Fixed Assets: To Configure the System for Fixed Asset Management

In the following implementation activity, you will learn how to configure the system for fixed asset management.

Attention: This activity is based on the U100 dataset. If you are using another dataset, or if any system settings have been changed in U100, these changes can affect the workflow of the activity and the results of the processing. To avoid any issues, restore the U100 dataset to its initial state.

Story

Suppose that in January 2024, SweetLife Fruits & Jams purchased a license for fixed asset management, and the company’s management wants to start using this functionality in 2024. The implemented fixed assets must belong to the Administrative, Consulting, Sales, and Development departments of SweetLife; only one of these departments has been defined in the system.

The chart of accounts used by SweetLife has already been in use, but it does not include all the accounts needed for fixed asset accounting. The chart of accounts needs to be updated with new accounts that will be used in fixed asset transactions generated from the fixed asset subledger.

Acting as an implementation consultant, you need to prepare the system for the configuration of fixed asset management, create the departments, and upload the accounts from an Excel file.

Process Overview

In this activity, you will enable the Fixed Asset Management feature on the Enable/Disable Features (CS100000) form. On the Departments (EP201500) form, you will add the departments required for fixed asset accounting. Finally, on the Chart of Accounts (GL202500) form, you will upload the fixed asset accounts from an Excel file to update the existing chart of accounts.

System Preparation

Before you start configuring the system, you should launch the MYOB Acumatica website and sign in to a company with the U100 dataset preloaded. You should sign in as Kimberly Gibbs with the gibbs username and the 123 password.

You should also download the COA_FixedAssets.xlsx file, which you will upload in Step 3.

Step 1: Enabling the Needed Feature

To enable the Fixed Asset Management feature, do the following:

  1. On the Enable/Disable Features (CS100000) form, click Modify on the form toolbar.
  2. Select the Fixed Asset Management check box within the Finance group of features.

    The check boxes for the other needed features are already selected because you have preloaded the U100 dataset into the company; you do not have to change the selection of any other features.

  3. On the form toolbar, click Enable.

Step 2: Creating Departments

To create departments for the SweetLife company, do the following:

  1. Open the Departments (EP201500) form.
  2. For each of the departments listed in the following table, click Add Row and specify the listed settings in the added row.
    Department ID Description
    ADMIN Administrative department
    CONSULT Consulting department
    DEV Development department

    The SALES department has already been created in the system, so you do not need to add it.

  3. On the form toolbar, click Save to save the changes.

Step 3: Updating the Chart of Accounts

To update the chart of accounts, do the following:

  1. Open the Chart of Accounts (GL202500) form.
  2. On the form toolbar, click Load Records from File.
  3. In the File Upload dialog box, which is opened, select the COA_FixedAssets.xlsx file, and click Upload.
  4. In the Common Settings dialog box, which is opened, select Bypass Existing in the Mode box, and click OK.
  5. In the Columns dialog box, which is displayed, leave the default values and click OK.
  6. On the form toolbar, click Save to save the updated chart of accounts.

The chart of accounts is ready. With these accounts, you can report fixed assets by fixed asset classes on the balance sheet. Now you can proceed to the configuration of the fixed asset functionality.