Implementing Cloud Financials: From Empty Pod to Go-Live · Module 11 · Fixed Assets
Asset books
Lesson 107 of 153 · 10 min
The corporate book is the financial statements. The tax book is the tax computation, with different methods and lives — and it is fed from the corporate book, which is why tax books do not get their own additions. Then the walkthrough. Create the corporate book with its ledger association, calendar, prorate calendar, and its accounts: asset cost, accumulated depreciation, depreciation expense, proceeds, gain and loss. Create a tax book associated to it with different defaults. And connect each account to the journal it will produce, rather than listing them. The depreciation calendar and the prorate calendar are different things and both matter. The prorate convention decides how much depreciation an asset gets in its first period, and clients care about that more than you would expect — it is the number that shows up in the first month's variance. And the book's ledger association is what ties Assets back…
The full lesson is part of the course
The video, the complete written lesson and the module quiz are included in Implementing Cloud Financials: From Empty Pod to Go-Live, with a certificate on completion and a fourteen-day refund window.