Field descriptions: Fixed Assets Management configuration

Select a document sequence to determine the automatic numbering and formatting of new Asset IDs.

The Fixed Assets Management application requires auto-numbering of Asset IDs. Implementers set up a document sequence for Asset IDs during configuration, but you can change the sequence later.

Create a document sequence in Company settings to define the format and numbering of your Asset IDs. Then, select the document sequence in Fixed Assets Management configuration. For example, you can create a format such as "A-0100". The ID can only include letters, numbers, underscores, periods, spaces, forward slashes, and hyphens. Also, it cannot have leading, trailing, or consecutive hyphens.

When you create a new asset, you will see "--New--" in the Asset ID field. Sage Intacct generates the next ID in the sequence after you save the asset.

Learn how to set the Asset ID sequence.

Enter a unique identifier for the journal posting rule.

The ID can only include letters, numbers, underscores, periods, spaces, forward slashes, and hyphens. Also, it cannot have leading, trailing, or consecutive hyphens.

The ID is not editable after you create the rule.

Enter a name for the journal posting rule.

The ID and name are referenced when you create a depreciation rule. Use a meaningful name that's based on the book such as Accrual, Compliance, or Tax.

This is the journal where transactions related to Fixed Assets Management are recorded.

Select an active journal. Do not select a statistical journal or a journal that's used for adjustments.

You can select journals that use either the Accrual or Cash accounting method, but not both. When creating multiple journal posting rules, each rule must use a different journal, and each journal must belong to a different book.

The convention determines how depreciation is calculated in the first and last periods of an asset's life.

• Full month: Assets start to depreciate on the first day of the month that they are placed in service, regardless of the exact in-service date. This does not affect assets that are under the Daily depreciation method, which start to depreciate on the exact in-service date.

• Half year: Assets depreciate for half a period in the first year they are placed in service, regardless of the exact in-service date. The remaining depreciation is applied in an extra period at the end of the asset's life.

• Full year: Assets start to depreciate on the first day of the year that they are placed in service, regardless of the exact in-service date.

Select the units for useful life.

The Useful life is an estimate of the expected service life of an asset. The units of useful life must match the convention. For a Full month convention, select Months. For a Half year or Full year convention, select Years.

Select this option for Tax books.

If the Tax setting is enabled, and if the convention is Half year or Full year, Sage Intacct uses the entity’s tax year-end for depreciation posting period dates. If the entity's tax year is not defined, it uses the company’s instead. The tax year-end is determined by the First tax month setting, which you can find on the Entity information (Company > Setup > Entities) or Company information (Company > Setup > Company > Accounting tab) pages. For example, if the First tax month is July, then the posting periods each year will be on June 30th.

If you deselect Tax, we recommend keeping the Use salvage value field selected.

By default, the Salvage value is used to calculate the depreciation expense of an asset. However, in some countries such as France, the salvage value must always be considered $0 for tax purposes. Deselect this setting to ignore the Salvage value in depreciation expense calculations of this book.

If you deselect Use salvage value, we do not recommend deselecting the Tax field.

The book that the journal belongs to. Each journal posting rule must use a different book. The selected Journal determines the value of this field.

Turn on Create assets from AP purchase invoices to allow users to generate assets automatically from Accounts Payable AP purchase invoices. This feature streamlines data entry by creating assets at the time of their acquisition, eliminating the need for redundant data entry. After there are assets created from AP purchase invoices, you cannot turn off this feature. If the assets have not started to depreciate yet, then you can delete the AP purchase invoices to remove the assets, and then turn off this feature.

Here's how it works:

• Sage Intacct checks each AP purchase invoice line to see if the account matches an Asset GL account in an asset classification.

• If there's a match, you specify the number of assets to create and provide a name for them on that line.

• When the AP purchase invoice posts, it generates the assets in the Ready for review state. You can then review the assets and add details.

• Each asset includes a link back to the originating AP purchase invoice in the Source field.

• If you create a single asset, it's automatically tagged as a dimension on the AP purchase invoice line and in the posted journal entry.

Learn how more about the AP integration.

Turn on Create assets from purchasing transactions to allow users to generate assets automatically from Purchasing transactions such as PO purchase invoices. Each line in a transaction can generate up to 20 assets. This setting can be turned off at any time. To turn on this setting, turn on Create assets from AP purchase invoices first.

Here's how it works:

• Sage Intacct checks each transaction line to see if the item is associated with an asset classification. To be associated with an asset classification, in the transaction definition's posting configuration, the item GL group's GL account must match an Asset GL account in an asset classification.

• If there's a match, you specify the number of assets to create and provide a name for them on that line.

• When the transaction posts, it creates an AP purchase invoice, which generates the assets in the Ready for review state. You can then review the assets and add details.

• Each asset includes a link back to the originating AP purchase invoice in the Source field.

• If you create a single asset, it's automatically tagged as a dimension on the transaction line, AP purchase invoice line, and posted journal entry.

Learn more about the Purchasing integration.

Select this option to turn on automatic depreciation posting.

Sage Intacct can post depreciation schedule entries automatically at the end of each month, so you do not have to remember to post them manually.

When automatic posting is enabled, Sage Intacct creates a bulk action run on the last day of each month. This run posts all depreciation schedule entries with scheduled posting dates on or before the last day of the current month. After the run finishes processing, the administrative contact listed in Company settings receives an email with a short summary and link to the full results.

By default, automatic posting is not enabled. After you enable it, you can turn it off at any time. To use automatic posting, first turn on scheduled jobs in Company settings. This setting applies to all entities.

Learn how to enable automatic posting.

The General Ledger account where the gain or loss amount on an asset disposal is recorded as a debit or credit.

Select an active and non-statistical GL account that's not linked to a bank account or credit card.

You can change the account at any time. Changing it does not affect assets that are already disposed. Moving forward, assets that are disposed will use the new account.

Learn how to set the gain or loss GL account.

The journal used to record asset transfers and non-depreciable asset disposals.

Select an active journal. Do not select a statistical journal or a journal that's used for adjustments.

You can change the journal at any time. Changing it does not affect assets that are already transferred or disposed. Moving forward, assets that are transferred or disposed will use the new journal.

Learn more about transfer journal entries or disposal journal entries.

Learn how to set the journal for transfers and non-depreciable assets.

The go-live date marks when your company starts managing depreciation in Fixed Assets Management. It's defined in configuration and determines which assets are historical. Any asset with a scheduled depreciation posting date before the go-live date is considered historical.

Historical assets are assets that were already in use and started to depreciate before your company started using Fixed Assets Management.

Learn more about the go-live date.

Choose how accumulated depreciation is determined for historical assets. Historical accumulated depreciation is the total depreciation a historical asset accrued before the go-live date.

Choose from the following options:

• System calculated (default): Fixed Assets Management calculates historical accumulated depreciation automatically based on the selected depreciation method and go-live date.

• Enter manually: Provide your own custom historical accumulated depreciation amounts for assets. Depreciation schedules are adjusted according to the amount provided. Use this option to align more precisely with your organization's prior records. See examples of depreciation schedules with custom historical amounts to learn more.

Changing this setting does not affect assets that are already in service. To update existing assets, you can move those assets back to review and then place them in service again, or delete and re-add them.

Learn how to configure historical accumulated depreciation.