Fixed Assets Management
Other updates to Fixed Assets Management
We added the following enhancements to improve your experience.
Edit dimensions without needing an asset transfer
Previously, updating dimensions on an asset required a formal transfer process that created journal entries even for nonfinancial changes. Now, you can edit dimensions directly on assets in service without performing a transfer or generating journal entries. This includes changing the location within the same entity. To move an asset to a different entity, you must still use the transfer process.
This update simplifies maintenance, keeps your ledger clean, and ensures reports reflect accurate, up-to-date information.
Change the historical accumulated depreciation setting at any time
In Release 2025 R3, we introduced custom historical accumulated depreciation. Previously, you had to choose a single calculation method for the historical accumulated depreciation and it couldn't be changed later. Now, you can easily switch between System calculated and Manual entry at any time, even if assets already exist in your company.
To change the Historical accumulated depreciation setting, go to Fixed Assets Management > Setup > Configuration.
Changes apply only to assets placed in service going forward, giving you greater flexibility for handling historical data without affecting existing records.
Edit asset names for better flexibility
Previously, you couldn't rename assets that were in service or created from AP supplier invoices or purchasing transactions. Now, you can edit the name of any asset in the Ready for review or In service states. The original name on the source transaction remains unchanged. This gives you more control over asset records while maintaining a complete audit trail of changes.
Improved asset cost calculation for ITC—Canada
In Release 2025 R2, we announced ITC (Input Tax Credit) consideration when creating an asset from an AP supplier invoice. This release, we've added this functionality for purchasing transactions.
When creating an asset from a purchasing transaction in a Canadian entity, we updated how the asset cost is calculated if the ITC checkbox is selected. Previously, if ITC and Include tax in asset cost were selected, the asset cost included the whole base tax amount.
Now, if ITC and Include tax in asset cost are selected, the asset cost only includes the non-recoverable portion of tax. For example, if the base tax amount is $6,000 and $3,245 is recoverable, the non-recoverable portion of $2,755 is included in the asset cost.
Permissions and other requirements
| Subscription |
Administration Fixed Assets Management Purchasing |
|---|---|
| Regional availability |
All regions |
| User type |
To change the historical accumulated depreciation setting:
To edit assets and create assets from purchasing transactions:
|
| Permissions |
Administration (to change the historical accumulated depreciation setting)
Fixed Assets Management
Purchasing (to create assets from purchasing transactions)
|
| Configuration |
The Purchasing integration must be turned on and set up to create assets from purchasing transactions. |
| Restrictions |
ITC only applies to Canadian entities. |
