Setting Up Fixed Asset Accounts

You can set up a fixed asset account for distributed forecasting on the Chart of Accounts setup page.

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 is calculated automatically.

Select Setup > Chart of Accounts from the menu.
Change the What If selection to the model used for your budget forecast.
Select Assets/Interest Income for the Account Type.
Select an appropriate Subtotal Fixed Assets account, such as a land or building asset.
Select the Calculations & Formulas panel.
Change the Calculations & Formulas option to Predefined.
Select Subledger Depreciation in the Predefined drop-down menu.
Select the appropriate depreciation expense account in the Depreciation Expense Account drop-down list.
Choose a Method for calculating depreciation using either Straight Line or Declining Balance.

If you select Declining Balance, then enter a percentage in the Declining Balance field that appears.
Repeat step 4–9 until all necessary fixed asset accounts have the depreciation settings.
Select Save to complete the setup.