How do I add missing assets after month end?
In the instance where you have activated new assets that have Purchase Dates and Depreciation Start dates in a prior month, and you would like for a depreciation journal to be created for these assets in the prior month, no worries, read on 🙂
For example, the January monthly depreciation journal has been posted and on the 5th February, you enter and activate 10 assets that were purchased in the last week of January. To post the additional depreciation journals for the month of January, you will need to do the following:
- Add your assets in as needed via the "create new asset" or bulk asset upload process
- Activate the newly added Draft assets
- Click the cogwheel icon in the sidebar to navigate to the Administration page
- Click into ‘Set up your accounting rules’
- Click on the red button with the description ‘Out of Cycle Journal Post’.
- This will only create depreciation journals for newly activated assets that should have had a depreciation journal created for last month, yet weren't activated before month end.
- It won't create any additional journals for the assets that were already accounted for.
6. Check the Journal Report to see the journal that was posted! 🙂