Please review before commencing Asset Integration. This function copies Assets from one XPA Ledger to another XPA Ledger. It is bound by the following constraints:
No Assets or Integrated Asset groups must exist in the destination file.
The number of Periods and year end date in the source and destination ledgers must match.
There must be no asset additions or sales in year 1 in the source file.
Asset Groups will be created as Non-Integrated Asset Groups with no Asset Group Account information being set in the destination file.
Historical Asset balances will be removed from the destination file once the copy is complete.
Ensure a backup of the ledger has been created before proceeding.
Part One: Asset Copy Process
Open the main APS Applications menu. Click on the Administration Tool. If this is not visible, click on Show All Applications.
Select the destination XPA ledger (file that the assets will be copied to).
When the XPA ledger was created, asset groups would have been set up on the ledger. These need to be un-integrated or deleted from the ledger. To unintegrate the assets, right-click the ledger and select Un-integrate Asset Ledger.
The XPA ledger is now ready for copying assets. From the destination XPA ledger, right-click and select the Copy Assets function.
In the XPA ledger selection box, select the source ledger (file that the assets will be copied from), then click OK.
Confirm to import all assets from Ledger XXX to Ledger YYY. Click OK.
At the end of the import, a message box will be displayed to confirm that the import was successful. Click OK.
If the ledger fails any constraints, a message box will advise accordingly. Close XPA Administration Tool.
Part Two: Asset Integration Process
Open XPA and the destination ledger. A review of Assets, Assets will show the assets imported into the XPA ledger.
Note: The assets are not integrated with the ledger at this point. The General Ledger codes need to be set up on these asset groups in order for the integration to be established.
Reverse current year depreciation entries. Asset movements in the current year (Depreciation (295), Gains/Losses on Sale (178/179/376) will be processed again by XPA when the assets are integrated and will therefore need to be reversed. Reverse these amounts by journal entry to depreciation expense, profit/loss, or capital gain/loss on sale with the contra to asset suspense (998).
Setting up Asset Groups: Asset Groups contain the system accounts required for XPA to automatically process Asset Movements made in the Asset Ledger into the General Ledger. From the Assets menu, select Asset Groups.
Double-click on the asset group in the ledger list and select the Accounts button.
Enter the General Ledger Cost Control account code that applies to this group. If unsure, use the ‘Find’ option to view the chart of accounts.
If this group exists on the default template attached to this ledger, a Template button will be displayed next to the Find button. Select this button to load the rest of the group codes associated with that Cost Control account. Select Yes to load the asset account codes from the ledger’s default template.
If account codes already have balances, e.g., the Depreciation Charge code, an alert will warn you. Select Yes to continue.
The completed screen will populate as below. Note that the Asset Realisation field is available but not populated, as all asset sales pass through the nominated asset suspense account. This field will not accept a code but will populate on ledgers converted from older versions of XPA. The PU Depreciation Charge field can hold a code to which private use depreciation expense is to be posted if you want it separated from the Depreciation Charge.
Select OK and then SAVE the group changes.
Select YES to validate Integration Account Codes.
The above process must be completed for all asset groups.
Part Three: Integrate the Assets
Once the groups have been set up, they must be individually integrated via the Asset Group window (if the ledger is running an integrated asset ledger). Highlight the group on the Asset Group screen – DO NOT double-click.
Select the Integrate button. Select Yes to the prompt Integrate Asset Group 730, Land? to continue.
Make the selection of which asset group to integrate – YES for Tax or NO for Book.
Confirm the correct Contra Account is going to be used for integration, and the process will complete.
The above process must be completed for all asset groups.
Part Four: Checking & Verifying Your Asset Register
To complete the conversion of your assets, review the asset register and General Ledger trial balance against the XPA source Asset register.
Select Assets from the Assets menu, and then select Assets.
From the Asset Toolbar, click on the Asset Reports button.
The Asset Report Selection screen displays the asset reports available.
Select the relevant report.
Tax Depreciation Schedule displays details of all asset groups where you selected to maintain a tax ledger.
Book Depreciation Schedule displays details of all asset groups where you selected to maintain a book ledger.
GL Integrated Depreciation Schedule displays details of those asset groups that have been integrated into the general ledger. This report does not display accurate details until the asset register has been synchronised with the General Ledger.