Fixed Assets General Preferences

To set up Fixed Assets Management general preferences:

Go to Fixed Assets > Setup > System Setup.

Note:
If the system detects that a reset is needed, you can click Reset Asset Values to start the process. For more information, see Triggering the Asset Reset Process. If you want to trigger the precompute process, click Precompute Depreciation Values. For more information, see Generating Depreciation Schedule Values.

Click the Asset Setup subtab to configure the following asset and accounting period preferences:

Asset
Run Server Scripts on CSV Import	Clear this box if you are importing records of mid-life assets. Important: Selecting this preference can enable the overriding of some values from the import file depending on the setting for a CSV import preference. See Creating Asset Records through CSV Import for the import guidelines.
Allow Asset Value Editing	Check this box to give administrators full permission to edit values in asset records. Note: Asset records cannot be edited if this box isn't checked. See Restricting the Editing of Asset Values for a list of fields that cannot be edited.
Allow Negative Asset Cost	Check this box to enable administrators (and other roles with permission to edit asset values) to enter negative values—for original cost, current cost, and residual value—in asset records. Important: You must check the Allow Asset Value Editing box before you can select Allow Negative Asset Cost. When you enter negative values in asset records, you cannot clear the Allow Asset Value Editing or Allow Negative Asset Cost box to disable either preference. The SuiteApp only supports asset depreciation for assets with negative costs. Running Depreciation Schedule Reports for assets with negative costs returns incorrect data.
User Roles	Select additional roles from this field to enable other users to edit asset values. Note: Checking the Allow Asset Value Editing box enables the User Roles list. To select two or more roles, press and hold down the CTRL key and click each role.

Asset

Run Server Scripts on CSV Import

Clear this box if you are importing records of mid-life assets.

Important:

Selecting this preference can enable the overriding of some values from the import file depending on the setting for a CSV import preference. See Creating Asset Records through CSV Import for the import guidelines.

Allow Asset Value Editing

Check this box to give administrators full permission to edit values in asset records.

Note:

Asset records cannot be edited if this box isn't checked. See Restricting the Editing of Asset Values for a list of fields that cannot be edited.

Allow Negative Asset Cost

Check this box to enable administrators (and other roles with permission to edit asset values) to enter negative values—for original cost, current cost, and residual value—in asset records.

Important:

You must check the Allow Asset Value Editing box before you can select Allow Negative Asset Cost. When you enter negative values in asset records, you cannot clear the Allow Asset Value Editing or Allow Negative Asset Cost box to disable either preference.

The SuiteApp only supports asset depreciation for assets with negative costs. Running Depreciation Schedule Reports for assets with negative costs returns incorrect data.

User Roles

Select additional roles from this field to enable other users to edit asset values.

Note:

Checking the Allow Asset Value Editing box enables the User Roles list. To select two or more roles, press and hold down the CTRL key and click each role.

Accounting Period
Post to Next Open Period if AP is Locked	Check this box to post to the next open period if AP is locked. Clear this box to post to the current period if AP is locked.
Post to Next Open Period if AR is Locked	Check this box to post to the next open period if AR is locked. Clear this box to post to the current period if AR is locked.

Accounting Period

Post to Next Open Period if AP is Locked

Check this box to post to the next open period if AP is locked. Clear this box to post to the current period if AP is locked.

Post to Next Open Period if AR is Locked

Check this box to post to the next open period if AR is locked. Clear this box to post to the current period if AR is locked.

Click the Asset Management subtab to set the following asset process preferences:

Proposal / Creation
Restrict Ability to Reject Proposals	Check this box to display the Reject Proposals button on the Asset Proposal page only for the Administrator role.
Propose Approved Transactions Only	Check this box to propose assets only from approved transactions. Clear this box to enable automatic proposal of assets from all new transactions posted against the fixed asset general ledger accounts regardless of transaction status (for example, approved or pending approval).
Use Lease Term as Asset Life	For assets generated from a lease, check this box to set the lease term as the asset life (AL).

Proposal / Creation

Restrict Ability to Reject Proposals

Check this box to display the Reject Proposals button on the Asset Proposal page only for the Administrator role.

Propose Approved Transactions Only

Check this box to propose assets only from approved transactions. Clear this box to enable automatic proposal of assets from all new transactions posted against the fixed asset general ledger accounts regardless of transaction status (for example, approved or pending approval).

Use Lease Term as Asset Life

For assets generated from a lease, check this box to set the lease term as the asset life (AL).

Depreciation
Summarize Journals By	Choose any of the following options: Parent—Roll up values of sub-assets to parent and create one journal entry to include parent and child values per period. Sub-Category—Roll up values to sub-category and create one journal entry per sub-category per period. Asset Type—Roll up values by asset type. Note: Changing this preference will delete any existing forecasts. The depreciation scheduled script will automatically create new forecast values. The updated values will be effective only after each asset’s Last Depreciation Date. The system creates another journal entry to group assets in the following instances: If the parent and child values, Repair & Maintenance categories, and subcategories for an asset are not properly set up If summarization for the asset is not defined
Allow Future-dated Depreciation	Check this box to allow depreciation of assets up to a depreciation period date beyond that of the current period. Clear this box to depreciate assets to the current period only.
Use Accounting Period Dates for Depreciation	Check this box to use accounting period dates for the depreciation journal entry. This preference is applicable if you're not using calendar months for the Period Format. When not enabled, the depreciation uses calendar months. Note: The Fixed Assets Management SuiteApp does not support the Multiple Calendar feature and relies on the standard calendar to process depreciation. Using a custom fiscal calendar with FAM processes may result in data inaccuracies.

Depreciation

Summarize Journals By

Choose any of the following options:

Parent—Roll up values of sub-assets to parent and create one journal entry to include parent and child values per period.
Sub-Category—Roll up values to sub-category and create one journal entry per sub-category per period.
Asset Type—Roll up values by asset type.

Note:

Changing this preference will delete any existing forecasts. The depreciation scheduled script will automatically create new forecast values. The updated values will be effective only after each asset’s Last Depreciation Date.

The system creates another journal entry to group assets in the following instances:

If the parent and child values, Repair & Maintenance categories, and subcategories for an asset are not properly set up
If summarization for the asset is not defined

Allow Future-dated Depreciation

Check this box to allow depreciation of assets up to a depreciation period date beyond that of the current period. Clear this box to depreciate assets to the current period only.

Use Accounting Period Dates for Depreciation

Check this box to use accounting period dates for the depreciation journal entry.

This preference is applicable if you're not using calendar months for the Period Format. When not enabled, the depreciation uses calendar months.

Note:

The Fixed Assets Management SuiteApp does not support the Multiple Calendar feature and relies on the standard calendar to process depreciation. Using a custom fiscal calendar with FAM processes may result in data inaccuracies.

Transfer
Post on Location Change Post on Class Change Post on Department Change	To transfer the entire asset—by disposing it under the old field value and posting current values under the new one—when the location, class, or department changes, check any of these boxes. Clear these boxes to apply these preferences to future transactions. Changing the subsidiary always transfers the asset and generates postings. For more information, see Asset Transfer Accounts. Note: The system doesn't create a journal entry for transfers to a class, department, or location, if the original transfer value is null.

Transfer

Post on Location Change

Post on Class Change

Post on Department Change

To transfer the entire asset—by disposing it under the old field value and posting current values under the new one—when the location, class, or department changes, check any of these boxes. Clear these boxes to apply these preferences to future transactions.

Changing the subsidiary always transfers the asset and generates postings. For more information, see Asset Transfer Accounts.

Note:

The system doesn't create a journal entry for transfers to a class, department, or location, if the original transfer value is null.

Disposal
Write-down using Depreciation Account	Check this box to post write-down amounts to the depreciation account. Clear the box to post write-down amounts to the asset account.

Disposal

Write-down using Depreciation Account

Check this box to post write-down amounts to the depreciation account. Clear the box to post write-down amounts to the asset account.

Revaluation
Asset Disposal Invoice Form (internal id)	Enter the Internal ID of the preferred invoice form to use when creating a sales invoice for an asset sale. Leave the field blank to use the default preferred form.

Revaluation

Asset Disposal Invoice Form (internal id)

Enter the Internal ID of the preferred invoice form to use when creating a sales invoice for an asset sale. Leave the field blank to use the default preferred form.

Click the Lease Setup subtab to set the following lease preferences:

Lease
Allow Lease Modifications	Check this box to edit lease records with an Asset Created status.
User Roles	Select which roles can edit lease records. Note: You can select user roles when you check the Allow Lease Modification box. To select multiple roles, hold down the CTRL key while clicking on each role.

Lease

Allow Lease Modifications

Check this box to edit lease records with an Asset Created status.

User Roles

Select which roles can edit lease records.

Note:

You can select user roles when you check the Allow Lease Modification box. To select multiple roles, hold down the CTRL key while clicking on each role.

Click Save.

General Notices