Fixed assets

Fixed assets chart of accounts

The fixed assets import method is similar to importing the trial balance. There are three steps to import the fixed assets data:
  • Create a fixed assets Chart of Accounts
  • Map the fixed assets Chart of Accounts to the ONESOURCE tax accounts
  • Import the fixed assets data
To import the fixed assets data, you must create a fixed assets Chart of Accounts and map it to the ONESOURCE tax accounts. The Chart of Accounts contains fixed assets information by category or individual asset in the current period. Each account must correspond to a unique value of those details such as the opening balance, addition, proceeds on disposal, and so on. Similar to the regular Chart of Accounts, you can add the Fixed assets Chart of Accounts manually, by importing it or by copying and pasting.

Create a fixed assets chart of accounts

  1. Select
    Configuration
    , then
    Chart of Account
    .
  2. Select
    Add
    .
  3. Enter a name and a year.
  4. Select
    OK
    .

Create a CoA Import File

The import file for fixed assets Chart of Accounts contains two columns:
Code
 and
Description
. The account codes must be unique, as no duplicates are permitted. You can enter numbers and text in the
Code
 field. If both accounting values and tax values for fixed assets need to be imported, you must assign distinct codes to distinguish the account values and tax values.
Example
Code
Description
Furniture & fittings__additions
Furniture and Fittings_Accouning_Addtions
Furniture & fittings__additionsCapitalisedToBalanceSheet
Furniture and Fittings_Tax_Additions

Import a chart of accounts

  1. Select the link to open the fixed assets Chart of Accounts.
  2. Select
    Choose import file
     and browse for your import file.
  3. Select
    Open
     to start the import.
  4. When the data is populated, select
    Save
    .

This article applies to:

  • Product: ONESOURCE Corporate Tax