Creating a new Asset Account or Asset Booking

End Goal or Outcome: This article will help you to create a new asset general ledger account.

Task Description: The asset ledger is the log of entries affecting asset accounts from all recorded journal entries. 

Table of Contents

• Create a new asset general ledger account

• Create a Payment Method

• Pay Cash Advance to Employee

• Adjust the Employee’s Cash Advance in the Purchase Invoice

• Adjust Employee Cash Advance against multiple Purchase Invoices

• View the Account Balance

• Balance Sheet Report

3. Pay Cash Advance to Employee

Menu Path: Finance > Transactions > Payments

Step 3: Check the ‘Miscellaneous Payments’ option

Step 4: Enter the Amount and select the respective Account for Miscellaneous Payments

Step 5: Save the Transaction

4. Adjust the Employee’s Cash Advance in the Purchase Invoice

Menu Path: Purchase > Transactions > Purchase Invoices > Open a Purchase Invoice > Menu > Payment > Pay

5. Adjust Employee Cash Advance against multiple Purchase Invoices

To adjust the Employee advance against multiple Purchase Invoices of the same Supplier:

Menu Path: Finance > Transactions > Payments

Step 5: Select the Transactions against which the advance needs to be adjusted and save the Transaction.

6. View the Account Balance

Menu Path: Accounting > Masters > Accounts > Select the Account in the Account List > Menu > Accounting Entries

Step 3: In the Accounting Entries window, check the ‘Include Unposted transactions’ and select the Date/ Range.

Step 4: Right-click on the Debit column > Show Summary > select the ‘Sum’ option.

Step 5: Right-click on the Credit column > Show Summary > select the ‘Sum’ option.

Step 6: View the Balances. 

7. Balance Sheet Report: The Balance Sheet Report gives the Balance for each Account.

Step 1: To Access the Balance Sheet Report, 

Menu Path: Accounting > Reports > Balance Sheet

Note: You can refer to the balance with respect to each Account for the selected Accounting year and Period.

End Result: .

Examples & Illustrations/Use Case Scenarios: This will be an Activity in Question/Answer format. 

Reference: Provide related knowledge base articles/ any other article/ any related reference links.