Fixed Assets Management FAQs
Find answers to common questions about Sage Fixed Assets Management (SFAM).
Onboarding
First, contact your account manager to confirm your eligibility for Fixed Assets Management. If you're eligible, follow the steps to offboard from SIG FA and onboard to Fixed Assets Management.
No. Fixed Assets Management is only available to multi-entity companies that use standard accounting periods.
Historical assets
To provide your own historical accumulated depreciation, set the Historical accumulated depreciation option to Enter manually in the Fixed Assets Management configuration. Then, when importing assets, enter the historical accumulated depreciation amounts on the depreciation rules.
For more information, see the following topics:
Yes. Each depreciation rule on an asset can have its own historical accumulated depreciation. Because each depreciation rule is tied to a specific book through its journal posting rule, you can enter different values for each book.
To set this up, complete the following steps:
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Define journal posting rules for your financial and tax books in Fixed Assets Management configuration.
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Create two depreciation rules on assets, one linked to the financial journal posting rule and one linked to the tax journal posting rule.
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Enter the appropriate historical accumulated depreciation value for each depreciation rule.
To add or update historical accumulated depreciation using the import service, see the following topics:
Updating assets
Use the import service to update assets in bulk. For more information, see Update assets. The instructions vary depending on the type of bulk update that you need.
The GL accounts you can edit depend on the asset’s current state. For details, see Editable fields by asset state.
We provide the following workflows to help you correct accidental changes:
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Place an asset back in review (revert placing in service)
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Place an asset back in service (revert a full disposal)
If none of these options meet your needs, we recommend creating a manual adjustment in the General Ledger.
You can edit the dimensions directly on an asset without creating a journal entry, as long as you’re not changing the location to a different entity. For more information, see Edit an asset.
Depreciation
When posting depreciation manually, you can override the scheduled posting date. If the entry is already posted, first revert the posted entry, then re-post it with the new date.
Edit the asset while it's in review and enter a different useful life on the depreciation rule.
When you assign an asset to a classification, the classification's depreciation rules are copied over to the asset. This saves time during asset creation so you do not have to set up rules individually for each asset. However, you do not need to use the default classification rules. You can modify the depreciation rules on individual assets as needed. Changes made to an asset’s rules only apply to that asset and do not affect the classification or other assets in that classification.
These values cannot be edited while the asset is in service. To update them, follow these steps:
