Knowledge bytes day7

Fixed Assets

Additions
Transfer in-transfer out
Allocations
Depreciation
Retirements
Gain/Losses
Asset maintenance (warranty, insurances, repairs, services)
finance cost and transaction inquiries
Create accounting
Transfer to gl and posting

Major asset classes for any business are PPE- plants, property, equipments/machinery

depreciation is calculated based on useful period, cost value, and salvage value

Most common type of depreciation method used across industries..

Flat rate- straight line calculation
Production per unit method..

assets retirement will be after useful life period..

If asset is sold out before useful period, and disposal price is more than the net book value than the price is recorded as gain..

Other way- if sold less than net book value - then its a loss..

How net book value is calculated

Net book value = total cost less accumulated depreciation

Depreciation is calculated based on asset cost less salvage value and arrived number is distributed over recurring periods..

Assets module are heavily used across manufacturing companies.. Especially process manufacturing.. fmcg sector

producers like hindustan unilever, dabur, sherwin williams, dhofar cattle feed,..

Happy learning.

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