24 | 17 Fixed Assets Control
Obed Pérez
Created on June 17, 2024
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Transcript
Fixed Assets Control Use Fixed Assets Control to specify how the Fixed Assets module works at domain level. Use Fixed Assets Control to specify whether: • Asset IDs are generated by the system or assigned manually • The system creates summary or detailed journal entries for fixed-asset GL transactions • The differences between the primary and secondary books are posted to the GL or the full amounts of the secondary posting books are posted to the GL.
Auto Generated: This field determines how asset IDs are assigned in Fixed Assets. When this field is selected, the system automatically assigns unique asset IDs, using Number Range Management to generate, control, and audit sequence numbers.
NRM Sequence: If the Auto Generated field is selected, specify the predefined Number Range Management Sequence ID.
GL Summary: This field determines whether the system creates summary or detailed journal entries for fixed-asset GL transactions. When this field is selected, Fixed Asset Transaction Posting and Reversal creates unposted transaction totals by account, sub-account, cost center, and project combination. When the field is not selected, Fixed Asset Transaction Posting and Reversal creates detailed unposted transactions by individual asset and account, sub-account, cost center, and project combinations. When you first implement Fixed Assets, consider creating detailed journal entries. You can verify that each transaction is being posted correctly with the right account numbers and then correct any mistakes. After you verify that the entries are correct, you can switch to a summarized journal, which takes less space and is easier to handle in the GL.
Depreciation Deviation: When this field is selected, the differences between the primary and secondary books are posted to the GL. Otherwise, the full amounts of the secondary posting books are posted to the GL.
Post Acquisition: Select this field to enable you to post an acquisition when you create a fixed asset. When you select this field and subsequently create a fixed asset in Fixed Assets, the Acquisition Post frame enables you to immediately post the acquisition to the GL. If you do not select this field, you must manually post the acquisition using Journal Entries.
Use Default Year: This field enables you to define a standard year in the GL calendar that is used to determine the periods in a year when a particular year does not exist in the GL calendar. You cannot use a leap year as the default year.
Maximum Number of Transaction Lines: Specify the maximum number of lines that a journal entry can contain. These journal entries are created by Fixed Asset Transaction Post and Reversal. It creates either detailed journal entries or combines the journal entries into summarized transactions, depending on the setting in the GL Summary field. However, regardless of this setting, a journal entry is limited to the number of lines you specify in this field. The default value is 500.