At the highest level, you determine if you are posting any asset information to General Ledger through the Fixed Assets parameter. However, your reporting types will determine how, or if, you will record depreciation for the asset and exactly which Fixed Assets transactions are posted to GL–P/G (if the Fixed Assets parameter allows posting).
Within each reporting type definition, you can use the ledger options to define how Fixed Assets will post each type of transaction: Cost, Depreciation, and Disposal.
Once a reporting type is assigned to an asset definition, you must enter specific information about the asset, including:
• Cost date
• Cost amount
• Depreciation method
• Life of the asset (in months or years)
• Salvage value.
If your organization uses one primary reporting type for most of your assets, you may choose to “auto add” the reporting type. This saves you a step as you enter new acquisitions.
You will probably assign at least one reporting type to each asset. However, you should be aware that if you assign two (or more) reporting types that each post the same information to General Ledger (e.g., both reporting types post cost), the system will post a transaction multiple times. This could cause your General Ledger to balance incorrectly.
If a reporting type needs to be changed after something has been posted, it will need to be removed with an override and re-added. Care needs to be taken if the reporting type or types post to the General Ledger, to see what might need to be reversed in GL.