Fixed asset transaction options
You can set up fixed assets for integration with Accounts payable, Accounts receivable, Procurement and sourcing, and General ledger. You can also transfer items in Inventory management to Fixed assets if you want to use those items internally.
Accounts payable
You can enter fixed assets transactions in the Journal voucher page, which you can open from either the Invoice journal page or from the Invoice approval journal page. In the Offset account type field, select Fixed assets. Then, in the Offset account field, select a fixed asset number. On the Fixed assets tab, enter values in the Transaction type and Book fields.
By using either a purchase order or vendor invoice, you can:
- Create a new asset, with or without recording the acquisitions.
- Record multiple acquisitions to an existing fixed asset.
Accounts receivable
You can enter fixed assets transactions in the Free text invoice page. In the Free text invoice page, in the Invoice lines grid, select a line item. Select the Line details FastTab. Enter the fixed asset number and book for the disposal transaction. For free text invoices, the fixed asset transaction type is always Disposal - sale.
Procurement and sourcing
You can enter fixed assets transactions in the Purchase orders page. Enter the required information to create a purchase order, and then select OK. In the Purchase orders page, select the Line details FastTab. Then, on the Fixed assets tab, enter information about the fixed asset.
To post an acquisition transaction for an existing fixed asset, specify the fixed asset number, book, and transaction type. The fixed asset cannot be posted if any of this information is missing. To post an acquisition transaction for a new fixed asset, select the New fixed asset? option, and then select the fixed asset group to assign the new asset to.
Fixed assets > Setup > Fixed assets parameters
No fixed asset fields are available for a line if the item is in an inventory model group that uses a standard cost inventory model.
Options that are defined in the Fixed assets parameters page determine whether you can post acquisition transactions from the purchasing modules.
When a purchase order or the Inventory to fixed assets journal is used to acquire fixed assets, the inventory value is affected.
General ledger
In the General journal page, any fixed asset transaction type can be posted. Fixed asset transactions can also be posted in the Fixed asset journals.
When transactions occur on the fixed asset, such as depreciation adjustments when disposing of or splitting the asset, the same voucher number won’t be used on the transactions. This is to avoid downstream issues with the same voucher number. These different voucher numbers being used would also apply to acquisition adjustment transactions when splitting a fixed asset.
Double depreciation prevention
Depreciation transactions are validated during posting. This will stop the posting process if depreciation for the same asset has already been posted for the same period. You will get a message alerting you to that fact that includes the asset ID and book ID.
The system prevents depreciation from being applied to the same period twice.
For example, if two users attempt to post a depreciation proposal for January, the depreciation from the first user will be posted in the first journal. However, when the second user attempts to post depreciation in the second journal, the system validates the last date that depreciation was run and will not post depreciation for the same period a second time.