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Fixed Assets Accounting

The Fixed Assets Accounting process handles fixed assets like machinery in a company. IFS/Fixed Assets is used for managing the acquisition, inventory, depreciation, disposal, and movement of fixed assets. IFS/Fixed Assets integrates with other IFS Financials modules like IFS/Accounting Rules, IFS/General Ledger, and IFS/Internal Ledger to control transactions and update the ledgers.

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76 views

Fixed Assets Accounting

The Fixed Assets Accounting process handles fixed assets like machinery in a company. IFS/Fixed Assets is used for managing the acquisition, inventory, depreciation, disposal, and movement of fixed assets. IFS/Fixed Assets integrates with other IFS Financials modules like IFS/Accounting Rules, IFS/General Ledger, and IFS/Internal Ledger to control transactions and update the ledgers.

Uploaded by

pawan nair
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Fixed Assets Accounting:

The Fixed Assets Accounting process is used to handle the fixed assets, e.g., the machinery, in a company.
The process also includes activities for querying and printing financial information on the fixed assets.
IFS/Fixed Assets is used for:
o Managing acquisition of fixed assets.
o Importing objects, i.e., transferring fixed assets that have been depreciated in another system.
o Entering acquisition value adjustments per book
o Managing inventory of the fixed assets.
o Calculating depreciation according to plan.
o Calculating tax depreciation.
o Calculating costing depreciation.
o Calculating cost of capital.
o Managing disposal of fixed assets, sale, and scrap, including profit/loss calculation.
o Moving objects, e.g., moving a fixed asset from one cost center to another in the same company.
o Splitting objects, i.e., transferring part of the transactions for an object to another object in the
same company.

IFS/Fixed Assets belongs to IFS Financials and is integrated with IFS/Accounting Rules, IFS/General Ledger,
IFS/Internal Ledger and IFS/Invoice.

IFS/Accounting Rules is used for managing the accounting rules for creation and validation of accounting
transactions. These rules include basic data about the code string and information about users, vouchers,
and accounting periods. An important part of the preparation before the system is put into operation is
going through the rules and the basic data that is created.

Several system events in IFS/Fixed Assets are controlled by the posting control in IFS/Accounting Rules.
The transactions created in IFS/Fixed Assets are transferred to the hold table in IFS/Accounting Rules
and/or IFS/Internal Ledger. The transactions are then updated to the respective ledger by the update
routine in IFS/General Ledger and/or IFS/Internal Ledger.

IFS/Invoice handles the supplier invoices for the fixed assets. Manual vouchers for fixed assets can be
entered in IFS/Accounting Rules. The updating routine then updates IFS/Fixed Assets for acquisitions.

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