Assets and Accounting Books in Multi-Book Accounting

You can link new and depreciating assets to an accounting book. The Asset Original Cost, Current Cost, Current Net Book Value, Prior Year NBV, and Cumulative Depreciation values are converted to the base currency of the book they're linked to. The depreciation amount is calculated based on the converted amount. For more information, see Linking Accounting Books to an Asset.

Fully depreciated and disposed assets can't be linked to an accounting book. For most FAM records, you can only select secondary books in the Accounting Book field.

The Depreciation History subtab stores secondary book values. The secondary book might use a different base currency from the primary book. If both books share the same base currency, they'll have the same default values. You can override these default values by editing the asset record.

The acquisition history record is automatically created when you set a depreciation start date. The acquisition value is based on the asset amount in the primary book, multiplied by the secondary book’s base currency exchange rate at the depreciation start date.

If the asset is partially depreciated for the accounting method only, and you add a new tax method to an accounting book, the system creates monthly depreciation history records with journal entries. If you run depreciation on closed periods, the system posts the journal entries to the next open period.

If the asset is partially depreciated for both accounting and tax methods, a new depreciation history is created based on the last depreciation date. The system doesn't create catch-up depreciation histories. You must manually create a book-specific journal entry for the cumulative depreciation.

OneWorld accounts can set the book base currency in the Currencies tab of the Subsidiary record. For more information, see Creating Subsidiary Records and Foreign Currency Management.

General Notices