Fixed Assets System Setup

Overview of FA01

In order to begin using DDI’s fixed assets system, you must first have taken certain steps to configure it and prepare it for use. Fixed Assets Setup lays the groundwork for the functionality in the Fixed Asset Entry, depreciation, and reporting functions. It will enable you to do the following things:

• Indicate whether transactions created by fixed-asset acquisition and depreciation should be consolidated in the general ledger
• Set the default depreciation method for new fixed assets
• Indicate if/when the system should automatically purge disposed fixed assets
• Set the minimum fixed-asset value eligible for depreciation
• Custom configure the fixed-asset-number format to match your business’ needs
• Select whether the system should maintain various types of vendors within the Accounts Payable system
• Establish the classes of fixed assets the system will use, including their default lifespan, depreciation method, and the G/L accounts affected by various types of transactions involving the fixed asset
• Identify the locations and rooms that house the fixed assets your business owns

Note: Take special care to complete each of the steps described in the Fixed Assets Setup. Failure to do so could result in the Fixed Assets System lacking critical functionality.

• From the DDI Connect main menu, double-click Fixed Assets
• Double-click Setup
• Double-click Fixed Assets System Setup. You will see this screen:

To make changes on this screen, click the Edit button. The fields now activate:

There are three tabs on this screen.

Base Settings tab

The following fields are available on the Base Settings tab:

Field	Description
Use subclass codes	Select to enable subclass codes in Class Setup. If this box is checked, a second class field is displayed when a new asset is established on the Class Setup screen
Consolidate GL transactions to asset accounts	Example
Consolidate GL transactions to income/expense	Example
Consolidate GL transactions to accumulated depreciation	Example
Consolidate GL transactions to cash accounts	Example
Post to GL	Example
Purge disposed assets after how many years (0=never)	Example
Default depreciation method	Example
Day of month through which depreciation will be calculated for month of acquisition	Example
Day of month through which depreciation will be calculated for month of disposal	Example
Minimum basis (cost) eligible for depreciation	Example
Allow changes to depreciated assets	Example