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Depreciation - Create Journal Entries in FA

Distribution

Director of Fixed Assets Accounting

FA Administrator

Related Procedures

None

Ownership

The Director of Fixed Assets Accounting is responsible for ensuring that this document is necessary, that it reflects actual practice, and that it supports corporate policy.

IS Assets
N ® Journal Entries ® Standard
Submit Request

Creating Journal Entries

You record depreciation and other asset transactions' journal entries for GL by creating standard journal entries anytime after running depreciation for that period. You create final journal entries only once for a period.

1.   Enter the book and the period in the Parameters window using the LOV.

2.   In the Submit Request Journal Entries window, create Journal Entries appears automatically as the Request Name. Click 'Submit' to submit a concurrent process that creates journal entries for the general ledger.

3.   Review the log file after the request is completed.

• IS Assets creates summary journal entries for each defined journal entry category and accounting flexfield combination while the journal entries are not yet posted.
• The journal entry source specifies which feeder system created the journal entries.
• The journal entry category labels the purpose of the journal entry.

  Effective: 08/18/04

  Revision: 2

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