Costpoint Online Help

Using the Help Search
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Step 15: Configure Fixed Assets Settings

Enter control information in the following critical fields:

  • Books Setup and Books Detail [additional book number(s) and names(s)] group box and block
  • Length of Asset Number field
  • Enable automatic numbering for Asset Master records check box
  • System-Wide Configuration for Depreciation Calculations group box
  • System-Wide Configuration for DP Basis Depreciation Methods group box

For more information, please refer to the field-by-field documentation for the Configure Fixed Assets Settings screen.

Warning: Because these critical fields establish your system configuration for depreciation calculation rules and on many data entry screens, make certain that you first read the documentation for these fields before you finalize your selections. Decide on your configuration options carefully during your initialization planning. In most cases, once you have selected the configuration and have begun depreciating in the system, you cannot change your selection without extensively editing the asset data.

If you want to set up a default Gain/Loss account for the G/L Book and/or a default Asset Template at this time, you may do so. Alternately, you can safely add this optional data at any time after initialization.

If you have assigned a Date of Purchase basis to one or more depreciation methods on the Manage Depreciation Methods screen AND you have also selected the "Catch-Up" calculation option on the Configure Fixed Assets Settings screen that adds missed depreciation for prior periods in the current year to the current period depreciation amount, the system displays a soft warning information message about it prior to computing depreciation:

In order to ensure the proper calculation of depreciation under these conditions, make sure that you have first set up historical fiscal year and period data on the Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens. Please refer to the documentation for these screens for additional information.

You should set up the data referenced in the warning message on a one-time basis for each year specified in the depreciation start date assigned to your Asset Master records, for which there is remaining book value. If you have already set up some fiscal year/period data, make sure that you include the earlier fiscal years into the Manage Fixed Assets Fiscal Years screen.

Alternately, if you do not want to add historical fiscal year and period data on the Manage Fixed Assets Fiscal Years and Manage Fixed Assets Accounting Periods screens, you can change the "Catch-Up" calculation option on the Configure Fixed Assets Settings screen to spread missed depreciation for prior periods among the remaining periods in the current year.