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Set Up Fixed Assets

Before you can use the Fixed Assets application area, you must enter certain basic information.

Below is a list of the types of information you must enter.

Accounting

Set up FA posting groups and allocation key. Set up journal templates.

Basic Depreciation Information

Create depreciation books, and define various depreciation rules, integration with the general ledger and information that allows duplication of entries in several depreciation books. Define a default journal setup for each depreciation book.

Basic General Information

Set up general information that is not related to a depreciation book.

Fixed Assets

Define FA classes, FA subclasses, FA locations, and set up fixed asset cards. Define the method of depreciation for each fixed asset.

If you wish to define main assets and components, you must set up components lists.

Classification Codes

Before you set up your fixed asset cards, you should consider how to classify them. The following classification codes can be used:

  • FA Class Code

    You can use this code for main groupings of fixed assets, for example, tangible and intangible assets.

  • FA Subclass Code

    You can use this code to group your assets within the main categories, for example, buildings, vehicles, furniture and machinery.

  • FA Location Code

    You can use this code to register the location of the fixed asset, for example, sales department, reception, administration, production and warehouse. This information is useful for insurance and inventory purposes.

Insurance

Define insurance types, and set up insurance cards.

Maintenance

Define types of maintenance, and fill in information about maintenance on the fixed asset cards.

The following table describes a sequence of tasks, with links to the topics that describe them. These tasks are listed in the order in which they are generally performed.

To See

Set up default fields for fixed assets.

How to: Set Up General Default Values for Fixed Assets

Learn what default general ledger accounts, journal templates, and batches must be set up to use Fixed Assets.

Fixed Assets Accounting Setup

Use posting groups to define groups of fixed assets.

How to: Set Up Fixed Asset Posting Groups

Allocate transactions to various departments or projects.

How to: Set Up Allocation Keys

Find links to topics about setting up depreciation information for fixed assets, including defining depreciation rules, integration with general ledger, and other information.

Set Up Depreciation

Set up posting for such types as debit or credit.

How to: Set Up Posting Types

Define defaults for duplicating lines between journals, creating journal lines, and duplicating acquisition costs.

How to: Define Default Templates and Batches for Depreciation Books

Define codes for grouping assets such as tangible and intangible assets.

How to: Define Fixed Asset Class Codes

Define codes for grouping assets into categories such as buildings, furniture, and machinery.

How to: Define Fixed Asset Subclass Codes

Define codes for the location of fixed assets.

How to: Define Fixed Asset Location Codes

Post fixed assets transactions to the general ledger.

How to: Register Opening Entries

Set up insurance information for fixed assets, including general insurance information, insurance types, cards, journal templates, and batches.

Set Up Fixed Asset Insurance

Set up maintenance information, codes, and expense accounts.

Set Up Fixed Asset Maintenance

See Also

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