Fixed Assets - EBS (MOSC)

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How to clear off Asset Clearing account in Foreign Currency

edited Jun 18, 2016 5:01AM in Fixed Assets - EBS (MOSC) 5 commentsAnswered
 Base currency = USD

Transaction currency = SGD

Exchange rate = 2

Purchase asset for SGD200. Enter Payables invoice for SGD200. Converted amount = USD100

Dr. Asset Clearing account SGD200/USD100

Cr Payables SGD200/USD100

Run mass addition create in AP and transfer to FA.

Prepare Mass addition in FA and post asset.

Dr. Asset Cost USD100

Cr. Asset Clearing account USD100

I run Trial balance for entered currency in SGD.

The Asset Clearing account shows balance of SGD200.

How to get this account cleared off?

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