Close Building, Fixed, Land, or Leased Asset Subsidiary

These steps explain how to close a fixed asset subsidiary. Closing terminates the tracking of accounting and non-accounting information for the specific item. Follow these steps when a fixed asset is sold or otherwise discarded to stop the monthly expense and remove the subsidiary item from the G/L.

1. Launch Tool #1772 Work/View Subsidiaries.

2. Highlight the fixed asset to be closed.

3. Select Edit.

4. If applicable, zero out salvage value. (Remember the salvage value for step 8.)

   • If applicable, click Add/Update. A pop-up will appear. Click Add/Update again to confirm.

   • If salvage value is already zero, click the back arrow.

5. Highlight the same fixed asset to be closed.

6. Select Close.

7. In the Transaction post date field, input the effective date the activity will be posted to the subsidiary record.

8. The system will automatically input credit & debit amounts to close out the record. In order to balance, you will need to choose a GL to post a debit of the original salvage value amount to.

9. Use enter to accept the adjustments.

10. Click Create J/E if the entry needs to post to the CU*BASE General Ledger. Click Skip J/E if the entry needs to post to only the subsidiary record.

Post the J/E (if created)

1. Launch Tool #61 Create/Post GL Journal Entries.

2. Highlight the J/E just created.

   • The J/E should have an ID of “FA/BA/LA/LI” and the effective date you entered in the Transaction post date field previously.

3. Select Post.

4. Verify the correct J/E was selected and click Post again to confirm.

Learn More

	Learn more about closing subsidiaries.
	View steps to adjust building, fixed, land, or leased asset subsidiaries.
	View steps to add building, fixed, land, or leased asset subsidiaries.