Summary
This module outlined various procedures and functionalities related to managing fixed assets.
Additionally, you learned about the following key concepts:
Fixed assets budgeting - You can manage fixed assets budgets separately from financial budgets or include the budgets within them. Additionally, you can enter budgets for fixed assets directly on each asset or through the Fixed asset budget journal.
Transfer of fixed assets - You can transfer financial information for fixed asset books from one financial dimension set to another. Steps for transferring fixed assets include selecting the fixed asset, specifying transfer details, and updating financial dimension values.
Fixed asset groups setup - Involves creating fixed asset groups, assigning default number sequences for bar codes, and setting up depreciation options.
Splitting fixed assets - Involves splitting a percentage of one asset book to a new asset book, including creating a new fixed asset and performing the split process.
Updating fixed asset information - You can update information by changing fixed asset groups and reclassifying fixed assets. Steps to update the information include transferring assets to new groups, updating financial information, and recalculating values.
Recalculating replacement costs and insured values - You can update these costs and values for fixed asset groups or specific assets within groups. You need to use certain factors for calculations and specify update criteria based on dates.
Fixed assets roll forward report - Provides the detailed fixed asset data that you require for period closing, financial statements, and tax reporting in a Microsoft Excel format.