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Asset Lifecycle Management - PSFT (MOSC)

Online Asset Creation ( Basic Add ) : A/C Entries - Contra Account Nullification

Jul 7, 2015 2:32AM edited Jul 15, 2015 10:04AM in Asset Lifecycle Management - PSFT (MOSC) 2 commentsAnswered

If we create an Asset Online ( Basic Add ) for a historical Asset. Let it be, let's create an asset for year 2009. ( we are in year 2015 )

Now the A/C entries created would be :-

Dr. Asset Account

Cr. Contra-Asset Account

We do not create any voucher for this asset. In such a case, how does the "Contra-Asset Account" as mentioned above gets nullified please ?

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