference number
    • Select Finish
  3. EasyACCT creates the journal entry upon accessing a new month in the Enter Transactions screen in the Write-Up Processing module.
    • If transactions are already entered for a month, the journal entry will not create.
  1. Select Asset Depreciation > Data File Utilities > General Ledger Transfer.
    • The current depreciation year-end date on the General Ledger Transfer screen must match the General Ledger Year End date in Write-Up.
    • EasyACCT assigns this year-end date automatically, according to the last year-end date in the Company Information screen for Asset Depreciation.
  2. Enter a unique reference number that hasn’t been used in Write-up Processing module for the period you are transferring.
    • If a depreciation reference number is a duplicate of a Write-Up reference number, the transfer will overwrite any transactions in Write-Up with that reference number.
  3. Select the period for transferring (monthly, quarterly, or year-end)
    • For a monthly transfer, select 1-12 (1 = January and 12 = December)
    • For quarterly transfers, select 1-4 (each number matches the quarter).
    • For a full year:
      • Select Current if the Current Depreciation year-end date displayed matches the last General Ledger year-end date.
      • Select Prior if the Current Depreciation year-end date displayed is one year behind the General Ledger year-end date.
  4. EasyACCT automatically completes the remaining fields and posts the book depreciation to the general ledger (this may differ from the tax calculation).
  5. Click Continue to begin the transfer.
  6. To review the depreciation journal entry, access the appropriate period in the Transaction Data Entry screen in Write-Up.
Lacerte Tax

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