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.

On the General tab, set your company preferences for the Fixed Assets Management system:

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

Accounting Period

Post to Next Open Period if AP is Locked

Check this box to enable posting to the next open period if AP is locked. Clear this box to enable posting to the current period even if AP is locked.

Post to Next Open Period if AR is Locked

Check this box to enable posting to the next open period if AR is locked. Clear this box to enable posting to the current period even if AR is locked.

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: If this box is not checked, asset records cannot be edited. 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: To select the Allow Negative Asset Cost preference, you must first check the Allow Asset Value Editing box. Note that when negative values are entered in asset records, you cannot clear the Allow Asset Value Editing or Allow Negative Asset Cost box to disable either preference. For assets with negative costs, the Fixed Assets Management SuiteApp currently supports asset depreciation only. Running Depreciation Schedule Reports for assets with negative costs will return incorrect data.
User Roles	Select additional roles from this field to enable other users to edit asset values. Note: The User Roles list selection is enabled when the Allow Asset Value Editing box is checked. 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:

If this box is not checked, asset records cannot be edited. 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:

To select the Allow Negative Asset Cost preference, you must first check the Allow Asset Value Editing box. Note that when negative values are entered in asset records, you cannot clear the Allow Asset Value Editing or Allow Negative Asset Cost box to disable either preference.

For assets with negative costs, the Fixed Assets Management SuiteApp currently supports asset depreciation only. Running Depreciation Schedule Reports for assets with negative costs will return incorrect data.

User Roles

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

Note:

The User Roles list selection is enabled when the Allow Asset Value Editing box is checked. To select two or more roles, press and hold down the CTRL key and click each role.

Proposal / Creation
Restrict Ability to Reject Proposals	Check this box if you want the Reject Proposals button to only be displayed on the Asset Proposal page for those with the Administrator role.
Propose Approved Transactions Only	Check this box if you want to only propose assets from transactions that have been approved. 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 if you want the Reject Proposals button to only be displayed on the Asset Proposal page for those with the Administrator role.

Propose Approved Transactions Only

Check this box if you want to only propose assets from transactions that have been approved. 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: Updating the value for this preference will delete any existing forecasts. The depreciation scheduled script will automatically be triggered to create new forecast values. The updated values will be effective only after each asset’s Last Depreciation Date. Note: If parent and child values, Repair & Maintenance categories, and subcategories for an asset are not set up properly, or if the summarization option for an asset is not defined, the system will create another journal entry to group all these assets together. See Summarizing Journal Entries for more information.
Allow Future-dated Depreciation	Check this box to permit 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 is applicable if you are not using calendar months for the Period Format. When not enabled, the depreciation will use calendar months.
Use Custom Journals	Check this box to use a custom journal entry form for asset depreciation, revaluation, transfer, and disposal. Note that you also need to enable the Custom Transactions feature in Setup > Company > Enable Features > SuiteCloud > SuiteGL. Note: As of the latest version of Fixed Assets Management, this feature cannot be used with Multi-book accounting.

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:

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

Note:

If parent and child values, Repair & Maintenance categories, and subcategories for an asset are not set up properly, or if the summarization option for an asset is not defined, the system will create another journal entry to group all these assets together.

See Summarizing Journal Entries for more information.

Allow Future-dated Depreciation

Check this box to permit 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 is applicable if you are not using calendar months for the Period Format. When not enabled, the depreciation will use calendar months.

Use Custom Journals

Check this box to use a custom journal entry form for asset depreciation, revaluation, transfer, and disposal. Note that you also need to enable the Custom Transactions feature in Setup > Company > Enable Features > SuiteCloud > SuiteGL.

Note:

As of the latest version of Fixed Assets Management, this feature cannot be used with Multi-book accounting.

Transfer
Post on Location Change Post on Class Change Post on Department Change	To transfer the entire asset (dispose under old field value and post current values under the new field value) on location change, class change, or department change, check any of these boxes. Clear these boxes if you want the preferences to only affect future transaction. Changing the subsidiary will always transfer the asset and generate postings. For more information, see Asset Transfer Accounts. Note: No journal entry is created 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 (dispose under old field value and post current values under the new field value) on location change, class change, or department change, check any of these boxes. Clear these boxes if you want the preferences to only affect future transaction.

Changing the subsidiary will always transfer the asset and generate postings. For more information, see Asset Transfer Accounts.

Note:

No journal entry is created 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.
Asset Disposal Invoice Form (internal id)	Enter the Internal ID of the preferred Invoice form to be used to create the Sales Invoice record when disposing an asset by Sale. If this field is left blank, the default preferred form will be used as the Invoice form.

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.

Asset Disposal Invoice Form (internal id)

Enter the Internal ID of the preferred Invoice form to be used to create the Sales Invoice record when disposing an asset by Sale. If this field is left blank, the default preferred form will be used as the Invoice form.

Lease
Allow Lease Modifications	Check this box to allow changes to be made to leased records with an ‘Asset Created’ status.
User Roles	Select additional roles from this field to enable other users to modify lease records. Note: The User Roles list selection is enabled when the Allow Lease Modification box is checked. To select two or more roles, press and hold down the CTRL key and click each role.

Lease

Allow Lease Modifications

Check this box to allow changes to be made to leased records with an ‘Asset Created’ status.

User Roles

Select additional roles from this field to enable other users to modify lease records.

Note:

The User Roles list selection is enabled when the Allow Lease Modification box is checked. To select two or more roles, press and hold down the CTRL key and click each role.

Click Save.

General Notices