Fixed asset group

Employees who frequently enter transactions, occasionally make mistakes. In most cases, these mistakes can easily be corrected. However, if an erroneous asset group, category and subcategory are assigned to a fixed asset, or an erroneous in-service date is specified, mistakes are not easily corrected if the asset is already capitalized. Consequently, a new asset code or extension and sometimes unwanted depreciation transactions may be created.

New functionality is available to reverse incorrect entries and to automatically generate correct entries with the correct amounts.

The Adjust Assets (tffam8220m000) session includes these changes:

• New fields have been introduced to change the Fixed Asset Group, Category, Subcategory, and In-Service Date. These changes do not require a new asset code or extension.
• A reason code must be provided by the user to indicate why a change is made

For assets for which depreciation is not calculated and posted, changing the asset group, asset category, sub category, or in service date does not result into depreciation transactions for the old asset group.

For assets for which depreciation is already calculated and posted, changing the asset group, asset category, sub category, or in service date results into reversal transactions of the already posted depreciation amounts. The correct depreciation transactions are created up to the last depreciation date of the asset.

To track the new adjustment options, the Adjustment – Details (tfgld8520s000) session has been changed to accommodate the changes in category, subcategory, group and in-service date.

In the Print Invested Capital Overview (tffam8478m000) session, the reports have been changed to reflect the changes in asset category, subcategory and group. This is also applicable for the Print Net Book Value Detail Reconciliation (tffam8477m000) session.