Configuring Fixed Assets for Journal Summarization

The asset configuration for journal summarization in Fixed Asset Management depends on:

  • The journal type: Acquisition Journal, Depreciation Journal, or Disposal Journal
  • The summarization method: Asset Group GLAs, Asset Sub-Group GLAs, or GLA Configuration
  • The dimensions related to the asset

Journal Types and Mandatory Fields

You must specify the mandatory information depending on the type of journal you want to summarize.

Journal Summarization Prerequisites and Mandatory Fields
Summarization Method   Prerequisites Mandatory Fields
Acquisition Journal Depreciation Journal Disposal Journal
Asset Group GLAs

The mandatory fields must be specified on the asset group associated with the asset.
  • Fixed Asset GLA
  • Payment GLA
  • Accumulated Depreciation GLA
  • Depreciation GLA
  • Accumulated Depreciation GLA
  • Asset Disposal Profit and Loss GLA
  • Fixed Asset GLA
Asset Sub-Group GLAs The mandatory fields must be specified on the asset sub-group associated with the asset.
GLA Configuration

The mandatory fields can be specified on one of the following:

  • Fixed asset
  • Asset sub-group
  • Asset group

  • Accounting Company

  • Fixed Asset GLA
  • Payment GLA

  • Accounting Company

  • Accumulated Depreciation GLA
  • Depreciation GLA
  • Accounting Company
  • Accumulated Depreciation GLA
  • Asset Disposal Profit and Loss GLA
  • Fixed Asset GLA

Summarization Method Requirements

To start including journals associated with a single fixed asset in a summarized journal, you must configure the asset based on the journal summarization method you want to use.

Note:

The asset must have the same currency as its associated accounting company, asset group, or asset sub-group.

Asset Group GLAs Method

You must assign the asset that you want to start including in the summarized journal to an asset group. The asset group must:

  • Belong to the same company as the asset
  • Have all the mandatory GLA fields specified for the journal type you want to summarize

For more information, see Creating an Asset Group.

Asset Sub-Group GLAs Method

You must assign the asset that you want to start including in the summarized journal to an asset sub-group. The asset sub-group must:

  • Belong to the same company as the asset
  • Have all the mandatory GLA fields specified for the journal type you want to summarize

For more information, see Creating an Asset Sub-Group.

GLA Configuration Method

You must specify the mandatory GLA fields for the journal type you want to summarize on the asset that you want to start including in the summarized journal. You can specify those fields on the fixed asset, or on its asset group or asset sub-group, in any combination. The asset's newly generated journals are then added to the summarized journal by processing asset-specific GLAs first and then processing any generic GLAs shared by multiple assets in a sub-group or group, in the following order:

  1. Fixed asset GLAs
  2. Asset sub-group GLAs
  3. Asset group GLAs
GLA Processing Order during Journal Summarization
Scenario GLA Processing Order Further Information

GLA specified on the asset

 The GLA specified on the asset is used. The related GLA fields on the asset sub-group and asset group associated with the asset are ignored. Fixed Asset Fields

GLA not specified on the asset

The related GLA field on the asset sub-group associated with the asset is used. If this is not specified on the asset sub-group, the related GLA field on the asset group associated with the asset is used.

 Asset Sub-Group Fields

GLA not specified on the asset and asset sub-group

The related GLA field on the asset group associated with the asset is used.

 Asset Group Fields

Dimensions

Fixed Asset Management groups line items in summarized journals based on the dimensions specified on the associated fixed assets. If fixed assets have a common set of dimensions, the debit and credit values of their journals are summarized on the same lines in the related summarized journal.