New Features and Enhancements in Fixed Asset Management Spring 2023

The following new features have been introduced in the Spring 2023 release of Fixed Asset Management.

If you are upgrading from a previous version, see Upgrading to Fixed Asset Management Spring 2023. This provides a summary of the items that have been added for each feature and details of any required upgrade steps.

FinancialForce is Now Certinia

We have made the following changes to align with our new Certinia brand:

  • The publisher name has been updated to Certinia
  • Package names no longer reference FinancialForce
  • In most cases, text referring to FinancialForce has been replaced with Certinia

For more information about these updates and related text changes, see the Package Name Updates article in the Certinia Community and the Technical Documentation Pack.

To learn more about our rebrand, visit the Certinia Community for a message from our CEO, Scott Brown.

Note:

Major versions include updates to both package and publisher names. In service packs, only the package name has changed. Some elements, such as theming and logos, have not been updated and other references to FinancialForce might remain visible in your org.

Certinia Trailhead: Release Highlights

If you want to learn more about the new features in this release, see the ERP Cloud - Spring 2023 Release Highlights Certinia Trailhead module. This module will guide you through the new features in our ERP Cloud products.

Dependencies on other Certinia Packages

Fixed Asset Management Spring 2023 requires the Accounting Spring 2023 package to be installed. You must install this package before installing or upgrading to Fixed Asset Management Spring 2023.

New Dependency between Fixed Asset Management and Accounting

In the Spring 2023 release, we have changed the integration between Fixed Asset Management and Accounting and redesigned the architecture of the FAM package as follows:

  • We have created a new dependency between FAM and Accounting.
  • We have added new functionality and improved the existing ones, as well as automated the existing processes to remove:
    • Unnecessary manual installation processes
    • Additional configuration steps

New Users

The new dependency between Fixed Asset Management and Accounting is already enabled in the Spring 2023 release.

Existing Users

Ask your administrator to complete the necessary upgrade to enable and configure the dependency between Fixed Asset Management and Accounting from the Feature Console. This ensures that the transition to the new Accounting Integration is done correctly and smoothly. We recommend transitioning to the Accounting Integration because the Fixed Asset Management to Accounting Journals Integration, which uses Foundations messaging, has been deprecated and will be removed in a future release. For more information, see Upgrading to Fixed Asset Management Spring 2023.

Automatic Journal Creation

Thanks to the new Accounting Integration feature, the Spring 2023 version of FAM can create the acquisition, depreciation, and disposal journals automatically.

Acquisition Journals

If an asset has been approved successfully, Fixed Asset Management automatically creates a new acquisition journal. The journal's description uses the existing asset's description preceded by Asset Acquisition:.

For more information, see Submitting Assets for Approval.

Depreciation Journals

If a depreciation schedule has been exported successfully, Fixed Asset Management automatically creates a new depreciation journal. The journal's description uses the existing asset's description preceded by Asset Depreciation:.

For more information, see About Depreciation Schedules.

Disposal Journals

If an asset has been disposed of successfully, Fixed Asset Management automatically creates a new disposal journal. The journal's description uses the existing asset's description preceded by Asset Disposal:.

For more information, see Disposing of an Asset.

New Depreciation Method - Half-Year Convention

We have added a new method to calculate depreciation schedules for a fixed asset, Half-Year Convention.

The Half-Year Convention method supports both the year and month time period bases. You can use this method to calculate depreciation schedules according to the following proportional breakdown by year, based on the useful life in years and the time period basis:

  1. The asset's Net Book Value is divided by its Service Life in Years.
  2. Half of the first year's depreciation is depreciated equally from the month specified in the asset's Date in Service field through to the end of the company's fiscal year.
  3. An additional six months are added to the useful life of the fixed asset. In these six months, the remaining half-year balance of depreciation corresponding to the first year is depreciated equally for six periods or months.
  4. The remaining full years are depreciated as in the standard Straight-Line depreciation method.

To start using the Half-Year Convention depreciation method in Spring 2023, enable the FAM Depreciation Methods Install/Upgrade feature in the Feature Console. This feature ensures all depreciation methods are available in your org.

For more information, see FAM Depreciation Methods Install/Upgrade.

For more information about calculating the estimated depreciation per year using the Half-Year Convention depreciation method, including examples, see Half-Year Convention Method.

Miscellaneous Improvements

New Fixed Asset Status "Fully Depreciated"

To help you identify assets that have been fully depreciated, in this release we have added a new fixed asset status: "Fully Depreciated". The fixed asset status changes to "Fully Depreciated" when Fixed Asset Management has calculated and exported all of the asset's depreciation journals to Accounting. At this point, you can no longer change the asset's depreciation method or historic information, or regenerate its depreciation schedules. For more information, see Fixed Asset Fields.

Preventing Asset Cancellation or Disposal while Generating or Exporting Depreciation Schedules

We have improved the process of canceling and disposing of fixed assets. In this release, you can cancel or dispose of an asset only if there are no processes of generating or exporting depreciation schedules in progress. For more information, see:

Faster Generation and Exporting of Depreciation Schedules

We have reduced the time necessary for completing the generation and exporting of depreciation schedules. For more information, see Generating Depreciation Schedules for a Fixed Asset.

Deprecated Elements

FAM Publications and Subscriptions

This Feature Console feature has been deprecated in the Spring 2023 release and will be removed in a feature release. For more information, see Upgrading to Fixed Asset Management Spring 2023.

FAM Bundles

We have deprecated and removed the following FAM bundles in this release:

  • FAM_FFA_GLAExtraFields
  • FAM_FFA_GLAExtraFieldsVal
  • FAM_HelpPages

Following the deprecation and removal of these bundles, we have migrated the relevant fields and validations they contained to the Fixed Asset Management package. For more information, see Upgrading to Fixed Asset Management Spring 2023.