This chapter discusses how you can create new fixed assets and manage them on an ongoing basis.

Overview
Introduces fixed assets creation and maintenance.

Fixed Asset Maintenance
Set up and maintain your company’s fixed assets.

Fixed Asset Batch Maintenance
Group similar fixed assets together in a batch.

Fixed Asset Transfers
Transfer multiple assets from one predefined location to another.

Fixed Asset Retirements
Dispose of multiple assets at one time.

Using CIM to Load Fixed-Asset Data
Transfer data from an external file into the QAD database.

Converting to Multi-Currency Fixed Assets from Earlier Versions
Convert to multi-currency Fixed Assets from a version that supports only base currency.

In many cases, fixed asset values are expressed in base currency. However, there are environments where assets need to be accounted for in other currencies.

For example, an organization has set up the system with statutory currency for the local country currency and base currency for the functional currency. In this setup, it is recommended to have fixed asset values and depreciation in statutory currency as the leading currency. In some cases, group reporting requires depreciation of the assets in a different GAAP than the local one, using different depreciation methods and a different currency; for example, the currency of the corporate group.

To support such cases, it is possible to link a currency to each of the asset books. During the life cycle of the asset, that currency becomes the leading currency in the transactions. The values in other currencies, required for posting in the general ledger, are derived from the book currency by applying the historical rate applicable at the time the asset was acquired. That historical rate is stored at asset book level. In fixed assets reporting, you can choose to display values in the book currency or convert them to base or statutory currency.

After you define the control program parameters and your company’s business rules, you can add fixed assets to the system. You can add fixed assets individually in Fixed Asset Maintenance (32.3) or create a batch of similar assets in Fixed Asset Batch Maintenance (32.7).

When you add a new asset, you can optionally create GL postings for the acquisition cost.

After assets are created, you can perform multiple functions using Fixed Asset Maintenance. Your company may not use all of these functions, and not all of the functions are required when managing assets in Fixed Asset Maintenance. The functions include:

If you are retiring or transferring a group of assets, you can use Fixed Asset Transfers (32.16) and Fixed Asset Retirements (32.19) to process a batch of assets.