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:
The IT Leader's Guide to Multicloud Readiness
This guide provides practical key insights and important factors to consider to make informed decisions in your multicloud journey.
Download the Guide
Another example, to be used for the Depreciation Expense and Depreciation Reserve account:
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.
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.