Fixed Assets Preferences

Form ID: (FA101000)

On this form, you can configure the fixed assets functional area. These settings are used to assign the numbering sequences and special accounts, to specify document processing options, and to select the depreciation history view. For information about configuring fixed asset depreciation settings, see Depreciation of Fixed Assets.

Form Toolbar

The form toolbar includes only standard buttons. For the list of standard buttons, see Form Toolbar and More Menu.

Selection Area

This area contains four groups of configuration settings for the fixed assets functionality.

Table 1. Account Settings Section
Element Description
FA Accrual Account The asset account to be used to record the cost of items that have not been put into service yet but may become fixed assets in the future.
FA Accrual Sub. The subaccount to be used for such transactions.
Proceeds Account The account to be used to record the proceeds from disposal of assets.
Proceeds Subaccount The subaccount to be used to record proceeds from disposal of assets.
Table 2. Other Section
Element Description
Depreciation History View The way the depreciation history is displayed on the Deprecation History tab of the Fixed Assets (FA303000) form. The following options are available:
  • Side by Side: For every book to which the asset is assigned, the table displays the calculated and amounted depreciation in separate columns.
  • By Book: You select a book and the system displays the depreciation of the asset recorded in the selected book.
Depreciate in Disposal Period A check box that you select to make sure the asset is depreciated in all financial periods before the current financial period before you dispose of the asset.
Show Accurate Depreciation

The way calculated depreciation amounts are displayed in the system. Leave the check box clear to view the calculated depreciation amounts. Alternatively, select the check box to view the reported depreciation amount for the previous financial periods and the depreciation adjustment for the current period. The adjustment is calculated as follows:

Adjustment = B2 – B1 + A1

In this calculation, B2 is the calculated depreciation amount for the current financial period, B1 is the calculated amount of the previous financial period, and A1 is the reported depreciation amount of the previous financial period.
Require Full Reconciliation Before Disposal

A check box that you select to prohibit disposal of the assets that have an unreconciled amount.

Note: You can review the unreconciled amount for each asset on the Reconciliation tab of the Fixed Assets form.
Allow to Modify Predefined Depreciation Methods

A check box that you select to allow the modification of the predefined depreciation methods.

Note: We strongly recommend that you create your own depreciation methods based on the predefined ones rather than modifying the predefined depreciation methods.
Table 3. Numbering Settings Section
Element Description
Transaction Numbering Sequence The sequence to be used for assigning reference numbers to fixed asset transactions.
Asset Numbering Sequence The sequence to be used for assigning reference numbers to fixed assets.
Batch Numbering Sequence The sequence to be used for assigning reference numbers to batches originating in the fixed assets functional area.
Tag Numbering Sequence The sequence to be used for assigning reference numbers to tags. Usually, every tangible asset has a label with a unique identifier—that is, a tag.
Copy Tag Number From Asset ID A check box that you select to use asset IDs as tag numbers.
Table 4. Posting Settings Section
Element Description
Automatically Release Acquisition Transactions A check box that you select if the system should release acquisition transactions automatically.
Automatically Release Depreciation Transactions A check box that you select if the system should release depreciation transactions automatically.
Automatically Release Disposal Transactions A check box that you select if the system should release disposal transactions automatically.
Automatically Release Transfer Transactions A check box that you select if the system should release transfer transactions automatically.
Automatically Release Reversal Transactions A check box that you select if the system should release reversal transactions automatically.
Automatically Release Split Transactions A check box that you select if the system should release split transactions automatically.
Update GL

A check box that you clear if transactions associated with fixed asset documents should not be posted to the general ledger when you import assets with accumulated depreciation. Do not forget to select this check box after you finish importing the assets.

For more information, see Fixed Asset Entry.

When this check box is selected, the Depreciate action is available in the Action box on the Calculate Depreciation (FA502000) form, making it possible to calculate and depreciate a needed asset. For more information, see Depreciation of Fixed Assets.
Automatically Post on Release A check box that you select if transactions associated with fixed asset documents should be automatically posted on release. This check box is selected by default.
Post Summary on Updating GL A check box that you select to allow posting of batches with summary data to the general ledger. For these transactions, accounts that allow posting of summary values should be used.
Post Depreciation Summary on Updating GL A check box that you select to post batches with depreciation data by summary to the general ledger. If the Post Summary on Updating GL check box is selected, the Post Depreciation Summary on Updating GL check box is unavailable.