Setting Up Fixed Asset Accounts

Use the following information to set up a fixed asset account for distributed forecasting.

To watch a training video that explains this process, enroll in the FPS Distributed Forecasting - Fixed Asset Setup training video course on Jack Henry University. You can also enroll in the Distributed Forecasting in Financial Performance Suite learning plan.

Note: Fixed asset setup is only available for What If models with the Allow Subledgers option set to Yes.
Prior to making the forecasting What If model available to all users, the administrator can assign fixed asset accounts with depreciation methods and depreciation accounts. As end users forecast purchases of specific fixed assets, the corresponding depreciation expense calculates automatically.
  1. Navigate to Setup > Chart of Accounts.
  2. Change the What If selection to the model used for your budget forecast.
  3. Select Assets/Interest Income.
  4. Select an appropriate Subtotal Fixed Assets account (Land, Building, etc.).
  5. Select the Calculations & Formulas panel.
  6. Change the Calculations & Formulas option to Predefined.
  7. Select Subledger Depreciation in the Predefined drop-down menu.
  8. Select the appropriate depreciation expense account in the Depreciation Expense Account drop-down list.
  9. Choose a Method for calculating depreciation using either Straight Line or Declining Balance.

    Chart of Accounts Fixed Assets Formula Options.

    If you select Declining Balance, enter a percentage in the Declining Balance field that appears.
  10. Repeat this process (steps four through nine) until all necessary fixed asset accounts have these depreciation settings.
  11. Select Save to complete the setup.
Parent topic: Distributed Forecasting Training Videos - Administrator Tasks