Page 27 - Participant Guide ebook - Unanet GovCon Using General Ledger

LESSON 4 FIXED ASSETS

Learning Objectives

• Review administrative General Ledger functions including configuration of fixed
assets
• Examine the use of Fixed Asset Alerts to create Fixed Assets
• Determine which General Ledger reports and statements to use to ensure
accurate transaction processing – Balance Sheet

Introduction
Fixed assets are tangible, long-lived assets used by a company in its operations, such
as machinery, factories, tools, furniture, and computers. They usually fall under the
umbrella of PPE, i.e., property, plant, and equipment and are listed in the noncurrent
asset section on a company's balance sheet because their useful lives extend beyond
one year. Fixed assets are depreciated over their useful lives to reflect wear and tear
and to reduce the value of the assets on the balance sheet.

Fixed Asset Setup

Navigate: Financials > Fixed Assets

Unanet’s Fixed Asset (FA) feature allow users that manage fixed assets for their
organization to add, edit, and track these assets and their associated financial
transactions. Presented is a list of assets along with their net values and ability to post
depreciation/disposals to the general ledger. Note: Fixed Asset functionality is for cloud
customers only.

Unanet’s Fixed Assets Setup provides the opportunity for the role of the GL Admin to
configure the Statuses and Classes for Fixed Asset processes.

Navigate: Financials > Fixed Assets > Setup > Statuses

Fixed Asset Statuses are used to determine which assets are subject to depreciation
calculations as well as to identify as active or inactive.

Navigate: Financials > Fixed Assets > Setup > Classes

Fixed Asset Classes are used to categorize fixed assets into the accounts used when
posting to the general ledger. Each class can specify the following accounts:
• Fixed Asset account
• Fixed Asset Depreciation Expense account
• Fixed Asset Accumulated Depreciation account
• Fixed Asset Gain/Loss on Disposal account

LESSON 4 FIXED ASSETS
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