Messaging between Fixed Asset Management and Accounting

The following messages are published to Foundations for asset approval, depreciating and disposal in Fixed Asset Management.

For more information about Foundations messaging, see Foundations Messaging Overview.

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
  • Journal Type (Fixed Asset Acquisition)
Note:
If you have enabled the FAM Capital Expenditure Integration, you must ensure that SCM and FAM both use the same general ledger account in FinancialForce Accounting for capital equipment purchases so that they are properly accounted for. For more information, see Setting up SCM to FAM for Capital Expenditure.

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
  • Journal Type (Fixed Asset Depreciation)

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
  • Journal Type (Fixed Asset Disposal)

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.