Cloud

Fixes for Fixed Assets

In Cloud ERP implementations, clients typically choose to take advantage of the Fixed Asset application for their financials.  While fixed assets are pretty straight forward, sometimes the transition can be a bit bumpy.  Over the next three weeks, I will provide tips on making this transition smoother.

Tip for the week:  A Picture can say more than words

When asking a client for the default accounts for each asset category, I have found that showing them a snapshot of the accounting entries goes further than anything.  For example, when asking for the Asset Cost and Asset Clearing account… this is the picture:

FA-Addtion

Another example, to be used for the Depreciation Expense and Depreciation Reserve account:

FA-Depreciation

Then the client can “see” exactly how these accounts function.

Along with these pictures, I also provide definitions. Due to different terminology used in different systems, the pictures and definitions combined are a great “fix” for Fixed Assets.

FA-Definitions

I have personally found these to be beneficial.  Especially for clients who have either used a third party to manage their assets or they are restructuring for improved reporting.

About the Author

I am a Business Consultant for the Oracle Cloud ERP group with Perficient. With a background in economics and finance, as well as education (former math teacher), I hope to share insights learned along my journey to help build a strong learning community.

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