Fixed Asset Type GL Defaults

When a Fixed Asset item is created in CREST ERP, it is assigned an Asset ID and Type ID, such as Plant & Machinery, Office Equipment, Vehicles etc. Using the Fixed Asset Type GL default mappings, you can create Sub-ledger equivalents for the General Ledger.

You can assign separate GL Accounts for the following, for every Asset.

Asset A/c: E.g: Plant & Machinery A/c
Depreciation GL A/c: E.g: Current Depreciation – Plant & Machinery A/c
Accumulated Depreciation GL A/c: E.g: Accumulated Depreciation – Plant & Machinery A/c
Profit GL A/c: E.g: Profit on Disposal of Plant & Machinery A/c Or Profit/Loss on Disposal of Plant & Machinery A/c
Loss GL A/c: E.g: Loss on Disposal of Plant & Machinery A/c Or Profit/Loss on Disposal of Plant & Machinery A/c

*Only Fixed Asset Type ID is mandatory.

Note the GL account settings for these accounts: