| Applies toFixed Asset Management | AudienceAll users | Last updatedFebruary 06, 2026 |
In this article
1. Fixed Asset Records
Import or manually create Fixed Asset records before go-live.
| Field Name | Required? | Type | Notes |
|---|---|---|---|
| Fixed Asset Name | Yes | Text | Must be unique |
| Description | No | Text | Optional |
| Depreciation Method | Yes | Picklist | Default = Straight-Line |
| No. of Depreciation Years | Yes | Number | Used for depreciation calculation |
| GL Ledger | No | Lookup | Optional |
| Account Fixed Asset | Yes | Lookup to GL Account | Asset cost account |
| Account Accumulated Depreciation | Yes | Lookup to GL Account | Contra-asset account |
| Account Depreciation Expense | Yes | Lookup to GL Account | Expense account |
| Account Gain/Loss | Yes | Lookup to GL Account | Used on disposal |
| Depreciation Adjustment Amount | No | Number | Forces adjusted future depreciation expense—used when changing depreciation life mid-stream |
| Acquisition Amount | Yes | Number | Original asset cost |
2. Fixed Asset Journal – Acquisition Entry
Create or import a Fixed Asset Journal to post the Acquisition Amount for all fixed assets.
| Field Name | Required? | Type | Notes |
|---|---|---|---|
| Posting Date | Yes | Date | Use 1 day before go-live date |
| GL Ledger | No | Lookup | Optional |
| Description | No | Text | Optional |
| Amount | Yes | Number | Acquisition Amount |
| Transaction Type | Yes | Picklist | Use Acquisition |
| Balance GL Account | Yes | Lookup to GL Account | Use your Beginning Balance Offset GL Account |
3. Fixed Asset Journal – Accumulated Depreciation Entry
Create or import a Fixed Asset Journal to post Accumulated Depreciation up to go-live for all fixed assets.
| Field Name | Required? | Type | Notes |
|---|---|---|---|
| Posting Date | Yes | Date | Use 1 day before go-live date |
| GL Ledger | No | Lookup | Optional |
| Description | No | Text | Optional |
| Amount | Yes | Number | Total Accumulated Depreciation Amount |
| Transaction Type | Yes | Picklist | Use Depreciation |
| Balance GL Account | Yes | Lookup to GL Account | Beginning Balance Offset GL Account |
Result After Cutover
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Fixed Assets reflect:
-
Correct acquisition cost
-
Correct accumulated depreciation balance
-
-
Net book value is accurate as of go-live
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Future depreciation will be calculated correctly starting on the go-live date
Article Fixed-Asset-Cutover · Last updated February 06, 2026 · GoldFinch ERP Help Center
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