To use fixed assets, you must set up the journal names that are the basis of the Fixed assets journals.
To use items from inventory as fixed assets, you also must set up journal names for the Fixed assets journals.
Set up journal names for the fixed asset journals
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Click General ledger > Setup > Journals > Journal names.
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Create a journal name by entering a unique identifier in the Name field.
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Select Post fixed assets in the Journal type field.
You use the journal type Post fixed assets for any type of fixed assets transactions that will be posted for value models. This journal type provides special functionality for fixed assets, such as generation of proposals for different types of fixed asset transactions.
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Enter values in the Description and Voucher series fields and other fields, as required.
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Be sure that you set up a journal name for each Posting layer to post fixed asset transactions to.
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Create another journal name with a unique identifier in the Name field.
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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 assets budget transactions.
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Enter values in the Name and Voucher series fields and other fields, as required.
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Be sure that you set up a journal name for each Posting layer to post fixed asset budget transactions to.
Set up journal names and Inventory management for the Inventory to Fixed assets journals
Setting up Fixed assets journals is not a mandatory step in the setup of fixed assets. However, journal names must be set up to create fixed assets from inventory items.
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Click Inventory management > Setup > Journals > Journal names, Inventory.
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Create a journal name by entering a unique identifier in the Name field.
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Select Fixed assets in the Journal type field, and enter values in the Name and Voucher series fields.
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Click General ledger > Setup > Parameters > Fixed assets, and select a default inventory journal in the Inventory journal field.