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Asset Group Account

Concepts & Definitions

Asset Group Accounts map each asset group to the general ledger accounts used to record asset values, depreciation charges, and disposal entries. Correct account mapping is essential for automated journal posting: without it, depreciation and disposal actions on the Asset Register will have no GL impact.

Each group-company-currency combination has its own set of accounts, allowing multi-company and multi-currency configurations.

TermDefinition
Wip AccountWork-in-progress account, used while the asset is under construction before it is capitalised
Asset Value (Recon) AccountThe balance sheet account holding the asset’s gross cost
Accum Amort AccountThe contra-asset account accumulating all depreciation charged to date
Amort Expense AccountThe P&L expense account charged with each period’s depreciation
Maint Expense AccountThe P&L expense account charged with maintenance costs
Impair Loss / Revalue Loss/SurplusOptional accounts for impairment and revaluation adjustments
Profit/Loss on DisposalThe P&L account that receives the gain or loss when an asset is disposed of

How To

Set Up GL Accounts for an Asset Group

Navigate to Admin → Asset Management → Asset Group Account.

Screenshot: Asset Group Accounts list view
  1. Click New.
  2. Select the Asset Group, Company, and Currency.
  3. On the Accts 1 tab, select GL accounts for:
    • Wip (work-in-progress)
    • Asset Value (gross cost balance sheet account)
    • Accum Amort (accumulated depreciation)
    • Amort Expense (depreciation P&L charge)
    • Maint Expense (maintenance cost P&L charge)
  4. On the Accts 2 tab (optional), select accounts for impairment, revaluation, disposal cost, and profit/loss on disposal.
  5. Click Save.

Repeat for each company and currency combination that uses this asset group.

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Asset Groups
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Asset Register