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. |
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Learn what default general ledger accounts, journal templates, and batches must be set up to use Fixed Assets. |
|
Use posting groups to define groups of fixed assets. |
|
Allocate transactions to various departments or projects. |
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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 posting for such types as debit or credit. |
|
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. |
|
Define codes for grouping assets into categories such as buildings, furniture, and machinery. |
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Define codes for the location of fixed assets. |
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Post fixed assets transactions to the general ledger. |
|
Set up insurance information for fixed assets, including general insurance information, insurance types, cards, journal templates, and batches. |
|
Set up maintenance information, codes, and expense accounts. |
See Also
Concepts
Set Up the Chart of Accounts
Set Up Posting Groups
Set Up General Journals