Accounting Settings

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Accounting Settings

Accounting Setup

User is able to view default Accounts and transaction Journal Entries from Accounting Setup.

Default Accounts

accounts

Show all the default Accounts within Fixed Asset Connect app. If user would like to integrate Fixed Asset Connect app with QuickBooks Online or Xero accounting, user will be able to map the accounts from Integration page. Fixed Asset Connect will create new accounts in QuickBooks Online or Xero accounting when the accounts are not available.

The default accounts are:

  1. Cash
  2. Account Receivable
  3. Fixed Assets
    • separate account for each Asset Group (Building, Computer, Fixture & Furniture, Land Improvement, Machine, Software, Vehicle)
  4. Accumulated Depreciation (Fixed Assets contra accounts)
    • separate account for each Asset Group (Building, Computer, Fixture & Furniture, Land Improvement, Machine, Software, Vehicle)
  5. Expenses
    • Depreciation Expense
    • Repair & Maintenance Expense
    • Gain / Loss on Sale of Assets
    • Loss on Asset Disposal
    • Gain / Loss on Asset Revaluation

Journal Entries

journal entries

Shows all the journal entries from the transactions. If user has connected Fixed Asset Connect with QuickBooks Online or Xero accounting platform, each journal entry will be synced as the transaction occurs.