Setting Up Fixed Assets

Setting Up Fixed Assets

Before you can work with Fixed Assets, you need to define a few things:

• How you insure, maintain, and depreciate fixed assets.
• How you record costs and other values in the general ledger.

The table below has links to more information. After you set those things up, you can start various activities.

When you enable a fixed asset activity in the G/L Integration section on the Depreciation Book Card page, the Fixed Asset G/L Journal page is used to post transactions for the activity.

To create a fixed asset and acquire it automatically

The following procedure describes how to create a fixed asset and then acquire it by using the Assisted Fixed Asset Acquisition page to create and post the required fixed asset G/L journal lines. You can also create and post the journal lines manually.

1. Choose the  icon, enter Fixed Assets, and then choose the related link.
2. Choose the New action, and then fill in the fields on the General FastTab as necessary. Hover over a field to read a short description.
3. On the Depreciation Book FastTab, fill in the fields as necessary. This step assigns a depreciation book to the fixed asset.
4. If you need to assign more than one depreciation book to the fixed asset, choose the Add More Depreciation Books action.

   When all fields required to acquire a fixed asset are filled in, the You are ready to acquire the fixed asset. Acquire notification appears at the top of the page.

5. Choose the Acquire action in the notification.
6. Follow the steps on the Assisted Fixed Asset Acquisition page to complete the automatic acquisition of the fixed asset.