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Asset Accounting-Expense account

Financials (FI, CO, TR, EC)

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Asset Accounting-Expense account

Postby Andrew2013 » Mon Nov 25, 2013 9:18 pm

Hi,

Is it possible to post acquisition cost of an asset to an expense account instead of a Balance sheet account?

Thanks
AD
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Re: Asset Accounting-Expense account

Postby darkduck » Tue Nov 26, 2013 5:43 am

Could you please explain the process where you have this requirement.

Thanks!
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Re: Asset Accounting-Expense account

Postby Andrew2013 » Tue Nov 26, 2013 3:58 pm

When the asset is below 1000 SGD, the acqusition cost should directly post to a P&L account. Is it possible?
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Re: Asset Accounting-Expense account

Postby darkduck » Tue Nov 26, 2013 4:32 pm

it's called LVA (Local Value Assets). There's a configurable threshold for this.
But you first need to put it to BS account anyway, and then it can be depreciated in the same period.

However, if you don't need BS account, why do you need to get into FI-AA at all? Just write off directly to P&L account.
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