(FRA) Using PeopleSoft Asset Management Options to Meet French Requirements
PeopleSoft Asset Management supports asset management practices that are commonly used in France.
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Page Name |
Definition Name |
Usage |
|---|---|---|
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RUN_AMBT1000 |
Run the Business Tax report or the Business Tax by Alternate Account report. |
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EU_AM_RUNCNTRL |
Obtain information on the asset, its cost and net book value, and all transactions that occurred in the specified reporting year, including depreciation and yearly depreciation. |
Use the Business Tax Report page (RUN_AMBT1000) to run the Business Tax report or the Business Tax by Alternate Account report.
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To calculate and report a business tax that is assessed on the gross value of fixed assets:
Define the business tax rates by country, year, and location.
Define asset profiles as business tax applicable by selecting the Business Tax check box in the Asset Profile component.
Define asset books as business tax applicable by selecting the Business Tax check box in the Asset Book Definition component.
Run the Business Tax reports: Business Tax by Account or Business Tax by Alternate Account.
PeopleSoft Asset Management supports derogatory depreciation and enables you to generate appropriate accounting entries.
To use the derogatory method:
Set up rates for use with the derogatory method by using the Depreciation Rate - User Defined page in the Establishing Asset Processing component.
Define appropriate reporting books for France.
In the statutory book, select France Derogatory Balance as the depreciation method.
Creating Accounting Entries for Derogatory Depreciation
By setting up the appropriate accounting entry information using an accounting entry template, you can generate accounting entries and see the difference between depreciation that is reflected in the economic book and the statutory book.
To set up appropriate accounting entries:
Define the economic and statutory books at the business unit level.
Select the Derogatory Depreciation check box on the Business Unit/Book Definition page for the statutory book.
Add assets.
Identification of derogatory depreciation processing is defined at the business unit or book level.
Select the Derogatory Accounting entries check box when setting the accounting entry template ID Derogatory to define the accounting treatment for derogatory depreciation.
Run the Depreciation Calculation process (AM_DEPR_CALC) for both books.
Run the Accounting Entry Creation process (AM_AMAEDIST).
Review depreciation entries on the Asset Depreciation - Period Depreciation page.
Review accounting entries for each book in the Asset Accounting Entries component.
The pages in this component provide the accounting date, transaction type, account, and amount of each entry.
Run the French Net Book Value by Account report (AMFR2120) on the Report - Asset Net Book Value page.
After you specify parameters for the report and click the Run button, select the French Net Book Value by Account check box from the process list that appears.
Run the French Net Book Value by Alternate Account report (AMFR2121) on the Report - Alt Acct Activity Detail page.
After you specify parameters for the report and click the Run button, select the French Net Book Value by Alternate Account check box from the process list that appears.
PeopleSoft Asset Management enables you to revalue assets as a whole by using an Application Engine process. You can also revalue one or more assets at one time using the Revaluation Worksheet page. The system enables you to track and report on the revalued amount separately.
Distribution types to support accounting entries for asset revaluation are available. When setting up accounting entry templates, you can use the Derogatory accounting entry template ID and select Asset Adjustments and Transfers. In the Accounting Entries column, Asset Management provides two entries: Provision for Revaluation and Reversal of Depreciation.
Use the 2054 2055 Reports page (EU_AM_RUNCNTRL) to obtain information on the asset, its cost and net book value, and all transactions that occurred in the specified reporting year, including depreciation and yearly depreciation.
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French statutory reports EU_2054 and EU_2055 are attachments to the annual balance sheet and provide information about the history and activity of assets during the specified fiscal year. Asset categories on both reports are based on the French statutory chart of accounts. The system provides a reporting option to generate both of these statutory reports for France.