Use this screen to specify the current Fixed Assets fiscal year, period, and subperiod that are used in depreciation calculations and that control the timing of Fixed Assets data posted to the General Ledger.
The data in this screen is effective across ALL companies and is not company-specific. If you have set up multiple companies in Costpoint, the settings in this screen apply to all companies.
Costpoint Fixed Assets is different from the other Costpoint modules because you can have only ONE fiscal year, period, and subperiod designated as current and open.
Decisions relative to the field entries in this screen are very important to system processing. Once data is entered in these fields, the special-function accounting period close process (in the Close Fixed Assets Acctng Pd screen) automatically updates the information in these fields.
You should be very careful to initialize these fields correctly. Historical depreciation is often entered based on a pre-determined "live" date that corresponds with the date that balance sheet amounts were "frozen" for data entry. If your initialization date slips, which is often the case, you should make certain that you adjust these fields and your historical data before the first posting to the G/L takes place.
In this group box, you must establish the current fiscal year, period, and subperiod in which depreciation and disposal data will be posted to the General Ledger. (This data is also referenced when the system computes current period depreciation.)
After initialization, and after you have posted depreciation to the general ledger, you will need to run a special process each period to close the Fixed Assets accounting period. The Fixed Assets period close process will automatically populate these fields in this screen with the correct sequential fiscal year/period/subperiod data.
Use the drop-down box to display the available fiscal years that have been set up in the Fiscal Years screen in Costpoint General Ledger. Choose the desired fiscal year that should display as the current fiscal year in this field. Depreciation and disposal entries will be posted to the fiscal year that displays in this field.
When you enter data in this field for the first time, Costpoint displays the following message when you attempt to save the screen:
Warning: Are you ready to initialize? After the first Fixed Assets posting, only the subperiod can be manually changed. The Fixed Assets period close process automatically updates these fields. Continue?
Once data is entered and accepted in this field, the process run from the Close Fixed Assets Acctng Pd screen automatically updates this information. You cannot change the data in this field after you have posted depreciation and/or disposal entries to the General Ledger for the first time.
Use the drop-down box to display the available accounting periods that have been set up for the fiscal year in the Accounting Periods screen in Costpoint General Ledger. Choose the desired accounting period that should display as the current accounting period in this field. Depreciation and disposal entries will be posted to the accounting period that displays in this field.
When you enter data in this field for the first time, the system displays the following message when you attempt to save the screen:
Warning: Are you ready to initialize? After the first Fixed Assets posting, only the subperiod can be manually changed. The Fixed Assets period close process automatically updates these fields. Continue?
Once data is entered and accepted in this field, the process run from the Close Fixed Assets Acctng Pd screen automatically updates this information. You cannot change the data in this field after you have posted depreciation and/or disposal entries to the General Ledger for the first time.
Use the drop-down box to display the available accounting subperiods that have been set up in the Subperiods screen in Costpoint General Ledger. Choose the desired accounting subperiod that should display as the current accounting subperiod in this field. Depreciation and disposal entries will be posted to the accounting subperiod that displays in this field.
Subperiod "1" always displays in this field as a default, both for initialization and after a period has been closed in Costpoint Fixed Assets. You can change this field as often as desired.
The system stores data entered/displayed in this screen in the FA_SETTINGS (Fixed Assets Settings) table.