This section covers the settings behind your fixed asset application. We do NOT recommend you change any of these settings without first consulting your AssetEdge implementation professional.
From the fixed assets overview menu, select the Settings icon.
You should now see a Configuration window that defaults to the Application Settings tab. Navigate to this tab if you are not already there.
Here you can see various application settings that are detailed below.
General Ledger
Waiting to be Capitalized General Ledger Account
This account is your fixed asset clearing account. When the fixed asset is initially created in the system via AP or purchasing, it is posted to this temporary account that holds the costs as shown below.
Debit: Fixed Asset Clearing Account $1,000,000
Credit: Accounts Payable $1,000,000
Why post to this account instead of directly to "Buildings" or "Machinery?" The clearing account simply holds assets until you decide to start capitalizing them. The AssetEdge support team recommends that you review this account on the trial balance at month-end and be sure that it has a zero balance. This ensures that all of your capital assets are actually being depreciated.
When you place the asset into service (start depreciation), the asset gets posted into the general ledger as shown below.
Debit: Building $1,000,000
Credit: Fixed Asset Clearing Account $1,000,000
Default Journal
Specify the fixed asset journal where journal entries will be recorded.
General Ledger Posting Date in Future Periods
Decide if you will allow journal entries that are future dated.
Disallow Manual Entries in Fixed Asset Journal
If check box is checked, the manual creation, editing, or deletion of any entry in the fixed asset journal is disallowed. This setting can be changed at any time. It is best practice to leave this box checked. The AssetEdge support team is not responsible for anything you do if you choose to uncheck this box.
Standard Dimensions
Choose what dimensions you want to require when an asset is added to the system using the check boxes. NOTE: If you have already entered assets, and decide to add a required dimension in this application settings window, you will get an error message for those assets that do not have that specific dimension populated. You must go into each asset and correct this before you can universally change the dimension requirements. See the Dimension Transfer functionality to remedy this.
Fixed Assets
License ID
Your license ID is input for you at the time of installation.
First Depreciation Period
This is the first period that AssetEdge will use to depreciate assets for book purposes.
Posting Frequency
This is the interval used to define the frequency of deprecation posts. Currently a monthly depreciation posting frequency is supported.
Multi-entity / Multi-currency
Base Currency
If you are using a single currency, this will be blank. Otherwise, it should specify the default currency for the entity you are in.
Is Multi-Entity Shared
This check box will be marked if you are in a multi-entity shared environment.
Disallow Assets at this Entity
If selected for the parent, assets are entered at the subsidiary (child) level, rather than at the parent level. This setting in each subsidiary entity needs to be unchecked. This setup means that depreciation will run at the subsidiary level, rather than at the parent level. This is the recommended setting and is the only option for companies with multiple currencies.
If your parent entity will exclusively deal with fixed assets, this box should be left unchecked for the parent, and should be checked in each child's AssetEdge settings. All depreciation entries are run through the parent entity, and only the parent entity.
NOTE: It is recommended that these settings not be changed after assets are added into the system.
See diagram for reference on multi-entity company structures.
Disallow Master Data at this Entity
If selected for only child entities, master data (classes, leases, and physical locations) will be controlled by the parent entity and won't be editable by any subsidiaries. This is the best practice for managing multi-entity data.
It is common for multi-level entities to only allow master data at the top-level, and to only allow asset entry at the lower-level.
Update Asset Projections Button
Clicking this button will essentially "refresh" each asset's information and status for each depreciation posting period. If you ever make manual changes to your GL and notice that accumulated depreciation is out of sync for some assets, updating the asset projections should fix this for you. For instance, if you deleted a journal entry that recorded depreciation in a prior period, accumulated depreciation will be wrong in the asset's record. You may consider using the update to fix this. Upon click of the button, you can add comments for why you are running the update; then click Yes. The update kicks off an offline process so it will take a few minutes for the screen to refresh.
