Frequently Asked Questions
This section contains frequently asked questions related to Fixed Assets.
Related Topics:
For which fields am I required to enter data in Asset Master and Asset Template records?
You can change the selection in the System-Wide Configuration for Depreciation Calculations options, which specify whether to "Catch-Up" current year (fiscal or purchase year) depreciation in the current period or spread depreciation over the remaining periods in the year, at any time. Your configuration selection has no effect on the computation of annual depreciation; it only directs how the value for the Current Pd Depreciation field should be calculated.
When is the best time to use the Clone function to copy or effectively re-number an asset?
Timing can be important when using the Clone functionality.
What are Asset Templates and how should they be used?
You can use asset templates, which are optional, to uniquely identify and create sets of default data. When you designate a template identifier in an Asset Master record, the system copies all the data from the template and automatically displays the same data in the Asset Master record, where it can be edited on a field-by-field basis. Asset template functionality provides the mechanism to import data from the Asset Template into an Asset Master record.
Which Costpoint Fixed Assets processes can or cannot be run simultaneously by multiple users?
Why did I receive the following message while saving an Asset Master?
"Status must be set to Disposal, since disposal information has been entered."
This check box is available only if you have specified that the asset record is Non-Depreciable in the Depr Status group box.
"The Other Books subtask needs to be activated in order to update its cost information."
How many times during the same accounting period can I calculate depreciation?
You can calculate depreciation as many times as you need to during the same accounting period.
How many times during the same accounting period can I post depreciation?
You can post depreciation for the G/L Book as many times as you need to during the same accounting period.
Not necessarily. Many factors, such as the size of your database, the type of process, the number of steps involved in the process for each record, and so on, contribute to the manner in which this data displays during processing. The process is still running if the Count displayed on the screen continues to change. When the screen displays "Process Complete," you can exit from the process screen and continue with other tasks.
How do I know when to initialize setup screens and in which order?
Refer to the related topic, Initialization Procedures, for detailed information.
What is stopping me from running the Close process?
When I ran the "Test Current Period" in the Close Fixed Assets Accounting Period screen, the system displayed a message informing me that there were unposted depreciation records and the close could not complete until they were posted. I then tried to print and process the Post Fixed Assets Journal, but there were no records found.
What should I do when I get system errors during processing, saving, or data entry?
First, print a copy of the error message and accompanying text.
This situation may occur after you convert or import data.
In what sequence should I perform monthly procedures and processes?
There is also a Workflow Definition template already set up in Costpoint Workflow called Fixed Assets Monthly Procedure. You can modify this existing workflow to incorporate the specifics of your company procedures or you can create your own Workflow model. The general steps are listed below.
What are my options for tracking changes to cost in my Asset Master records?
Because depreciation calculations use asset cost data, use caution if you change the cost for a record once it has begun depreciating in the system.
What effect will a cost change have on depreciation calculations?
Changes in cost primarily affect assets with posted depreciation. Changes do not affect assets for which you have not yet begun computing and posting depreciation.
Costpoint Fixed Assets was designed to retain asset information at that data existed at the moment of the asset’s disposal.
If you manually enter a value in the Current Pd Depreciation field and post it, the amount posted will cumulatively display in the Amount Posted Curr Pd field on the G/L Book Info tab of an Asset Master record.
Are freight or miscellaneous line charges allocated by quantity or by dollar in autocreation?
By quantity. If the data originates in Costpoint Purchasing, you have two options:
Two options are available when you make deprecation entries in conjunction with a disposal:
Once an asset is added and saved, which fields can later be edited?
You can edit almost all of the 276 standard fields and the unlimited number of user-defined fields in an asset record after it has been established. The exceptions include the asset/item number, user-entry info (such as user ID, date, type of entry), and amount posted current period.
Can Costpoint Fixed Assets produce physical asset tags for inventory purposes?
There is currently no Costpoint Fixed Assets feature that produces or prints bar-coded asset tags. Clients use a variety of tag types, and most of them use a third-party source for their tag production.
How does Costpoint Fixed Assets deal with physical inventory processes?
Costpoint Fixed Assets includes a standard Import Asset Locations screen that enables you to import an ASCII file that has been produced by reading property bar code labels with a bar code scanner.
Can the asset numbering be automated by segment yet still allow manual numbering?
Costpoint's asset number structure consists of a two-part key: an alphanumeric Asset No field, whose size you can designate as 3-10 characters, and an Item No field, which is fixed at five numeric characters with leading zeroes automatically inserted by the system.
Are multiple depreciation methods supported?
Costpoint supports an unlimited number of user-defined depreciation methods, including straight line, double declining balance, and so on, for use in the G/L book and the nine optional tax books.
Currently, when you post depreciation, disposals or transfers, the system posts all depreciable entries (and non-depreciable entries for which the Post Disposal to G/L check box has been selected on the Manage Asset Master Information screen) to the General Ledger for the current fiscal year, period, and subperiod displayed on the Configure Posting Settings screen.
For control purposes, depreciation calculations are a user-generated process and not an automatic system-generated process.
What happens if I backdate an asset's depreciation start date?
The system uses your entry in the Depr Start Date field when selecting records for the Compute Depreciation process.
Can I report on retired assets?
Many standard system reports include retired assets in their selection criteria. You can also create custom reports for retired assets using Costpoint Business Intelligence.
Yes. Use the Reverse Posted Fixed Assets Entry screen to reverse a disposal (and/or depreciation) entry posted to the G/L in the current period. You cannot reverse entries from prior accounting periods.
How can I keep the selection parameter pages in reports and processes from printing?
You can globally edit the selection parameters on the Default Web Settings located on the Configure System Settings screen.