To set up Fixed Assets

To set up Fixed Assets:

  1. Books

    In the Books (tffam6500m000) session, add the books.

  2. Property Types

    In the Property Types (tffam7180m000) session, set up the required property types.

  3. Asset Groups

    In the Asset Groups (tffam4500m000) session, set up the asset groups.

  4. Depreciation Frequencies

    In the Depreciation Frequencies (tffam7100m000) session, add the depreciation frequencies.

  5. Depreciation Methods

    In the Depreciation Methods (tffam7510m000) session you can define the depreciation methods.

  6. Define FAM Parameters

    In the FAM Parameters (tffam0100s000) session, define FAM parameters.

    Define default values for:

    • Transaction details
    • Depreciation frequencies and information
    • Exchange rate types
    • Books
    • Category
    • History Retention years and periods
  7. In the FAM Parameters (tffam0100s000) session, from the appropriate menu, select Default Books option to start the Default Books (tffam0510m000) session, in which you can define the default books. These books are used by the Assets (tffam1500m000) session to generate asset books.

  8. Categories

    In the Categories (tffam2500m000) session, add the categories.

  9. Location

    In the Location Segments (tffam5510m000) session, set up the required locations.

  10. Asset Classes

    In the Asset Class (tffam1135m000) session, select the life value of the asset. You can select a single value or range of values.

  11. Vintage Groups /Accounts

    In the Vintage/Group Account (tffam7170s000) session, add new vintage/group accounts

  12. Reasons

    In the Reasons (tffam6550m000) session, define reason codes for various FAM transactions such as adjustments, disposals, transfers and removals.

  13. Integrations

    In the Mapping Scheme (tfgld4573m000) session, define the mapping scheme, to link the fixed asset transactions to the General Ledger module.

The prerequisites to set up Fixed Assets

Before you set the parameters in the FAM Parameters (tffam0100s000) session, complete these steps:

  • In the Implemented Software Components (tccom0100s000) details session, select the Financials (TF) check box.
  • In the Chart of Accounts (tfgld0508m000) session, add the ledger accounts in which the fixed asset transactions are posted.

  • In the Fixed Asset Integration field in the Chart of Accounts (tfgld0508m000) session, select one of the following options. These types of ledger accounts are linked to the Fixed Assets module, and are used as interim accounts for the specific transactions.

    • Investment
    • Maintenance Costs
    • Disposal
  • In the Transaction Types (tfgld0511m000) session, define the transaction types for the various fixed asset transactions. The Transaction Category must be Journal Vouchers and the History Update Mode must be Batch Processing.
  • In the Exchange Rate Types (tcmcs0140m000) session, add the exchange rate types if they are different for FAM.