Asset Valuation setup

Before you can begin using Asset Valuation you must create budget numbers and accounting periods. You must also create one or more asset valuation books, and you must define how Infor Public Sector will create journal entries.

Asset valuation books are different classes of asset valuation records. You can set up multiple valuations for the same assets using different books, which apply different methods of calculating asset values. For example, regulations in Australia require municipalities to maintain conventional financial reporting systems as well as separate financial records for tax equivalency reporting. A separate book could be set up for each of these purposes.

You can also specify different depreciation and revaluation options for your asset valuation books. For example, one book might only allow depreciation up to the current date, and another might let you project depreciation into the future.

After you begin valuing your assets, Infor Public Sector automatically records debit and credit journal entries for every asset valuation transaction. To create journal entries you must first use Journal Setup to specify formulas to determine which budget numbers to use. For example, you might write a formula that selects the budget number for a journal entry based on the district where an asset is located, or a formula that selects the budget number based on the fiscal year.

You can define different debit and credit budget number formulas for each transaction type.