Setting up the Fixed Asset Accounting Codes

The fixed asset accounting codes govern the general ledger postings for each
type of fixed asset account. In general, there should be a one-to-one
relationship between the number of fixed asset GL accounts and the number of
fixed asset accounting codes.

Prerequisites: Setup of the fixed asset general ledger accounts

GL Accounts needed
o Fixed Asset (i.e. equipment, furniture, office equipment, capital in
progress, etc)
o Accumulated Depreciation
o Depreciation Expense

Go to Setup/ Financials/ Accounting Interface/ Accounting Codes

In this example there are four different fixed asset GL accounts (capital in
progress, equipment, furniture, and other assets) and therefore four fixed
asset accounting codes.
Line 1: fixed asset account
Line 2: respective accumulated depreciation
Lines 3 9: depreciation expense

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