Provided that FinancialForce Foundations has been configured correctly to support the integration of FinancialForce Fixed Asset Management and FinancialForce Accounting, messages containing asset information are sent automatically from Fixed Asset Management upon asset approval (acquisition), depreciation, and disposal. Accounting receives these messages and automatically creates journals to record the resulting financial transactions. These journals are created as manual journals, with the status "In Progress" so that they can be reviewed prior to posting.
Each message sent from Fixed Asset Management includes the following fields and any additional details required to create the accounting journal:
- Fixed Asset ID
- Fixed Asset Name
- Asset Tag Number
- Asset Description
- Department ID
- Department Name
You can view the messages that Fixed Asset Management sends, or publishes, on the Message Types tab of the Foundations Administration application.
Accounting subscribes to these messages so that it can receive the information and create journals to record the acquisition, depreciation, and disposal values on the balance sheet.
Asset Approval (Acquisition)
When you approve an asset in Fixed Asset Management, a message is sent (published) to Foundations with the appropriate debit and credit values to record the asset's acquisition. Fields that are sent in an acquisition message include:
- Fixed Asset GL Account (debit)
- Payment GL Account (credit)
- Asset Cost
- Acquired Date
- Dimensions
Depreciation Schedules
When you export a depreciation schedule in Fixed Asset Management, a message is sent (published) to Foundations with the depreciation information that is due for the asset. Fields that are sent in a depreciation message include:
- Depreciation GL Account (debit)
- Accumulated Depreciation GL Account (credit)
- Depreciation Amount
- Effective Depreciation Date
- Dimensions
Disposal
When you dispose of an asset in Fixed Asset Management, a message is sent (published) to Foundations with the disposal information that ensures the asset value and accumulated depreciation are cleared from the balance sheet, and any remaining asset value is recorded in the financial accounts. Fields that are sent in the disposal message include:
- Accumulated Depreciation GL Account (debit)
- Asset Disposal Profit and Loss GL Account (debit)
- Fixed Asset GL Account (credit)
- Asset Cost
- Total Depreciation To Date
- Quantity of Usefulness
- Disposal Value
- Disposal Date
- Dimensions
The disposal process also triggers the generation and export of a depreciation schedule for any accumulated depreciation between the asset's disposal date and the effective depreciation date of the last full depreciation schedule. For example, if the last full depreciation schedule has an effective date of December 31, 2015 and the asset's disposal date is October 21, 2016 then a depreciation schedule is generated and exported to cover the accumulated depreciation from December 31, 2015 to October 21, 2016. Depreciation schedules that fall after the disposal date are terminated.
If the asset has any earlier depreciation schedules with the status "Pending" you must export them manually. They are not exported automatically by the disposal process.