Fixed Assets
Last update:Twinfield
Asset Types
The document explains the structure of asset types in Twinfield for efficient reporting, consisting of three levels: Level 1, Level 2, and optional Level 3. It illustrates the creation of an asset type, "Plant & Machinery," at Level 1, with specific examples such as "Coffee Grinder" and "Ice Machine" categorized under Level 2. A visual representation is included to support understanding.
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Asset Labels
This document outlines asset labeling for reporting purposes, focusing on three main categories: Asset Origins, Asset Reasons, and Locations. Asset Origins can include sources such as reinvestment reserves, purchases, or subsidies. Asset Reasons provide clarification for additional depreciation, while Locations help categorize assets by their physical placement, such as office, department, or building. These labels facilitate effective asset grouping for better reporting and analysis.
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Sell or Disposal
The document provides a guide on selling or disposing of assets within the Twinfield company environment. It outlines key considerations including determining the net book value, last depreciation, and method of transaction (sell or dispose). It further details actions like moving assets to another company, entering selling prices, and recording sale dates. Additionally, it mentions handling depreciation up to the sale date and provides instructions for posting transactions. Overall, it serves as a checklist for managing asset transactions efficiently.
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Reverse Depreciation
The document outlines the process for reversing depreciation within a fixed asset module, detailing the steps required to create a system journal in financials. Users must select the asset, choose the 'Reverse depreciation' option, and fill out necessary information such as the periods for reversal, comments, and options regarding manual depreciation. Key considerations include defining the period until the first use and ensuring appropriate documentation of the reason for the reversal. Finally, users must click 'Reverse' to complete the action.
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Getting Started: Fixed Asset Module
This document provides guidance on configuring the Fixed Assets module in Twinfield. It outlines the necessary system settings, including assigning nominal codes for asset types and enabling options for automatic page openings after postings. It explains the importance of setting regimes (Fiscal, Commercial, Economic) for financial reporting and emphasizes that these settings cannot be altered after transactions are posted. Proper configuration is crucial for utilizing the fixed asset functionalities effectively.
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Fixed Asset Overview
The Fixed Asset module streamlines bookkeeping by automatically updating asset transactions. Users can manage asset depreciation, revaluation, merging, splitting, and disposal. Key functionalities include defining asset classes for depreciation, establishing asset groups with specific regimes and start dates, and generating detailed asset reports based on various criteria such as asset class and depreciation period.