Creating Fixed Asset Processes

You can group multiple fixed assets in a single fixed asset process. This enables you to run depreciation batch jobs for the assets associated with the process.

You can run batch jobs for the assets associated with a fixed asset process to:

  • Generate depreciation schedules
  • Generate depreciation schedules and depreciation journals

For more information, see:

When you create a fixed asset process and added fixed assets, you can choose the schedule settings. These settings are used to generate the depreciation schedules for the selected fixed assets.

If you want to schedule the creation of depreciation journals, you can change the Mode to Scheduled and select the Frequency that you want to use to generate the depreciation schedules and associated journals.

If you have selected fixed assets with Accounting depreciation books, you can also choose to automatically post the depreciation journals to Accounting.

For more information, see Fixed Asset Process Management Fields.

Warning:

If you have enabled the Journal Summarization functionality for a company, you cannot automatically post depreciation journals for fixed assets that belong to that company. If you automatically post a summarization journal, it cannot be modified, so you cannot add to it. For more information, see Journal Summarization Overview.

Note:

You can specify depreciation schedule settings when you generate the depreciation schedules instead of specifying them as part of fixed asset process creation.

To create a fixed asset process including multiple assets:

  1. Search for Fixed Asset Process Management in the App Launcher. The Fixed Asset Process Management page displays.
  2. Click New.
  3. Enter the name and description for the new process. The status of the process is automatically set to "Draft".
  4. Do one of the following:
    • To configure this fixed asset process, click Save and go to step 5.
    • To save this process without configuring it and create a new one, click Save & New.
  5. Click Add Fixed Assets. The assets with statuses other than "New" or "Fully Depreciated" are displayed.
  6. Select the assets that you want to add to the process.
    7. Note:
    • You can select up to 10,000 fixed assets.
    • You can right-click a column header to show a menu with options to sort, hide, and group columns. Use drag-and-drop to reorder columns.
    • You can use the filters panel to narrow down the assets listed in the grid. The assets that you select or deselect in the filtering results are also immediately selected or deselected in the grid. To open the filters panel, click Image showing the Filter button..
  7. Click Save.

You can now specify the depreciation schedule settings for the selected assets.

  1. On the Fixed Asset Process Management page, click Edit.
  2. In the Existing Depreciation Schedules field select the method that you want to use to handle existing depreciation schedules when you generate new schedules.
  3. Select the period over which the depreciation journals are generated by the process.
  4. Enter the start date for the generation of the depreciation schedules and journals.
  5. Select the depreciation book that you want to use to generate the depreciation schedules. You can select multiple books.
  6. [Optional] If you want to manually generate depreciation schedules and export journals, enter a date in the Export As Of Date field.
  7. [Optional] If you want to schedule the creation of depreciation journals, select Scheduled in the Mode field.
  8. [Optional] Select the frequency that you want to create the depreciation journals.
  9. To automatically post journals generated from Accounting depreciation books, select the Auto-Post Depreciation Journals checkbox.
  10. Click Save.
  11. Click Generate Depreciation Schedules and Journals. The Fixed Asset Process Management status is set to "Active" and a batch job creates the depreciation schedules and journals. Additional scheduled jobs might be created, depending on the frequency of the depreciation schedule.