We recommend that you set up initialization screens from the Fixed Assets Controls menu (and from other screens, as applicable) in the order listed, before you begin to add data for an Asset Master or Asset Template record. We also recommend that you refer to the more extensive documentation in the Fixed Assets Help screens pertaining to each of the Fixed Assets setup items.
Set up required property types on the Manage Property Types screen. Property types are user-designated property categories, such as personal, real, government, and so on, that are assigned to each asset record. The Property Type field is a system-required validated entry on the Manage Asset Master Information screen (or the Manage Asset Description Information screen) and the Manage Asset Template Information screen. Property Type is also validated on the Manage Autocreation Transactions screen, although it is not required to save changes to records. However, a valid Property Type must exist on an autocreation record before that record can be processed into a Fixed Asset.
The only data from which to choose for entry in the Asset Master and Asset Template Property Type fields are validated property type codes from the Manage Property Types screen.
Set up required classification codes on the Manage Classification Codes screen. Classification codes are user-designated property classes, such as automobiles, computers, equipment, and so on., that are assigned to each asset record. The Classification Code field is a system-required validated entry on the Manage Asset Master Information screen (or the Manage Asset Description Information screen) and the Manage Asset Template Information screen. Classification Code is also validated on the Manage Autocreation Transactions screen, although it is not required to save changes to records on that screen. However, a valid Classification Code must exist on an autocreation record before that record can be processed into a Fixed Asset.
The only data from which to choose for entry in the Asset Master and the Asset Template Classification Code fields are validated classification codes from the Manage Classification Codes screen.
Set up optional subclass codes on the Manage Subclass Codes screen. For example, if you had defined Vehicles as a classification code, you might define subclass codes such as Trucks, Automobiles, Vans and so on, to enhance the sorting potential for your asset records. The Subclass Code field is an optional validated entry on the Manage Asset Master Information screen (or the Manage Asset Description Information screen) and the Manage Asset Template Information screen.
The only data from which to choose for entry in the Asset Master and the Asset Template Subclass Code fields are validated classification codes from the Manage Subclass Codes screen.
Set up required depreciation methods on the Manage Depreciation Methods screen if you plan to enter data for depreciable assets. The Depr Method Code field (or G/L Book Depr Method Code field, as applicable) is a system-required validated entry on the G/L Book Info tab of the Manage Asset Master Information screen (or the Manage Asset General Ledger Book Information screen) and the Manage Asset Template Information screen. The Depreciation Method is also validated on the Manage Autocreation Transactions screen, although it is not required to save changes to records on that screen. However, a valid Depreciation Method must exist on an autocreation record that is depreciable with depreciation based on years before that record can be processed into a Fixed Asset.
The Depr Method Code field for your optional other books, as applicable, is also validated against methods from this setup screen. The only data from which to choose for entry in the Asset Master or Asset Template Depr Method Code fields are validated depreciation method codes from the Manage Depreciation Methods screen.
Location Code Labels and Government Labels
Set up optional location code and government labels on the Manage Asset Master Field Labels screen as desired. Use the location code and government label and data entry functionality to record additional information that may be specific to your company but for which there are no system-defined standard fields with the desired terminology.
Three location labels are available in which to establish user-defined categories, such as Building, Room No, Bin No, and so on.
Fifteen government labels are available in which to establish user-defined categories, such as Contract #, Funding Source, and so on.
Manage Location Codes 1, 2, and/or 3
Set up optional location codes on the Manage Location 1 Codes, Manage Location 2 Codes, and/or Manage Location 3 Codes screens as desired. Location code data entry functionality allows you to record additional location information that may be specific to your company but for which there are no system-defined standard fields with the desired terminology (such as Building, Room No., Bin No, and so on).
The entry of location code data is optional on the Loc Info tab of the Manage Asset Master Information screen, the Manage Asset Location Information screen, the Manage Asset Template Information screen, and/or the Manage Location Groups screen. If you plan to enter this data in an Asset Master record, an Asset Template record, or on the Manage Location Groups screen, however, the only location codes data from which to choose are validated location codes from the Manage Location 1 Codes, Manage Location 2 Codes, and Manage Location 3 Codes screens (as appropriate).
Set up optional location groups on the Manage Location Groups screen. Even if you have established location groups, the Location Group field is optional on the Loc Info tab of the Manage Asset Master Information (or the Manage Asset Location Information screen) and Manage Asset Template Information screens.
You can use location group functionality to identify and establish sets of location data that you can summarize into location "templates" such as sites or other specific physical locations. Because many assets often share basic location data, the location group template makes location data entry more efficient in your asset records.
The only location groups from which to choose for entry on the Loc Info tab of the Manage Asset Master Information (or the Manage Asset Location Information screen) and Manage Asset Template Information screens are validated location group codes previously set up on the Manage Location Groups screen.
The only location codes from which to choose for entry on the Loc Info tab of the Manage Asset Master Information and Manage Asset Template Information screens, the Manage Asset Location Information screen, and/or the Manage Location Groups screen are location codes from the Manage Location 1 Codes, Manage Location 2 Codes, and Manage Location 3 Codes screens (as appropriate).
Set up optional user-defined field labels on the Manage Asset Master User-Defined Labels screen as desired. Although the user-defined field functionality is an optional feature, you must set up labels if you plan to enter user-defined data.
You can use user-defined label and data entry functionality to record additional information that may be specific to your company but for which there are no system-defined standard fields with the desired terminology.
You can establish labels for four types of user-defined fields: Date, Numeric, Text, and Validated Text.
The use of validated text user-defined fields requires that either the acceptable text options be entered in advance by the user via the Validated Text subtask of the Manage Asset Master User-Defined Labels screen OR that the validation occur against a user-specified selection from a pre-defined list of Costpoint tables and fields.
You cannot use the corresponding optional fields in the User-Defined Info subtasks of the Manage Asset Master Information and Manage Asset Template Information screens (or the Manage Asset User-Defined Information and the Manage Asset Template User-Defined Information screens) without first establishing labels for these fields.
Validated Text
If you want to use optional user-defined validated text values, set these up in the Validated Text subtask of the Manage Asset Master User-Defined Labels screen. You can use validated text values to control the allowable (validated) data that can be entered. User-defined validated text entries are optional in the User-Defined Info subtask of the Manage Asset Master Information and Manage Asset Template Information screens (or the Manage Asset User-Defined Information and the Manage Asset Template User-Defined Information screens).
You can alternately bypass this subtask and specify that validation occur against a user-specified selection from a pre-defined list of Costpoint tables and fields.
Asset, Depreciation Expense, Accumulated Depreciation, and Gain/Loss Accounts
In your Costpoint Chart of Accounts, set up and link the account combinations (account/organization/project) that you will use in Costpoint Fixed Assets. (If you use reference numbers, set these up as well.)
The four types of accounts used in Costpoint Fixed Assets include:
Asset Accounts — The Account-Organization-Project-Reference1-Reference2 combinations assigned as Asset accounts represent property "ownership." Asset accounts can include balance sheet combinations (for company-owned property), project combinations (for property that should be identified with a contract), and/or expense account combinations (for tracking items not capitalized). A valid asset account combination that consists of an account and an organization (at a minimum) is system-required in both an Asset Master and Asset Template record for all types of property, both depreciable and non-depreciable.
Depreciation Expense Accounts — The Account-Organization-Project-Reference1-Reference2 combinations set up as Depreciation Expense accounts specify where depreciation expense will be posted for depreciable assets.
A valid depreciation expense account allocation code that maps to at least one combination consisting of an account, and an organization (at a minimum) is system-required in both an Asset Master and Asset Template record for depreciable property.
Accumulated Depreciation Accounts — The Account-Organization-Project-Reference1-Reference2 combinations set up as Accumulated Depreciation accounts specify where the offset to depreciation expense will be posted for depreciable assets. (These accounts are normally set up as offsets to the balance sheet asset accounts.)
A valid accumulated depreciation account code that maps to a combination consisting of an account and an organization (at a minimum) is system-required in both an Asset Master and Asset Template record for depreciable property.
Gain/Loss Accounts — The Account-Organization-Project-Reference1-Reference2 combinations set up as Gain/Loss accounts specify where gain or loss on the disposition of depreciable assets will be posted. A gain/loss account combination is required when you enter disposal data on the Manage Disposal Transactions screen.
Set up accumulated depreciation account codes on the Manage Accumulated Depreciation Account Codes screen if you plan to enter data for depreciable assets. Each code represents an Account-Organization-Project-Reference1-Reference2 combination to which the offset to depreciation expense will be posted for depreciable assets.
The Code field in the Accumulated Depreciation Account group box is a system-required validated entry on the Acct Info tab of the Manage Asset Master Information and Manage Asset Template Information screens (or the Accum Depr Acct Code field on the Manage Asset Account Information screen) for depreciable assets. The only data from which to choose for entry in the Asset Master and the Asset Template Code fields are validated accumulated depreciation account codes from the Manage Accumulated Depreciation Account Codes screen.
Set up depreciation expense account allocation codes on the Manage Depreciation Expense Acct Allocation Codes screen if you plan to enter data for depreciable assets. You can allocate depreciation expense from a single asset record to multiple depreciation expense account combinations, based on percentages.
Each code defines the Account-Organization-Project-Reference1-Reference2 combination(s) and allocation percentage(s) to which depreciation expense will be posted for depreciable assets. Once you have established your "catalog" of depreciation expense account allocation codes, you can "assign" them to depreciable assets on a record-by-record basis, as desired.
The Depr Expense Acct Alloc Code field in the Depreciation Expense Account group box (or the Depr Exp Acct Alloc Code field, as applicable) is a system-required validated entry on the Acct Info tab of the Manage Asset Master Information and Manage Asset Template Information screens (or the Depr Expense Acct Alloc Code field on the Manage Asset Account Information screen) for depreciable assets. The only data from which to choose for entry in the Asset Master Depr Expense Acct Alloc Code and the Asset Template Depr Exp Acct Alloc Code fields are validated depreciation expense account allocation codes from the Manage Depreciation Expense Acct Allocation Codes screen.
Set up optional disposal types on the Manage Disposal Types screen to define disposal type codes to link with your asset records when you enter disposal data. You might, for example, set up codes for disposal types such as Scrapped, Obsolete, Stolen, and so on, to enhance the sorting potential for your asset records. The Disposal Type field is an optional validated entry on the Manage Disposal Transactions screen and on the Create Multiple Disposal Transactions screens.
(In the rare instance that this data is entered directly in an Asset Master record, the Disposal Type field on the Disp Info tab of the Manage Asset Master Information screen and the Disposal Type field on the Manage Asset Disposal Information screen are also optional validated entries.)
The only data from which to choose for entry in the Disposal Type fields in an Asset Master and/or Asset Template record are validated disposal type codes from the Manage Disposal Types screen.
Regardless of the Date of Purchase or Fiscal Year basis assigned to any depreciation method, you must establish your accounting periods and fiscal years in Costpoint Fixed Assets.
The Fixed Assets Calendar menu contains three separate screens: Manage Fixed Assets Fiscal Years, Manage Fixed Assets Accounting Periods, and Update FA FY/Pd Information from GL FY/Pd Information. You need not set up future fiscal years and periods in the General Ledger for Fixed Assets use, because functionality for both current and future fiscal year/period data resides in its entirety with Fixed Assets to accommodate the computation of current period depreciation expense as well as projected depreciation expense.
Enter data during initialization in the required Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens. You can manually enter data on these screens or you can use the optional Update FA FY/Pd Information from GL FY/Pd Information screen to automatically populate these screens with fiscal year data already existing in the General Ledger. For either mode of entry, it is critical for correct depreciation computations and reporting, and proper closing of the last Fixed Assets period of the year that Fixed Assets years be set up in order in the Manage Fixed Assets Fiscal Years screen with the oldest year listed at the top of the screen.
Data set up on the required Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens is not validated against data in the General Ledger because of the ability to add future time periods for use with the projected depreciation expense functionality.
Regardless of the Date of Purchase or Fiscal Year basis assigned to any depreciation method on the Manage Depreciation Methods screen, you must set up all FY/Pd/Subperiod data in Costpoint General Ledger for at least the current fiscal year.
You should, at a minimum, enter data for the current fiscal year and data for the next two future fiscal years in Fixed Assets to enable current period depreciation expense calculations. If you do NOT set up this data before computing depreciation, incorrect data may display in the Current Pd Depreciation field(s) of the G/L Book Info tab and Other Books Info subtask of the Manage Asset Master Information screen (and on the Manage Asset General Ledger Book Information and Manage Asset Other Books Information screens) after depreciation is computed for new records.
In addition, blanks will display in the report produced by running the Compute/Update Depreciation Computation Data utility (in the Current Depr Yr and Days/Pds Remaining fields) for any asset record for which no corresponding FY/Pd data is found on the Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens for the fiscal year indicated in the Depr Start Date field(s) of the Asset Master record.
If you plan to use the Compute/Update Depreciation Computation Data utility to verify (and optionally update) data in the Depr Start Date, Current Depr Yr, and Days/Pds Remaining fields for your historical assets, you must also set up FY/Pd data in Fixed Assets for the historical fiscal years that correspond to the Depr Start Date field(s) of the G/L Book Info tab and Other Books Info subtask on the Manage Asset Master Information screen (and directly on the Manage Asset General Ledger Book Information and Manage Asset Other Books Information screens), as applicable). In addition, reports that provide asset data as of an historical point in time such as the Print Fixed Assets/General Ledger Reconcilation Report or the Print Schedule of Asset Activity Report will not be able to include assets where the Acquisition Fiscal Year and Period in the Purch Info tab of Manage Asset Master Information has not been set up for Fixed Assets. Further, in order to use the projections functionality, you should add fiscal year/accounting period data for each future year for which you will compute projected depreciation expense.
If you have assigned a Date of Purchase basis to one or more depreciation methods on the Manage Depreciation Methods screen AND you have also selected the "Catch-Up" calculation option on the Configure Fixed Assets Settings screen that adds missed depreciation for prior periods in the current year to the current period depreciation amount, the system displays a soft warning message before computing to ensure historical fiscal years and periods have been set up for Fixed Assets.
In order to ensure the proper calculation of depreciation under these conditions, make sure that you have first set up historical fiscal year and period data on the Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens. Please refer to the documentation for these screens for additional information.
You should set up the data referenced in the warning message on a one-time basis for each year specified in the depreciation start date assigned to your Asset Master records for which there is remaining book value.
Alternately, if you do not want to add historical fiscal year and period data on the Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens, you can change the "Catch-Up" calculation option on the Configure Fixed Assets Settings screen to spread missed depreciation for prior periods among the remaining periods in the current year.
Enter control information in the following critical fields:
Books Setup and Books Detail [additional book number(s) and names(s)] group box and block
Length of Asset Number field
Enable automatic numbering for Asset Master records check box
System-Wide Configuration for Depreciation Calculations group box
System-Wide Configuration for DP Basis Depreciation Methods group box
For more information, please refer to the field-by-field documentation for the Configure Fixed Assets Settings screen.
If you want to set up a default Gain/Loss account for the G/L Book and/or a default Asset Template at this time, you may do so. Alternately, you can safely add this optional data at any time after initialization.
If you have assigned a Date of Purchase basis to one or more depreciation methods on the Manage Depreciation Methods screen AND you have also selected the "Catch-Up" calculation option on the Configure Fixed Assets Settings screen that adds missed depreciation for prior periods in the current year to the current period depreciation amount, the system displays a soft warning information message about it prior to computing depreciation:
In order to ensure the proper calculation of depreciation under these conditions, make sure that you have first set up historical fiscal year and period data on the Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens. Please refer to the documentation for these screens for additional information.
You should set up the data referenced in the warning message on a one-time basis for each year specified in the depreciation start date assigned to your Asset Master records, for which there is remaining book value. If you have already set up some fiscal year/period data, make sure that you include the earlier fiscal years into the Manage Fixed Assets Fiscal Years screen.
Alternately, if you do not want to add historical fiscal year and period data on the Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens, you can change the "Catch-Up" calculation option on the Configure Fixed Assets Settings screen to spread missed depreciation for prior periods among the remaining periods in the current year.
Specify the current Fixed Assets fiscal year, period, and subperiod to which depreciation and disposal data will be posted to the General Ledger. Unlike the rest of Costpoint, there can only be ONE fiscal year, period, and subperiod designated as current in Fixed Assets.
Decisions relative to the field entries on this screen are very important to system processing. Once data is entered in these fields and the first posting has taken place, you will need to run a special process to close the Fixed Assets (F/A) accounting period. The F/A period close process will automatically populate these fields with the next sequential fiscal year/period.
The system validates the fiscal year, period, and subperiod on this screen against existing data in the General Ledger, because these fields are used in the very important posting process to the General Ledger.
The Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens should agree with data in the General Ledger, but if there is a discrepancy, the system will validate against G/L data.
You cannot change the data in the Current Fiscal Year and Current Period fields after you have posted depreciation and/or disposal entries to the General Ledger for the first time. You should be very careful to initialize these fields correctly. You can change the Current Subperiod field at any time, because it relates only to the posting timing.
During the F/A period close process, the system will automatically populate the Current Subperiod field on this screen with 1 as the default subperiod. If you have set up more than one subperiod, you can always edit this field to specify in which of your subperiods F/A postings should take place.
Set up optional labels for use with the optional ability to enter additional inventory, maintenance, and transfer tracking data for your property records.
Although you can establish the labels at any time, you cannot enter the actual inventory, maintenance, and transfer data for a record until you have added the Asset Master for the record. (You can add the data for an existing master record even if you have not entered your own labels, although the data will be more meaningful with user-designated labels.)
You can set up inventory tracking labels for up to eight additional user-defined inventory categories, such as Counted By, Condition, and so on.
You can set up maintenance field labels for up to nine additional user-defined maintenance categories, such as Type, Vendor, Cost, and so on.
You can set up transfer tracking labels for up to eight additional user-defined transfer categories, such as Fld Chngd, From, To, Reason, and so on.
Enable Audit Trail Functionality
You can use the Configure Asset/Template Change Settings screen to select specific actions to be performed by the system when you capture and store change data for fields/columns in the Asset Master and/or Asset Template records.
You must first decide if you want the system to capture change data at all and, if so, whether you want to capture change data for Asset Master records, Asset Template records, or both. The system can capture the asset/template record identifier, the name of each changed field, the old data from before the change, the new data after the change, information on the user who performed the change, and the date and time of the change.
In order for the system to capture change details, you must select the desired fields/columns in the Asset/Template Field/Column Names subtask of the Configure Asset/Template Change Settings screen BEFORE you make changes to Asset Master and/or Asset Template records.
Each check box that you select in the Asset/Template Field/Column Names subtask of the Configure Asset/Template Change Settings screen signifies that you want to capture data for that field for an Asset Master and/or Asset Template record each time you make a change to that data, regardless of the screen in which the change was made.
To limit the size of the audit log tables, you will probably select specific check boxes rather than all check boxes. You should capture change data for the fields YOU consider most significant, such as depreciation method, current period depreciation expense amount, location, and so on. You may decide not to capture change data for more insignificant data changes, such as spelling corrections made to description fields, and so on.
Once the change details have been captured, use the View Asset Change History screen to view change data from the Asset Audit Log and the View Template Change History screen to view data from the Template Audit Log. Use the Print Change History screen to print change data reports from the Asset Audit Log or the Template Audit Log.
You can also use the Configure Asset/Template Change Settings screen to post transfer entries to the General Ledger. You can have the system generate transfers entries automatically when you make changes to the asset ("ownership") account, organization, and project fields AND/OR the Accumulated Depreciation Account Code fields in an Asset Master record. Note that when you have selected the option to generate transfer entries automatically, those entries have to be posted in the Post Fixed Assets Journal screen before closing the Fixed Assets period.
Provided that the applicable check boxes are selected on the Configure Asset/Template Change Settings screen, you can:
Write change details to an audit log for the fields you have selected from Asset Master and/or Asset Template records; and
Create G/L transfer entries for posting to the G/L.
Enable Autocreation Functionality
You can use the screens in the Asset Master Autocreation menu to manage the setup and functions of the optional autocreation feature. This feature can automatically create Asset Master records by importing data from Purchasing, Receiving, and/or Accounts Payable, thus reducing the need for duplicate data entry in Fixed Assets.
In addition, defaults for the auto-generation of UID values are located on the Configure Autocreation Settings screen. These defaults must be populated here (or on the Configure Serial/Lot Settings screen in Inventory if you are licensed for Costpoint Inventory) in order for the auto-generate action to be available.
To use the autocreation feature, you must perform the following initialization:
If you are licensed for Costpoint Purchasing and Receiving, select the preferred asset/item numbering configuration from the Configure Default Autocreation Asset Numbering screen and the preferred defaults on the Configure Autocreation Settings screen.
On the Manage Autocreation Accounts screen, enter the Account/Organization/Project/Reference 1/Reference 2 combination(s) and/or wild card combination(s) for which it is permissible to create Asset Master records. You must assign a Receipt or Posting timing code to each row to signify whether data should be captured at time of Receipt or at time of A/P Posting.
On the Configure Fixed Assets Settings screen, select the Enable automatic numbering for Asset Master Records check box and enter the appropriate data in the Last Asset Number field.
Once initialization is complete, perform the following steps:
(Optional) If you are licensed for Costpoint Purchasing and Receiving, enter additional receiving data (such as tag number, serial number, and so on) as desired in the Additional Receiving Info for Autocreated Fixed Assets subtask (on the Manage Purchase Order Receipts and Manage Quality Control Inspections screens of Costpoint Receiving).
Run the preliminary autocreation process from the Create Autocreation Transactions screen. During this process, the system collects the appropriate data from Purchasing, Receiving, and/or Accounts Payable tables and displays the information in the Manage Autocreation Transactions table window for review.
Make all necessary edits and enter additional data as desired on the Manage Autocreation Transactions screen. Select records for processing into Fixed Assets or put records On-Hold that will be processed into assets at a future time.
Review the data in summary or detail format at any time by printing the Print Autocreation Transactions Edit Report.
Execute the final autocreation process from the Create Asset Master Records screen. This process moves selected and validated rows from the Manage Autocreation Transactions screen and creates the individual Asset Master records. A list of successfully processed transactions automatically prints along with an error list of any transactions rejected because of error conditions.
Asset Templates
Use the optional template functionality to establish sets of default data for property that shares common characteristics by entering this data on the Manage Asset Template Information screen and the eight available tabs and subtask.
The template functions only as the mechanism by which template data is automatically imported into an Asset Master record. Once the data displays in the Asset Master record (after import), you can edit it on a field-by-field basis, if necessary, and there is no additional functionality for the template.
The primary role for the Asset Template is to reduce the amount of repetitive manual data entry in Asset Master records that share mutual attributes. Another important advantage in the Asset Template functionality lies in the ability to incorporate consistent descriptions and data across property records, thus enhancing the quality of tracking and reporting functions within the system.
To assist you when you enter the correct data in the Current Depr Yr and Days/Pds Remaining fields in your Asset Master records, you can use this utility to verify the relationship of the Depr Start Date field to the Current Depr Yr and Days/Pds Remaining fields.
This utility should be especially helpful when you are initializing historical data. Data entry in the Current Depr Yr and Days/Pds Remaining fields in Asset Master records is particularly prone to error due to misinterpretation of the system "rules" for this field and/or because of missing/inadequate historical data. The relationship of initialization data in the Current Depr Yr, Days/Pds Remaining, and Depr Start Date fields is critical to the accurate calculation of depreciation (as is the data in the Amt Taken Purch YTD field for users whose depreciation methods employ a Date of Purchase basis).
The Compute/Update Depreciation Computation Data utility produces a report based on the depreciation start date and the Fixed Assets years and periods set up on the Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens. The system first prints a side-by-side comparison of both the current values displayed in the Asset Master and the values that the system computed for the Current Depr Yr and Days/Pds Remaining fields, by book. Once the report has printed, you will then have the option to update the data.
If you choose to update data using this utility, selecting the Update Asset Master Records (using the gears icon) activates the "Update" portion of the utility that applies the system-computed values to the Asset Master records. This process updates the existing data in the Current Depr Yr and Days/Pds Remaining fields by replacing the existing Asset Master data with system-computed values.
For new Asset Master records, the system will automatically compute the values in the Current Depr Yr and Days/Pds Remaining fields (provided you have not entered data in these fields) when depreciation is computed for the first time, based on the date in the Depr Start Date field.
For additional information, please refer to the specific documentation for the Depr Start Date, Current Depr Yr, and Days/Pds Remaining fields for the G/L Book Info tab of the Manage Asset Master Information screen.
The Update process is similar to posting routines in that you must first print the report before you can update. Never run the Update process as a matter of routine unless you agree with the system field changes that will take place for each Asset Master record.
This utility will compute/update Asset Master data only for books in which the assigned depreciation method uses a Date of Purchase basis and whose depreciation start date is before the current Fixed Assets posting Fiscal Year, Period, and Subperiod. (For assets in the first period of a purchase year, the Amount Taken Purchase YTD value will be automatically set to zero.)
To assist you when you enter the correct data in the Amt Taken Purch YTD field in your Asset Master records, you can use this utility to verify the relationship of the value in the Amt Taken Purch YTD field to the values in the Current Depr Yr and Days/Pds Remaining fields.
This utility should be especially helpful when you are initializing historical data. Data entry in the Amt Taken Purch YTD field in Asset Master records is particularly prone to error due to misinterpretation of the system "rules" for this field and/or because of missing/inadequate historical data. Initialization data in the Amt Taken Purch YTD field is critical to the accurate calculation of depreciation (as is the data in the Current Depr Yr and Days/Pds Remaining fields).
The verify and update portions of this utility follow methodologies similar to those in the Compute/Update Depreciation Computation utility, except that this utility computes and compares values in the Amt Taken Purch YTD field in Asset Master records (instead of the Current Depr Yr and Days/Pds Remaining fields).
For new Asset Master records, the system will automatically initialize and update the values in the Amt Taken Purch YTD fields in Asset Master (provided you have not entered data in these fields) when you close the current accounting period.
For additional information, please refer to the specific documentation for the Amt Taken Purch YTD field for the G/L Book Info tab of the Manage Asset Master Information screen.
The Update process is similar to posting routines in that you must first print the report before you can update. Never run the Update process as a matter of routine unless you agree with the system field changes that will take place for each Asset Master record.