Fixed assets are items of value, such as buildings, vehicles, land, and equipment, that are owned by an individual or corporation.

You can set up and enter acquisition information for asset records, and then manage your assets by depreciating them and setting a capitalization threshold to determine depreciation. You can calculate adjustments to the assets, and also dispose of them.

When you use General ledger with Fixed assets, you can view the current value of all assets. Some features in Fixed assets are country/region specific. You can use Fixed assets with Accounts receivable, Accounts payable, and Inventory management.

In addition, the way in which fixed assets are handled must correspond to both international accounting standards and accounting legislation in each country/region. Requirements might include rules for recording acquisition and disposal transactions, depreciation, lifetimes, and write-ups and write-downs of fixed assets. The fixed asset functionality incorporates many of these standards and rules.

The topics in this section provide information about setting up and maintaining Fixed assets.

Basic setup of Fixed assets

Setting up the Fixed asset calendar

Depreciation methods and conventions

Setting up depreciation

Fixed assets setup and maintenance forms

The following table lists the forms that support setting up and maintaining Fixed assets. The table entries are organized by task and then alphabetically by form name.

Note
Some forms in the following table require information or parameter settings to navigate to them.

Task	Form name	Usage
Basic setup of Fixed assets	Chart of accounts	Set up ledger accounts for the posting profiles for Fixed assets.
	Depreciation profiles	Set up depreciation profiles to allocate – or accrue – the depreciable value of a fixed asset into multiple accounting periods.
	Fixed asset groups	Set up fixed asset groups to simplify the setup of fixed assets.
	General ledger parameters	Specify parameters for Fixed assets.
	Journal names setup	Set up journal names for Fixed assets.
	Posting profiles	Fixed asset posting profiles- Set up posting profiles for Fixed assets.
	Transaction texts	Set up transaction text for Fixed assets.
	Value models	Fixed asset value models- Set up value models for Fixed assets.

Setting up the fixed asset calendar	Calendar periods	View the starting and ending dates, status, comments, and quarters for the calendar periods.
	Create new year	Create a new fixed asset calendar year, periods, and default months and quarters.
	Delete period	Delete a fixed asset period.
	Divide period	Divide a period, create two new periods, and delete the old period.
	Fixed asset calendars	Set up a new calendar to use for depreciation.

Setting up depreciation	Bonus depreciation	Set up bonus depreciation for depreciation books.
	Consumption factors	Set up consumption factors that you can select for value models that are attached to depreciable fixed assets.
	Consumption units	Create a consumption unit, such as kilometer (km), kilogram (kg), or hour, to be used as a reference for unit price entry for fixed assets.
	Depreciation book bonus depreciation	Enter or modify bonus depreciation information for the asset depreciation book.
	Depreciation book journal	Create fixed asset depreciation book journals.
	Depreciation profiles	Create and modify depreciation profiles, which are used to depreciate the value of fixed assets over time intervals.
	Fixed asset group/depreciation book	Associate depreciation books to fixed asset groups.
	Fixed asset group/depreciation book bonus	Set up an asset group depreciation book bonus.

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