NetAsset - Run Go-Live Journals
Once assets are marked with a status of "Ready for Capitalization", they are ready for go-live entries, a one-time setup task which books the assets to the general ledger. See our Go-Live Overview to make sure you're ready.
STEP BY STEP PROCESS
Navigate to the NetAsset Mass Schedule Generation page by selecting NetAsset > NetAsset Setup > Run Go-Live Journals
The period filter will default to the period containing the go-live date set on the NetAsset System Setup page. All other filters are optionally available to run on a subset of assets. When you’re ready, click Run Go-Live Entries to initiate the journal creation process.
You can monitor the status on the subsequent page, periodically refreshing until the status has changed to Complete. Any journals generated will appear on the Batch Summary sublist.
Clicking on the Processing Status column will sort by that column and show you if there were any issues
To drill into the G/L impact, click the link to the NetAsset Go-Live Entry in the Journal Entry column to reveal the journal:
- Debit Asset Type’s “Fixed Asset Account” for the NetAsset Schedule Entry’s “Gross Asset Value”
- Credit Asset Type’s “Accumulated Depreciation Account” for the NetAsset Schedule Entry’s prior period “Accumulated Depreciation”
- Credit Asset Type’s “Go-Live Clearing Account” for the NetAsset Schedule Entry’s prior period “Net Book Value”
The G/L Impact sublist will give a summary of the precise impacts to the general ledger. These impacts should be close to the reverse of the entry that you will manually post to get rid of any pre-NetAsset fixed asset balances.