SECTIONSFixed Asset Fields
The Fixed Asset object contains records of property that belongs to your organization that it uses to create income. This type of property is not expected to be consumed or converted to cash sooner than one year. Here is a description of the fields on the Fixed Asset object.
Key: R – Read-only; G – Required when generating depreciation schedules for an asset; M - only applicable for MACRS tax calculations.
| Field Name | Description | ||
|---|---|---|---|
| Asset Description | A general description of the asset with an indication of its purpose. We recommend keeping this description under 230 characters to match the character limit of Accounting. If the description is above this limit and you create a new journal, Accounting displays only the first 230 characters. | ||
| Asset Group | Group to which the asset belongs. For example, if you have acquired assets for a specific project you might want to group them together in a Project group. This grouping allows you to record accumulated depreciation for the asset group in the general ledger. See Grouping Assets for information about how depreciation books might be copied to the asset from its group. | ||
| Asset Relationship Description | R | Description of the Fixed Assets Relationship description associated with the asset if there is one. | |
| Asset Sub-Group | Secondary group to which the asset belongs. You can use this field to further classify an asset within an asset group. See Grouping Assets for information about how depreciation books might be copied to the asset from its sub-group. | ||
| Asset Tag Number | Number on the asset tag fixed to the object if there is one. You can use this field to relate the physical asset to the fixed asset record. | ||
| Business Use Percent | M | Percentage of the asset that is for business use. This percentage is used by MACRS tax books to calculate the asset's Business Cost. Defaults to 100. Blank denotes 0. | |
| Date In Service | G | Date on which the asset was first used. | |
| Foundations AP Voucher Line Correlation | Records the AP voucher correlation key used within the Foundations system. Used by the Fixed Asset Management Capital Expenditure Integration to create Fixed Assets from Order and Inventory Management. Maximum length is 255 characters. | ||
| Fixed Assets Name | R | Unique name of the fixed asset. | |
| Fixed Assets Relationship | Lookup to a fixed asset relationship to which the object belongs. A fixed asset relationship can be used to describe a relationship between assets. For instance, assets that were procured as part of an IT upgrade program. | ||
| Inherit Values from Parent | When Inherit Values from Parent is enabled in the Fixed Asset Management Settings custom setting, this checkbox indicates whether depreciation books attached to the asset will inherit their values from their Parent Book if there is one. | ||
| Serial Number ID | The Manufacturer Serial Number for assets created by the Fixed Asset Management Capital Expenditure Integration. Maximum length is 20 characters. | ||
| Status | Indicates the status of the asset. For information about each asset status, see Fixed Assets. | ||
| VIN | If the asset is a vehicle such as a car, truck, or some form of farm machinery it might have a VIN (Vehicle Identification Number). You can use this to relate the physical asset to the fixed asset record. |
Purchase Information
Here is a description of the fields relating to the acquisition of the asset.
Key: C– Mandatory field when the Check Mandatory Fields on Save field in the Fixed Asset Management Settings custom setting is selected.
| Field Name | Description | |
|---|---|---|
| Asset Condition | Condition of the asset. | |
| Asset Cost | C | Purchase cost or transfer cost of the item. This is used as the starting value and is used to calculate the Quantity of Usefulness |
| Date Acquired | C | Date on which the asset was acquired. |
| Inbound Transfer | Indicates whether the item was transferred from somewhere within your organization. | |
| Insurance Value | Replacement value on an insurance policy that has been taken out on this asset. | |
| Manufacturer | Name of the company who manufactured the asset. | |
| Manufacturer Serial Number | Serial number assigned to this asset by the manufacturer. | |
| Supplier | Name of the company who supplied the asset | |
| Transferring Organization | Name of the organization or department from which the asset was transferred. | |
| Warranty Expiration Date | Date on which the warranty expires for the asset. | |
| Warranty Provided | Indicates whether the supplier or manufacturer has granted warranty for the asset. |
Asset Deployment
Here is a description of the fields relating to deployment of the asset.
| Field Name | Description | |
|---|---|---|
| Deployed Facility | Facility at which the asset is deployed | |
| Deployed Department | Department at which the asset is deployed. | |
| Employee Assigned | Name of the employee to whom the asset is assigned. | |
| Employee E-mail | Email address of the employee to whom the asset is assigned. | |
| Employee Phone Number | Phone number of the employee to whom the asset is assigned. | |
| Employee Phone Extension | Extension number of the employee to whom the asset is assigned. |
Asset Disposal
| Field Name | Description | |
|---|---|---|
| Method of Disposal | Means by which the asset is to be disposed of. | |
| Disposal Date | Date on which the asset was disposed. You must enter a value before disposing of the asset. | |
| Disposal Value | Amount the asset was sold, salvaged or transferred for. This amount is not used when calculating the disposal value in the related disposal journal. | |
| Disposal Organization | Organization to which the asset was sold or transferred. | |
| Disposal Organization Phone Number | Telephone number of the organization to which the asset was sold or transferred. | |
| Disposal Organization Address | Address of the organization to which the asset was sold or transferred. |
Accounting Fields
Here is a description of the fields that determine the Accounting GLA to post activities to when events occur in Fixed Asset Management.
Key: A – Only available if Fixed Asset Management is integrated with Accounting in your organization.
| Field Name | Description | |
|---|---|---|
| Accumulated Depreciation GLA | A | Lookup to the accumulated depreciation general ledger account that relates to the asset. This general ledger account is used to reduce the value of the asset on the balance sheet and is credited throughout the depreciation schedule. When the asset is disposed of, the account is debited to write off the depreciation value. This field can be populated automatically if you select an asset group or asset sub-group where the Accumulated Depreciation GLA field is already populated. |
| Asset Disposal Profit and Loss GLA | A | Lookup to the profit and loss general ledger account that relates to the disposal of the asset. This general ledger account is debited when an asset is disposed of to write off its remaining value. This field can be populated automatically if you select an asset group or asset sub-group where the Asset Disposal Profit and Loss GLA field is already populated. |
| Accounting Company | A | Lookup to the Accounting company that relates to the asset. This ensures that transactions are associated with the correct accounting company when your org has more than one accounting company. This field can be populated automatically if you select an asset group where the Accounting Company field is already populated. |
| Currency | Currency in which transactions for the asset are to be posted. The currency must exist as an accounting currency in the Accounting company that the asset is assigned to. | |
| Depreciation GLA | A | Lookup to the depreciation general ledger account that relates to this asset. This is the general ledger account to which depreciation is charged for the profit and loss account and is debited during the depreciation schedule. This field can be populated automatically if you select an asset group or asset sub-group where the Deprecation GLA field is already populated. |
| Dimension 1 | A | Lookup to the Accounting Dimension 1 that relates to the asset. This field is optional. |
| Dimension 2 | A | Lookup to the Accounting Dimension 2 that relates to the asset. This field is optional. |
| Dimension 3 | A | Lookup to the Accounting Dimension 3 that relates to the asset. This field is optional. |
| Dimension 4 | A | Lookup to the Accounting Dimension 4 that relates to the asset. This field is optional. |
| Fixed Asset GLA | A | Lookup to the fixed asset general ledger account that relates to the asset. This general ledger account is debited when the asset is acquired and credited when the asset is disposed of. This is normally a balance sheet account. If your organization uses Order and Inventory Management, this field might be populated automatically when a capital equipment purchase order is received in Order and Inventory Management. This field can be populated automatically if you select an asset group or asset sub-group where the Fixed Asset GLA field is already populated. |
| Payment GLA | A | Lookup to the payment general ledger account that relates to the asset. This general ledger account is credited when the asset is acquired. This is normally a balance sheet account. This field can be populated automatically if you select an asset group or asset sub-group where the Payment GLA field is already populated. |
Buttons
| Button Name | Description |
|---|---|
| Cancel Asset | Allows you to cancel an asset with a status of New or Active. |
| Change Owner | Enables you to change the owner of several fixed assets in one go from the Fixed Assets list view. |
| Delete | Deletes the asset. |
| Dispose | Enables you to mark the asset as Disposed. |
| Generate Depreciation Schedule | Generates the depreciation schedules for the depreciation books associated with the asset. |
| Resend Acquisition | Enables you to resend the asset acquisition message if the accounting system does not receive it. You can do so when the status of the asset is Approved. |
| Submit Assets for Approval | Enables you to submit several assets for approval in one go from the Fixed Assets list view. This submits the asset for approval using the workflow and approval process in your organization. The asset is created in the accounting system if your organization is set up to do so. |
| Submit for Approval | Submits the asset for approval using the workflow and approval process in your organization. The asset is created in the accounting system if your organization is set up to do so. |
Depreciation Books Related List
The Depreciation Books Related List shows the depreciation books that have been attached to the asset. Any books that have been copied from the asset's group or sub-group are prefixed with Copied_. See Grouping Assets for more information about when depreciation books are copied from a group or sub-group.
Journals Related List
The Journals related list is only available if Fixed Asset Management is integrated with Accounting in your organization. It shows any journals created automatically in Accounting on the asset's approval (acquisition), depreciation, and disposal.
You will only see journals created in companies that are currently selected on the Accounting - Select Company page. If you want to be able to see an asset's related list of journals regardless of which Accounting company they were created in, you must ensure that all companies are selected on the Accounting - Select Company page.