Automatically Derive Depreciation Expense Account for Assets

You can generate depreciation expense account for the Construction In Progress assets in Project Financial Management through the use of Transaction Account Builder.

You can default the Depreciation Expense account when creating capital projects using attributes such as the Project Owning Organization and Asset Category. Using this feature, you can minimize reconciliation issues and avoid any errors that occur while selecting the depreciation expense account manually, which will lead to eventual incorrect asset lines generation.

How to Automatically Derive Depreciation of Expense Accounts for Assets

You can now generate depreciation expense account for the Construction In Progress assets in Project Financial Management through the use of Transaction Account Builder. Here are the steps to enable this feature.

1. Identify or create the account rules needed.

2. Create a new transaction account definition. Duplicate the predefined transaction account definition PPM Default Account Generation Definition.

3. Attach the desired account rules to the transaction account definition

4. Click Save to save the desired account rules to the transaction account definition.

5. Click Activate to activate your transaction account definition

6. Update the subledger accounting options for projects with the new transaction account definition.