Sicon Fixed Assets Project FAQs
How do you decide to import my assets or to set them up manually?
Follow the flow chart below and this will explain how we decide this and how this affects the training process:
NB: the above are estimated timescales. Please contact your Business Partner Account Manager for an accurate quote based on your Company needs.
*Sicon Fixed Assets Import Template – please refer to the Fixed Assets Help and User Guide for further details.
When adding a new asset where do you put the expected life period? Is it expressed as number of months?
Expected Life: Enter in Accounting Periods to reflect the expected life for calculating the correct depreciation posting values. Required unless you select Percentage options for depreciation type in which case you will be required to specify the depreciation percentage rate.
If you run a standard 12 month period, and you want your asset to be set over 3 years, you would put 36 periods, i.e. 36 months.
How do I know how many periods are in a financial year?
Within Utilities, select Settings and then view/amend as below on the Settings Tab:
How can I identify the balance sheet depreciation general ledger account? On the setup tab, you set up your depreciation journals. This is where is would identify the balance sheet depreciation general ledger account.
How will the depreciation be calculated on the transferred –in assets – will it be based on the transferred in Net Book Value or on the original cost? Can this be overridden? This depends on the deprecation types. Depreciation type is based on the type allocated to the asset when set up and the system allows six different methods of depreciation, which can be switched on or off in the Fixed Assets settings:
Does the fixed asset module only close down after the nominal ledger?
When you do your normal month end routine in Maintain Accounting Periods, it is at that point that it does the fixed asset depreciation for the month, however you can view the postings that the system will create in Fixed Assets reports, and forecast by period.
Can an asset be transferred to new locations?
Yes, simply by going into Amend Fixed Assets Setup and changing the location. The change is stored in the transaction history for audit purposes.
What does the balance sheet code for the year refer to?
This refers to what balance sheet code is credited each month on the depreciation journal.
What impact does the capitalisation date have on the asset in the register?
When the asset becomes usable/capitalised. You can only depreciate the asset on or after the Capitalisation date. This could be different to the date you wish to start depreciation your asset.
How does the fixed assets reconcile to the nominal ledger?
In theory, if the nominal ledger account used had a starting point of zero and only had figures posted to them from the Fixed Assets modules via depreciation journals and no manual journals from within the nominal ledger itself, the two should agree. However, if the nominal accounts had balances brought forward before Fixed Assets was implemented and brought forward fixed assets were not added to the Fixed Assets module, and/or uses are allowed to enter journals within the nominal ledger manually to these accounts, then they may not agree.
Does each location have a single department – or can you have multiple departments for a location? At this time there is not the facility to have multiple departments per location. Departments were originally introduced for reporting for one particular client for a notational field.
What product version will I have installed onto my system?
The majority of our products now evolve in a 3-6 month cycle. At the start of the cycle we will review the wish list and known issues and prioritise these into the work plan for the development phase. In addition to this, we often have entirely new features that are being added to the products; these will generally be included in the new features section ahead of time. At the end of the development cycle, the products are fully tested and documented in the online Help and User Guides before being officially released as a new version. During the development cycle (between official release versions), there will be pre-release versions available to Business Partners and clients who wish to use new features as they are added. These versions will not have documentation added to the web site help and user guides for the new features and will not go through the full testing process until the end of the development cycle, but will be suitable for demonstration & testing purposes. We will install these versions onto live system where the new features are needed but clients should be aware that there is a small risk associated with using a pre-release version. The risk is small or we would not allow it, but where the benefit outweighs the risk we are happy to work with clients to deliver improvements to the products early. The version installed onto your system may be an interim version that is ready for business use. If you would rather wait for an official release, please email firstname.lastname@example.org to put your installation on hold.