Setting up an Approval Process
The default approval process for fixed assets is Asset Approval. You can create your own approval processes or modify the default one. You must create an approval process that is appropriate for your organization. To create a new approval process or change an existing one, click Create | Workflow & Approvals | Approval Processes. For further information about setting up workflow and approval processes, see the Salesforce Help.
The actions that you can carry out on an asset are determined by its status. Here is a description of each status.
Approval Status | Description |
---|---|
New | This status is set when you create a new asset. At this point, no information has been posted to the financial accounting system, the asset is not yet approved, and depreciation has not yet been calculated. |
Recalled | Indicates that the asset was submitted for approval, but was recalled so that changes can be made. At this point no information has been posted to the financial accounting system, the asset is not yet approved, and depreciation has not yet been calculated. |
Rejected | Indicates that the asset was submitted for approval, but was rejected by the approver. At this point no information has been posted to the financial accounting system, the asset is not yet approved and depreciation has not yet been calculated. |
Approved | Indicates that the asset was submitted for approval and it was approved. At this point the asset has been posted to Accounting. |
Submitted | Indicates that the asset was submitted for approval, is locked and is waiting for the approver to approve or reject it. Depending on the approval process your administrator has chosen, you can recall the asset from the approval process to make further changes to it. When you do this, the status of the asset becomes Recalled. At this point, no information has been posted to the financial accounting system, the asset is not yet approved and depreciation has not yet been calculated. |
Active | Indicates that the asset is approved. At this point, depreciation schedules have been calculated and are ready to send to Accounting. |
Fully Depreciated | Indicates that the asset is fully depreciated and all of its depreciation journals have been calculated and exported to Accounting. At this point, you can no longer change the depreciation method or historic information for that asset. In addition, you cannot regenerate depreciation schedules for that asset. |
Disposed | Indicates that the asset has been disposed of for a particular reason such as it is lost, destroyed, sold or entered by mistake. Future depreciation schedule messages are no longer sent to Accounting once the asset has been disposed of. In addition, the asset value and depreciation of the asset is cleared from the accounting system and an audit trail is retained. |
Canceled | Indicates that the asset has been canceled. Depreciation schedules are no longer sent to Accounting. |
The table that follows shows the actions that you can carry out at each fixed asset status.
Status | ||||||||
---|---|---|---|---|---|---|---|---|
Action | New | Submitted | Recalled | Rejected | Approved | Active | Active and Schedule Pending or Exported |
|
Attach an Accounting Book | Yes | Yes | Yes | Yes | Yes | — | — | — |
Attach a Tax Book | Yes | Yes | Yes | Yes | Yes | Yes | Yes | — |
Attach a Custom Book | Yes | Yes | Yes | Yes | Yes | Yes | Yes | — |
Cancel the Asset | Not Recommended | |||||||
Change the Asset Cost | Yes | Not Recommended |
Yes | Yes | — | — | — | — |
Delete the Asset | Not Recommended | |||||||
Dispose of the asset | Yes | — | — | — | Yes | Yes | Yes | — |
Generate Schedules for an Accounting Book from the fixed asset | — | — | — | — | Yes | Yes | — | — |
Generate Schedules for an Accounting Book at the book level | — | — | — | — | Yes | — | — | — |
Generate Schedules for a Tax Book from the fixed asset. | — | — | — | — | Yes | Yes | Yes | — |
Generate Schedules for a Tax Book at the book level | — | — | — | — | Yes | Yes | Yes | — |
Generate Schedules for a Custom Book from the fixed asset. | — | — | — | — | Yes | Yes | Yes | — |
Generate Schedules for a Custom Book at the book level | — | — | — | — | Yes | Yes | Yes | — |