Summary of Steps to Enter a Fixed Asset:

  1. From the Accounting Home navigate to the Fixed Assets tab
  2. Click New Fixed asset
  3. Enter the fixed asset name and value and click "Save".

Summary of Steps to Depreciate a Fixed Asset:

  1. Navigate to the Fixed Asset record for the asset you wish to depreciate
  2. Click on the "Depreciate Asset" button on the Fixed Asset. Enter the following fields as appropriate:
  3. Populate the following fields
    1. Starting Accounting Period
    2. Amount per Accounting Period
    3. Number of Accounting Periods
    4. Debit and Credit GL Account
    5. Any additional data tags you would like.
  4. Click the Depreciate Asset Button. Amortization entries for the number of periods selected will be automatically entered as scheduled expense entries in the related list below the asset.
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6 Comments

  • 1
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    Lloyd Leanse

    It would be great if the Depreciate Asset VisualForce page could offer field sets as a way to expand the fields available. For example, it doesn't show AP or Billing, which we need to track in the case of a Fixed Asset we're adding.

    Also, it would be great if the number of periods could be unlimited instead of being limited to 12. The Fixed Asset we're adding is going to be depreciated over 33 months.

  • 0
    Avatar
    Tony

    Great suggestion Lloyd. This is an appropriate place for field sets. We do plan to expand beyond the 12 periods as well. Thx

  • 0
    Avatar
    Lloyd Leanse

    Can field sets include custom fields which Accounting Seed customers add, or only fields which are part of the managed package?

  • 0
    Avatar
    Chad Meyer

    Good suggestion Lloyd. Yes, field sets can include custom fields that customers create, automatically. One exception is Record Type. Application developers typically won't make the standard Record Type field available in the field set because it creates a package dependency. This can be worked around by including a field set with the package, but also making provisions for a customer to specify their own custom field set(s) through URL parameters or settings.

  • 0
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    Rebecca Ralls

    I just want to verify - the depreciation generated by using the depreciate button on the fixed asset is just straight line depreciation, correct?

    Is there a plan to increase the functionality to let the user choose different types?

  • 0
    Avatar
    Tony

    Rebecca,

    Your assumption is correct. We don't have plans to expand beyond straight-line at this point. This being said you can calculate depreciation any way you like pretty easily in excel and upload it to AS. 

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