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Page 1 of 7 Overview In this session we will examine how to set up the main components and record information within the fixed asset register. At the end of this session you will be able to: - Create Asset Records.
- Record Asset Values.
- Identify the different Asset Markers used by SunSystems.
- Record Additional Information for Assets.
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Asset Accounting and General Details Each asset is linked to two depreciation accounts: a balance sheet account and a profit and loss account. These are the accounts to which the depreciation charges for the asset are posted to by default. Global Analysis Codes You can assign up to ten analysis dimensions to an asset in the asset register, in the same way you can assign analysis dimensions to chart of accounts code, suppliers and customers. For example, you may want to group assets by location, or asset category. Depreciation Details For each asset valuation, you identify the depreciation method to be used to depreciate the asset. You can determine the start and end depreciation periods, and specify the number of day’s depreciation to be charged in the first period. Depending on the depreciation method being used, you can set the depreciation percentage and a final value. If a depreciation table is being used, you can identify the depreciation table code and column to be used. In a multi-currency environment, you can maintain the asset values in a second, transaction currency, and use a different method of depreciation, if required. Asset Values SunSystems Fixed Assets maintains the following values for each asset valuation: gross value, accumulated depreciation and net value. These values are calculated by the system from the transactions posted to the asset. These values are always maintained in the base currency. They can also be maintained in a transaction currency, and a second base or reporting currency. Additional Asset Information In addition to the main asset details defined using Asset Setup, the following additional information can be maintained for an asset: Asset Notes
Asset Note Setup enables you to record a large amount of extra information about the asset. This is divided into sections for general description and maintenance information, purchase details, partial disposal details, insurance details, finance details, and user-defined details. An asset can have any number of asset notes attached to it. A large amount of descriptive text can also be recorded on an asset note. Asset Budgets
Up to ten budget valuations can be maintained for each asset, in addition to the 'actual' ledger valuation. Asset Budgets Details (FABD) allows you to maintain up to ten alternative asset valuations, and apply different depreciation methods on these valuations. Asset Analysis Posting Presets
Asset Posting Presets can be used to predefine the analysis codes entered on transactions posting to an asset. Different analysis code combinations can be preset for an asset, and these are maintained in asset subcodes. Asset subcodes (analysis code combinations) can contain a factor. More than one subcode can apply to a transaction and the factor is used to apportion the original transaction value across the subcode analysis combinations. So for example, a total depreciation amount for an asset can be allocated over a number of departments/cost centres, which are predefined using this option.
Asset Records An asset record contains vital information about the asset, i.e. type of asset, the depreciation method and the start and end depreciation period. Fixed Asset Setup (FAS) is used to create new assets and view the details of existing assets. contains vital information about the asset, i.e. type of asset, the depreciation method and the start and end depreciation period. Fixed Asset Setup (FAS) is used to create new assets and view the details of existing assets.contains vital information about the asset, i.e. type of asset, the depreciation method and the start and end depreciation period. Navigation Drop Down Menu – you can either use the Short Cut Keys, FAS or you can scroll down.
Using Navigation Manager - you can navigate through the navigation pane. Select Static Data Maintenance / Financials / Fixed Assets / Fixed Asset Setup, and then select form 51AS.
General tab
Click here to see a screenshot
Asset Status
The current status of the asset. The following options are available: Active - the asset is active within the system Suspended/Held – Ledger Entry, Ledger Import, or Asset Status Report will warn if the asset has been suspended. System disposal and depreciation functions both ignore suspended assets. Ready for Disposal – this must be selected in order to dispose of an asset.
Status
A status is assigned to each static reference record, for example to every account, asset, customer and supplier. It determines the current processing status of the record.
Open - this status is set automatically when you add a new record e.g. if you create a new account. Open items are available for input, inquiry, processing and reporting.
Hidden - a record with a hidden status does not appear on any inquiries but is available for input, processing and reporting.
Suspended/Held - a suspended record.
Closed/Completed - a closed record cannot be used for input or processing. For example, you cannot post transactions to a closed account or analysis code.
You can alter the status of a record at any time. You must use the options on the Action menu to change the status.
Short Heading
The Short Heading is a shortened version of the Description to be used instead where space is limited. If you leave this blank it defaults to the first characters of the Description.
Description
The full name or description of the data item or record. This is used to identify it on reports and inquiries.
Lookup Code
A Lookup Code can be used to find a record, as an alternative to the record code. It is often set to a shortened version of the description. It is particularly useful if a record is often referred to using different codes.
For example:
the Chart of Accounts code for Fuel Expenses is 75201 and the Lookup code is set to FUELEXP.
the Customer code for WHSmith is set to WHSmith and the Lookup code is set to SMITHWH.
Disposed
The system will set these fields if the asset has been disposed using Asset Disposal (ASD). Disposal Period
The period for disposal of this asset. If you leave the disposal period blank, Asset Disposal updates it when disposing of an asset. Final Value Calculation
This is set to override the Exclude Final Value from Calculation setting in Ledger Setup (LS). Reporting Conversion Control
Select the currency control option to be used for postings to this asset in the reporting currency. Three options are available: 1. Ledger Default - uses the Value 3 Currency Post Control option set in Business Unit Setup (BUS) to determine whether or not reporting currency values are required. If the Value 3 Currency Type in Business Unit Setup is set to Second Base Currency, then Value 3 must always be present. 2. Mandatory - make the reporting currency value mandatory on transactions posting to this asset. 3. Prohibited - prevent a reporting currency value being entered on transactions for this asset. Balance Sheet
The balance sheet account for depreciation postings for this asset. If this is left blank, the account entered in Depreciation Calculation (DPC) is used. Profit and Loss
The profit and loss account for depreciation postings for this asset. If this is left blank, the account entered in Depreciation Calculation (DPC) is used. Start Period
The period in which depreciation should commence for the asset. End PeriodThe projected final depreciation period for the asset. You can leave this blank if the life of the asset is determined by the depreciation method. Last PeriodThis displays the last period in which the asset was depreciated either by Depreciation Calculation, or manually using Ledger Entry or Ledger Import. |
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