Procedures Overview

When installation is complete, the Fixed Assets programs may be used in any order. The typical order of operations and suggestions for storing reports are contained in this section. If these procedures are used as a guideline, there will be valuable printed documents on file in the company that may be used in case of hardware problems. Such printed documents, when maintained regularly, could save many hours of retrieval time.

The frequency with which these procedures are followed depends in large measure on the circumstances of the individual company. For example, the more fixed assets a company acquires, the more frequently the Fixed Asset File Maintenance screen would be used. Likewise, some businesses may print the Fixed Assets Additions Register weekly or monthly, while others might only do so on an annual basis.

Procedures As Required

  2. Periodically, according to the company's needs, use Processing Date Change to set minimum and maximum processing dates.

  3. To record the General Ledger accounts to which a Fixed Asset's depreciation will be posted, use G/L Control Code Maintenance.

  4. As the company acquires additional fixed assets, enter information including description, location, depreciation method(s), etc., using Fixed Assets File Maintenance.

  5. If the company determines a need to change the method of depreciation for any fixed asset(s), enter this information through Fixed Assets File Maintenance

  6. To review subtotals for each G/L account code and the value of all Fixed Assets, print a Fixed Assets File Listing.

  7. Print the Fixed Assets Depreciation Register, as necessary.

  8. If assets are added, print the Fixed Assets Additions Register rather than the entire Fixed Assets File Listing, if desired.

  9. When assets are sold or taken out of service, use Fixed Assets File Maintenance to record the retirement, use the Fixed Assets Deletions Register to print a list of only the deleted assets, if desired.

  10. Use MACRS Table Maintenance to maintain the Accelerated Cost Recovery System Table.

  11. Use History Consolidation to maintain annual Fixed Asset depreciation figures for years prior to the General Ledger Fiscal Calendar.