Summarizing Journal Entries
The Summarize Journals feature speeds up journal writing and improves asset depreciation performance. You can summarize journal entries using these options:
-
Parent – Roll up sub-asset values to the parent, creating one journal entry per period with both parent and child values.
-
Sub-Category – Roll up values to the sub-category, creating one journal entry per sub-category per period.
-
Asset Type – Roll up values by asset type.
If parent and child values, Repair & Maintenance categories, and Subcategories aren't properly set up for an asset, or if the summarization isn't defined, the system creates a separate journal entry to group these assets.
FAM 3.0 no longer supports summarizing journal entries by None. Records that used this option in earlier versions will now use Asset Type when you update the SuiteApp.
Summary Record
The summary record totals the depreciation amount and is stored with the journal entry. The selected option for summarizing journal entries defines the asset's category in the summary record.
A journal entry can hold up to 250 summary records. If you have over 250 summary records, another journal entry is created to hold the rest.
Depreciation Posting Reference
Previously, journal entries were sourced from the depreciation history record, with a link stored in the Posting Reference field. Starting with FAM 3.0, journal entries are generated from the summary record, with the journal entry information stored in the Depreciation Posting Reference field on the Depreciation History Record.
For compatibility, existing depreciation histories will continue to use the Posting Reference field.
The system searches for depreciation history records (DHR) to record in the next open period. For example, if the current period is December, the system retrieves DHRs for December and prior closed periods. These DHRs are then written into journal entries in any order.
When you run depreciation after upgrading to FAM 3.0, the SuiteApp uses the Depreciation Posting Reference field to store the depreciation journal entry.