Asset acquisitions, revaluations and any other asset related transactions are all entered using SunSystems Ledger Entry (LE) or Ledger Import (LI).

Before you enter a ledger transaction to record an asset acquisition, you may need to:

   1. Set up the new asset using Fixed Asset Setup (FAS)

   2. Set up a new balance sheet account using Chart of Accounts Setup (CA)

At the end of this session you will be able to:
    1.  Identify Journal Definitions specific for Asset Details Entry.
    2. Identify the different asset markers used by the system.
    3.  Record Asset Values

Depreciation can be calculated either:

  Automatically  - in Depreciation Calculation (DPC). It uses the depreciation method, the related asset details, and the current asset values to calculate the latest depreciation amounts for a selection of assets.

  Manually  -  via a journal in Ledger Entry (LE). These depreciation transactions must contain the Depreciation asset indicator.

You can change the method or rate of depreciation for a given asset, part way through its life. The Fixed Asset Register caters for this using Depreciation Tables.

Depreciation timing rules can be applied to the depreciation calculations. This is required where depreciation is not spread evenly over each period in the year.

At the end of this session you will be able to:

Setting the Depreciation Processing environment Understand how the Final Asset Value is used Identify the use of Depreciation Timing Rules Understand the outcome of changing the Method of Depreciation Define Depreciation Tables Calculate Depreciation for assets

Setting the Depreciation Processing Environment

The Fixed Asset Register processing environment is determined by the Business Unit Setup (BUS) and Ledger Setup (LS) records. These determine the multi-currency environment and posting rules, the current period, maximum number of periods, etc.

The following Ledger Setup options apply specifically to the asset register and allow you to set overall processing rules to the register.

The Fixed Asset Register, like Financials, allows you to maintain up to ten separate budgets for an asset, in addition to the actual details.

You can maintain budget values for all of the assets you have defined in the actual asset register using Fixed Asset Setup (FAS). The budget asset register operates in the same way as the actuals asset register.

You must use Change Budget (CB) to access a budget ledger. You can then enter budget transactions using Ledger Entry or Ledger Import to set up the asset budget values, record asset additions, revaluations and disposals.

You can also use Depreciation Calculation (DPC) to depreciate the budget values and generate depreciation budget transactions to update the asset budget records and the depreciation accounts in Financials.
There are many different uses for asset budgets, including:

Budgeting purposes Forecasting future depreciation Experimenting with alternative depreciation methods and policies Maintaining taxation values

Asset Budget Details (FABD) is used to set up a budget asset, in a budget ledger. Budget assets contain the same information as the 'actual' assets set up using Fixed Asset Setup (FAS), but they are held in a separate budget ledger. So, a budget asset still contains all of the static data available, such as asset status, depreciation periods and posting accounts, gross value, accumulated depreciation and net book value. The budget asset values can also be held in the three currencies available: base currency, transaction currency and second base/reporting currency. However, the details do not have to be the same, so you can define a budget asset that uses different depreciation methods and currencies to the equivalent 'actual' asset. Therefore, by specifying a particular asset within a budget ledger, you are able to maintain a set of information on the asset alongside the actual information, for example, for the purpose of forecasting.

There are ten budget ledgers available and they are identified by the budget codes B to K corresponding to the budget facility in SunSystems Financials. Transactions can be posted to asset budgets using Ledger Entry and Ledger Import.

Budget data can be reported alongside actual data using the Financials report writers. You might use several budget ledgers to maintain different budget asset valuations or requirements, for example, one for taxation planning, one for forecasting, etc.

The budget ledger must have been defined in SunSystems Financials.

Asset Inquiry
Fixed Asset Inquiry (FAQ) allows you to display a range of posted journal transactions. This inquiry uses a predefined control desk and filter.

      Drop Down Menu – you can either use the Short Cut Keys, FAQ or you can scroll down.

      Using Navigation Manager - you can navigate through the navigation pane. Select Financials / Inquiries / Fixed Asset Inquiry
Click here to see the screenshot