Non-Default Asset Settings: General Information
When you are creating a fixed asset on the Fixed Assets (FA303000) form, you specify the needed fixed asset class, and the system fills in the default settings for the created fixed asset with the settings of the class. You can change most of these default settings before you release the acquisition transaction of the fixed asset.
Learning Objectives
In this chapter, you will learn how to create and reconcile a fixed asset with settings that differ from those copied by the system from the fixed asset class.
Applicable Scenarios
You change the default settings when creating a fixed asset if the asset should have some settings that are different from those provided by its asset class.
Class Settings That Can Be Overridden
[1]One thing we are not clarifying is whether these listed settings are ALL of the settings copied from the class or only SOME of them. It might be helpful to make that clear here or after the table. If all of the copied settings can be changed, we might want to say that: "you can override all of the settings that have been copied from the selected fixed asset class. These settings are listed below." If NOT all of the copied settings can be changed, we can do the following: - Instead say "... the following settings, which have been copied ...." - In the paragraph after the table, either list the settings that cannot be overridden (if there are only a small number of settings that are both copied from the class AND not override-able) OR say something like "You cannot override other class settings that have been copied to the fixed asset." I see in an earlier activity (of the previous chapter) that we say "You can change any asset setting except for the state of the Tangible check box until the acquisition transaction is released." That key fact should be stated here too.2023/07/0321:42:54-04:00When creating a fixed asset on the Fixed Assets (FA303000) form, you can override the following settings that have been copied from the selected fixed asset class.
| Tab | UI Element That Can be Overridden | Comments |
|---|---|---|
| General | Asset Type | You can create the required fixed asset type or edit an existing one by using the Fixed Asset Types (FA201010) form. |
| Useful Life, Years |
If you change the useful life for an existing asset that was already depreciated for some periods, the system recalculates the depreciation starting from the placed-in-service date and generates a Depreciation Adjustment transaction. Attention: The useful life cannot be changed for the fixed assets that are
depreciated by using any of the table depreciation methods.
|
|
| Depreciable | ||
| Placed-in-Service Date | For a depreciable fixed asset, this box will be unavailable for editing once the first depreciation transaction (of the Depreciation+ type) has been created. | |
| GL Accounts | All boxes available on this tab | |
| Balance | Depreciation Method | On this tab, you can also add other depreciation books that are assigned to the fixed asset class. |
| Averaging Convention | This column is not available for a non-depreciable fixed asset (one for which the Depreciate box is cleared on the General tab). | |
| Useful Life, Years | This column is unavailable for editing for listed books that have the Australian Prime Cost, New Zealand Straight-Line, and New Zealand Straight-Line Evenly by Periods methods. |