Assets and related books

When you create an asset, one or more books can be assigned to the asset. Fixed Assets uses the information within each book to determine how an asset depreciates and to record transactional data for the asset. Each book that is assigned to an asset can contain different data about that asset, and the asset can depreciate differently in each book.

LN assigns a set of default books to each new asset upon creation in the Asset Books (tffam1510m000) session. If a book is not required, you can remove the association with the default book. You can add an association with a book that is not a default book.

Each company's assets must have a relationship with a financial or commercial type book that is specified as the default General Ledger posting book in the FAM Parameters (tffam0100s000) session. The default-posting book is the primary book from which LN draws asset data when you send journal entries to the General Ledger. You cannot remove or change the default-posting book from an asset.