Impact of Manual Accounting Entries and Opening Balances on Fixed Assets in Qoyod

Clarification on the Impact of Manual Accounting Entries and Opening Balances on the Fixed Assets Module

Step 1: Understanding the Difference Between Manual Entries and Opening Balances

• Manual entries for fixed assets: Used to record general accounting transactions independently. They do not affect depreciation or assets in the module and are typically used by users who do not have the fixed assets module feature. Assets are therefore entered through manual entries.

• Opening balances: For entering the value of existing assets when starting to use the system after entering asset data in the fixed assets module. They are directly linked to the fixed assets module.

Step 2: Entering an Opening Balance for Assets

1. Go to Manual Accounting Entries.

2. Select Opening Balances from the menu.

3. Select Fixed Assets as the balance type.

4. In the Asset field, select the asset that already exists in the fixed assets module.

5. Enter the opening balance value.

6. Click Save to complete the transaction.

Step 3: Handling Depreciation After Opening Balance

• After adding the balance, depreciation transactions can be executed normally from the fixed assets module.

• This ensures the accuracy of reports and the calculation of the asset’s book value.

Step 4: Important Notes

• Do not use manual entries to record assets if you have the fixed assets module enabled to avoid errors in reports.

• Manual entries are only useful for users who do not have the fixed assets feature in their package.

• Entering the opening balance correctly ensures automatic integration with depreciation and financial reports.