FAM Asset Management Subtab

The Asset Management subtab provides options for managing the lifecycle of assets, from proposal and creation through depreciation, transfer, disposal, and revaluation. The following table describes the available preferences for this subtab:

Proposal / Creation
Restrict Ability to Reject Proposals	Check this box to display the Reject Proposals button on the Asset Proposal page only for the Administrator role.
Propose Approved Transactions Only	Check this box to propose assets only from approved transactions. Clear this box to enable automatic proposal of assets from all new transactions posted against the fixed asset general ledger accounts regardless of transaction status (for example, approved or pending approval).
Use Lease Term as Asset Life	For assets generated from a lease, check this box to set the lease term as the asset life (AL).

Proposal / Creation

Restrict Ability to Reject Proposals

Check this box to display the Reject Proposals button on the Asset Proposal page only for the Administrator role.

Propose Approved Transactions Only

Check this box to propose assets only from approved transactions. Clear this box to enable automatic proposal of assets from all new transactions posted against the fixed asset general ledger accounts regardless of transaction status (for example, approved or pending approval).

Use Lease Term as Asset Life

For assets generated from a lease, check this box to set the lease term as the asset life (AL).

Depreciation
Summarize Journals By	Choose any of the following options: Parent—Roll up values of sub-assets to parent and create one journal entry to include parent and child values per period. Sub-Category—Roll up values to sub-category and create one journal entry per sub-category per period. Asset Type—Roll up values by asset type. Note: Changing this preference will delete any existing forecasts. The depreciation scheduled script will automatically create new forecast values. The updated values will be effective only after each asset’s Last Depreciation Date. The system creates another journal entry to group assets in the following instances: If the parent and child values, Repair & Maintenance categories, and subcategories for an asset are not properly set up If summarization for the asset is not defined
Allow Future-dated Depreciation	Check this box to allow depreciation of assets up to a depreciation period date beyond that of the current period. Clear this box to depreciate assets to the current period only.
Use Accounting Period Dates for Depreciation	Check this box to use accounting period dates for the depreciation journal entry. This preference is applicable if you're not using calendar months for the Period Format. When not enabled, the depreciation uses calendar months. Note: The Fixed Assets Management SuiteApp does not support the Multiple Calendar feature and relies on the standard calendar to process depreciation. Using a custom fiscal calendar with FAM processes may result in data inaccuracies.

Depreciation

Summarize Journals By

Choose any of the following options:

Parent—Roll up values of sub-assets to parent and create one journal entry to include parent and child values per period.
Sub-Category—Roll up values to sub-category and create one journal entry per sub-category per period.
Asset Type—Roll up values by asset type.

Note:

Changing this preference will delete any existing forecasts. The depreciation scheduled script will automatically create new forecast values. The updated values will be effective only after each asset’s Last Depreciation Date.

The system creates another journal entry to group assets in the following instances:

If the parent and child values, Repair & Maintenance categories, and subcategories for an asset are not properly set up
If summarization for the asset is not defined

Allow Future-dated Depreciation

Check this box to allow depreciation of assets up to a depreciation period date beyond that of the current period. Clear this box to depreciate assets to the current period only.

Use Accounting Period Dates for Depreciation

Check this box to use accounting period dates for the depreciation journal entry.

This preference is applicable if you're not using calendar months for the Period Format. When not enabled, the depreciation uses calendar months.

Note:

The Fixed Assets Management SuiteApp does not support the Multiple Calendar feature and relies on the standard calendar to process depreciation. Using a custom fiscal calendar with FAM processes may result in data inaccuracies.

Transfer
Post on Location Change Post on Class Change Post on Department Change	To transfer the entire asset—by disposing it under the old field value and posting current values under the new one—when the location, class, or department changes, check any of these boxes. Clear these boxes to apply these preferences to future transactions. Changing the subsidiary always transfers the asset and generates postings. For more information, see Asset Transfer Accounts. Note: The system doesn't create a journal entry for transfers to a class, department, or location, if the original transfer value is null.

Transfer

Post on Location Change

Post on Class Change

Post on Department Change

To transfer the entire asset—by disposing it under the old field value and posting current values under the new one—when the location, class, or department changes, check any of these boxes. Clear these boxes to apply these preferences to future transactions.

Changing the subsidiary always transfers the asset and generates postings. For more information, see Asset Transfer Accounts.

Note:

The system doesn't create a journal entry for transfers to a class, department, or location, if the original transfer value is null.

Disposal
Write-down using Depreciation Account	Check this box to post write-down amounts to the depreciation account. Clear the box to post write-down amounts to the asset account.

Disposal

Write-down using Depreciation Account

Check this box to post write-down amounts to the depreciation account. Clear the box to post write-down amounts to the asset account.

Revaluation
Asset Disposal Invoice Form (internal id)	Enter the Internal ID of the preferred invoice form to use when creating a sales invoice for an asset sale. Leave the field blank to use the default preferred form.

Revaluation

Asset Disposal Invoice Form (internal id)

Enter the Internal ID of the preferred invoice form to use when creating a sales invoice for an asset sale. Leave the field blank to use the default preferred form.

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