Setting up the Extended Fixed Assets module
Continia Finance brings enhanced functionality to the Fixed Asset module, allowing more effective management of your long-term revenue-generating assets like buildings, vehicles, and machinery.
This module automates value adjustments by altering depreciation rates, offers asset template utilization during asset acquisition, and enables separate posting of acquisition costs or sales for precise financial tracking.
To set up the Extended Fixed Assets module using the assisted setup:
- Use the
icon, enter Assisted Setup, and select the related link. - In the Continia Finance section, select Set up Ext. Fixed Assets.
- The wizard will now let you manage your assets by quantity and also distinguish between sale and scrapping when disposing of them. Additionally, partial disposals can be booked efficiently in the module, with the system handling all required transactions in a single step. To create new fixed assets, you can add templates.
To set up Extended Fixed Assets:
Use the search icon, enter Extended Fixed Asset Setup, and select the related link.
On the General FastTab, you will find various settings that you can apply. For instance, you can configure the following options:
Field Description Fixed Asset Template In this field, you can select or set up templates for quicker asset creation. Use Rounding Book Value in Periodic Depreciation Enable to round the book value for depreciation postings. The depreciation amounts will ensure a rounded book value for periodic depreciation and postings generated when Depreciation until FA Date is activated. This is considered during the first depreciation posting. Clear FA No. when Reverse Transaction By activating this field, the system will generate a reversal entry for transaction reversals instead of creating a negative acquisition entry, which could lead to accounting discrepancies. Set VAT for Correction Disposal or Acquisition If this option is enabled, the original posting groups will be included in the journal when a sale is reversed. Insert Customer or Vendor for Correction Disposal or Acquisition If this option is enabled, the system automatically generates a line item for the offset account (customer) when a sale is reversed. On the Acquisitions FastTab, you can use the following settings:
Field Description Pmt. Discount on Acquisition Costs If enabled, it deducts payment discounts from fixed asset acquisition values during invoice payment. If there are multiple fixed assets or mixed items in the invoice, the discount is distributed accordingly. If you reverse the invoice application, the Fixed Assets area's cost corrections, including acquisition and depreciation, are reversed too.
Note that using the Unapply function does not affect the system's automatic depreciation posting on the payment date. However, any depreciation posted between invoice payment and asset acquisition will be corrected accordingly.Depr. until FA Posting Date If enabled, the corresponding field in the journal line or the purchase document will be activated for additional acquisition postings. This means a depreciation posting will be performed on the asset acquisition date.
This feature is activated for further acquisitions only if the depreciation posting has occurred. If no prior depreciation posting exists, it is unnecessary because the next depreciation run will write off the entire acquisition cost from the starting date of regular depreciation.On the Disposal FastTab, you can set the following fields:
- Depreciation until FA is posted for disposal.
- Reclassification of Journal Template
- Reclassification of Journal Batch