Summarizing Journal Entries
The Summarize Journals feature intends to improve the asset depreciation performance by speeding up the journal writing process. You can summarize journal entries based on the following options:
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Parent – Roll up values of sub-assets to parent and create one journal entry to include parent and child values per period.
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Sub-Category – Roll up values to sub-category and create one journal entry per sub-category per period.
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Asset Type – Roll up values by asset type.
If parent and child values or 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.
Summarizing Journal Entries by ‘None’ is no longer supported in FAM 3.0. Any record that used this option in previous versions of the SuiteApp will be set to ‘Asset Type’ when the bundle is updated.
Summary Record
The summary record totals the depreciation amount and is stored in the journal entry information. The option you select for summarizing journal entries defines the category for the asset in the summary record.
Each journal entry can contain up to 250 summary records. If there are more than 250 summary records in total, another journal entry will be created to accommodate the rest of the summary records.
Depreciation Posting Reference
In previous versions, journal entries are sourced from the depreciation history record, and a link to the journal entry is stored in the Posting Reference field. Starting with FAM 3.0, journal entries will be generated using the summary record and the journal entry information will be stored in the Depreciation Posting Reference field on the Depreciation History Record.
To maximize compatibility, existing depreciation histories will still store the journal entries in the Posting Reference field.
The system searches for depreciation history records (DHR) that will be recorded in the next open period. If the current period is December, for example, the system retrieves the DHRs for December and from prior period depreciation which are already closed. These DHRs will be written in journal entries in no particular order.
When you run depreciation after upgrading to FAM 3.0, the SuiteApp will start using the Depreciation Posting Reference field to store the depreciation journal entry.