Before recording the beginning balance of fixed assets, it should be added how many types of fixed assets existed in the entity as a database (Add Asset Group (PA002)).
There are 2 methods of recording the beginning balance of fixed assets as follows:
Method 1: Creating Fixed Assets One by One
Method 2: Creating Fixed Assets by Importing Excel Files (PEAK Template)
After already recording the beginning balance of fixed assets in PEAK Asset, do not forget to record the beginning balance of fixed assets in the daily journal again to ensure that the balance will be stated in the financial statements (please see how to record the beginning balance of fixed assets in daily journal > here.).
Method 1: Creating Fixed Assets One by One
This method will be adding each fixed asset item to the fixed asset register. Recommend for the beginning balance of fixed assets that are not yet recorded as the purchase of fixed assets. The following step is below.
Step 1.1: Go to Application center > PEAK Asset
Press on Asset Register
Step 1.2: Select the main group of assets > the sub-group of assets > click the group number of assets to record the beginning balance of assets.
Example: Record of the beginning balance of computer & equipment (COM-0001).
Step 1.3: Click the dropdown mark on Action button >> select Record Asset Balance.
Step 1.4: There will be a pop-up to record the beginning balance of assets by specifying the purchase date of the asset, date of Start recording depreciation from*, cost of assets and brought forward accumulated depreciation. After filling in and double-checking of all information, press the 'Confirm' button.
*Date of start recording depreciation from means the date that starting to calculate the depreciation expense onwards.
The depreciation expense is calculated from
For example, Record the beginning balance of assets such as the purchase of assets on 01/07/2021 at the end of the accounting period 31/12/2021. The beginning balance of assets at the cost of Baht 50,000. The entity wants to record assets as at the beginning of the accounting period of 01/01/2022. Record the beginning balance of assets as follows:
1. Purchase date of asset = 01/07/2021
2. Start date recording depreciation from = 01/01/2022
3. Asset value = 50,000
4. Brought forward balance of accumulated depreciation = 4,500
When the confirm button is pressed, PEAK will add a new asset to the selected asset group. However, PEAK will not record the accounting entries of the asset, including the asset value (the cost of the asset) and the brought forward balance of accumulated depreciation. Except if the brought forward asset specified to be calculated the depreciation expenses retrospectively. PEAK will record JVDP backward by following the calculation.
Depreciation table
Method 2: Creating Fixed Assets by Importing Excel Files (PEAK Template)
Step 2.1: Go to PEAK Asset > Asset Register > Import Asset
Step 2.2: There will be a pop-up for importing assets. Please click Download this form (.xlsx). The form will be downloaded to your device and please fill in the information of brought forward assets for importing into PEAK. You can see more detail in the sheet 'Description'.
Example of the excel file exported. firstly, click 'Enable Editing' and recommend reading the sheet 'Description' before filling in the information. After that, choose the sheet ' ImportFixAssetGroup'
Step 2.3: After already filled in the information, then upload the excel file into PEAK. Make sure that all information is correct before importing the asset information into PEAK and press 'Import Asset'
- Completion of Set Up Fixed Asset (Beginning Balance Part 7/8) -
All how to record a beginning balance in PEAK.
Part 1: Record a Beginning Balance (Beginning Balance Part 1/8)