You need to record fixed asset transactions by using journals. What should you configure before you can begin the recording process?

Question

Options

• AA journal name that uses the Fixed asset budget journal type
• BA journal name that uses the Post fixed assets journal type
• CA depreciation book journal name
• DA default Fixed asset-posting, ledger description

• A
  10% (5)
• B
  83% (43)
• C
  6% (3)
• D
  2% (1)

Explanation

To use fixed assets, you must set up the journal names that are the basis of the fixed asset journals. To use items from inventory as fixed assets, you must also set up journal names for the inventory to fixed asset journals. Set up journal names for the fixed asset journals (see step 3). 1. Click General ledger > Setup > Journals > Journal names. 2. Click New and enter a unique identifier in the Name field. 3. Select Post fixed assets in the Journal type field. You use this journal type for any type of fixed asset transactions that will be posted for value models. This journal type provides special functionality for fixed assets, such as creating proposals for different types of fixed asset 4. Enter values in the Description and Voucher series fields and other fields, as required. 5. Be sure to set up a journal name for each posting layer to post fixed asset transactions to. 6. Click New to create another journal name and enter a unique identifier in the Name field. 7. Select Fixed asset budget in the Journal type field. This journal type has functionality similar to Post fixed assets, but is used only for fixed asset budget register entries. 8. Enter values in the Description and Voucher series fields and other fields, as required. 9. Be sure to set up a journal name for each posting layer to post fixed asset budget register

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