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 | Select to consolidate all general-ledger activity brought about by fixed-assets transactions involving asset accounts. De-selecting this option indicates that you want such transactions to post individually to the G/L |
Consolidate GL transactions to income/expense | Select to consolidate all general-ledger activity brought about by fixed-assets transactions involving income and expense accounts. De-selecting this option indicates that you want such transactions to post individually to the G/L |
Consolidate GL transactions to accumulated depreciation | Select to consolidate all general-ledger activity brought about by fixed-assets transactions involving accumulated depreciation accounts. De-selecting this option indicates that you want such transactions to post individually to the G/L |
Consolidate GL transactions to cash accounts | Select to consolidate all general-ledger activity brought about by fixed-assets transactions involving cash accounts. De-selecting this option indicates that you want such transactions to post individually to the G/L |
Post to GL | Select to post all fixed-assets transactions to the general ledger. If this option is de-selected, fixed-assets transactions are retained in the Fixed Assets system, but the general ledger is not affected |
Use fleet | If your organization owns vehicles used by staff, you must select this option in order to utilize the Vehicle tracking for fixed assets |
Purge disposed assets after how many years (0=never) | Number of years following disposal that a fixed asset should be purged from the system. Set this value to “0” to disable this feature |
Default depreciation method | Method of depreciation to be used by default for new fixed assets. Type the depreciation method code or click the list icon to select from a list of active depreciation method codes in the system |
Day of month through which depreciation will be calculated for month of acquisition | During the month of acquisition of a fixed asset, the date on which the system will begin calculating depreciation |
Day of month through which depreciation will be calculated for month of disposal | During the month of disposal of a fixed asset, the date on which the system will cease calculating depreciation |
Minimum basis (cost) eligible for depreciation | Cost threshold below which the system will not depreciate a fixed asset |
Allow changes to depreciated assets | Selecting this option no longer affects the behavior of DDI-Connect Fixed Assets. In order to modify depreciated assets, depreciation transactions must already exist for the fixed asset |
Asset Numbers tab
When you click the Asset Numbers tab, you will see the following screen:
The following fields are available on this screen:
Field | Description |
---|---|
Main asset number length | Number of digits or letters, not to exceed eight, in the first segment of the fixed-asset number |
Format | Click the drop down arrow to select the format for the main asset number |
Separator character | Specify the type of separator character to use, if any, between segments of the fixed-asset number. Entering “B” leaves a space between the two segments, and leaving this field blank places no space or character between them |
Sub asset number length | Number of digits or letters, not to exceed eight, in the second segment of the fixed-asset number. Entering “0” disables this portion of the number |
Format | Click the drop down arrow to select the format for the sub asset number |
At the bottom of the Asset Numbers tab, you will see a Sample. This non-editable field changes dynamically as you modify the fields above, to display a sample of the asset-number format. The sample displayed updates whenever you change a value then tab or click out of the field.
Vendor Info tab
When you click the Vendor Info tab, you will see this screen:
The following fields are available on this screen:
Field | Description |
---|---|
Maintain Fixed Asset vendors in Accounts Payable System | Select if your business wants DDI-Connect to require that fixed-asset vendors be established in Accounts Payable before they can be used in the Fixed Assets system. Otherwise any record set up in FundWriter or Name/Address can be used |
Maintain warranty, insurance, and service vendors in Accounts Payable System | Select if your business wants DDI-Connect to require that warranty, insurance, or service vendors be established in Accounts Payable before they can be used in the Fixed Assets system. Otherwise any record set up in FundWriter or Name/Address can be used |
When you have finished making your modifications, click Save to retain your changes.