Fixed asset value model and depreciation book merge
This article describes the current book functionality in Fixed assets. This functionality is based on the value model functionality that was available in earlier versions, but it also includes all the functionality that was previously provided only in depreciation books.
Book functionality lets you use a single set of pages, inquiries, and reports for all your organization's fixed asset processes. The tables in this article describe earlier functionality for depreciation books and value models, together with current functionality for books.
Setup
By default, books post to both the general ledger (GL) and the fixed asset subledger. Books have a new Post to general ledger option that lets you disable posting to the General ledger and post only to the Fixed asset subledger. This functionality resembles the earlier posting behavior for depreciation books. The journal names setup has a new posting layer that is named None. This posting layer was added specifically for fixed asset transactions. To post transactions for books that don't post to the General ledger, you must use a journal name that has the posting layer set to None.
| Depreciation book | Value model | Book (New) | |
|---|---|---|---|
| Post to the General ledger | Never | Always | Option to post to the General ledger |
| Posting layers | Not applicable | 3: Current, Operations, and Tax | 11: Current, Operations, Tax, 7 custom layers, and None |
| Journal names | Depreciation book journal names | General ledger - Journal names | General ledger - Journal names |
| Derived books | Not allowed | Allowed | Allowed |
| Depreciation profile override at the asset level | Allowed | Not allowed | Allowed |
Processes
Processes now use a common page. Some processes are allowed only if the Post to general ledger option is set to No in the book setup.
| Depreciation book | Value model | Book (New) | |
|---|---|---|---|
| Transaction entry | Depreciation book journal | Fixed asset journal | Fixed asset journal |
| Bonus depreciation | Allowed | Not Allowed | Allowed |
| Delete historical transactions | Allowed | Not Allowed | Allowed, unless you're posting to the GL |
| Mass update | Allowed | Not Allowed | Allowed, unless you're posting to the GL |
Inquiries and reports
Inquiries and reports support all books. Reports that aren't included in the following table previously supported both depreciation books and value models, and will now continue to support all book types. The Posting layer field has also been added to reports, so that you can more easily identify the transaction postings.
| Depreciation book | Value model | Book (New) | |
|---|---|---|---|
| Inquiries | Depreciation book transactions | Fixed asset transactions | Fixed asset transactions |
| Fixed asset statement | Not allowed | Allowed | Allowed |
| Fixed asset basis | Allowed | Not allowed | Allowed |
| Fixed asset mid-quarter applicability | Allowed | Not allowed | Allowed |
Upgrade
The upgrade process will move your existing setup and all your existing transactions to the new book structure. Value models will remain as they currently are, as a book that posts to General ledger. However, depreciation books will be moved to a book that has the Post to General ledger option set to No. Depreciation book journal names will be moved to a General ledger journal name that has the posting layer set to None.