Fixed Asset Rotables—Basic Data and Requirements Exercises

Main Exercises

Accounting Basic Data

Introduction: Since a Rotable is an inventory part that rotates through ownership, usage, and maintenance processes, a site, rotable part, and rotable pool must exist before it can be connected to Fixed Assets.  Complete the Rotables - Distribution Basic Data and Requirements Exercise before this exercise.  

Purpose: The purpose of these exercises is to ensure that the correct basic data exists in accounting to create, maintain, and work with a fixed asset rotable part.  If none of the rotable parts are going to be created as fixed assets, then this process is not required.

Set a Code Part up for Fixed Assets Accounting

Windows:
Define Code String

1. Open the window and populate it.
2. Verify whether there is a Code Part already set up for FA Accounting.
3. If not, then enter data similar to the following:

4. Save your changes.

Create Accounts for Rotable Part Pool Assets 

Windows:
Accounts

1. Query for asset acquisition and depreciation accounts.
2. Review the existing accounts.
3. Add accounts as necessary for the Rotable Part Pool Assets for acquisition, depreciation counter posting, and depreciation cost similar to the following:

4. Save your changes.

Create an Acquisition Account for Rotable Part Pool Assets 

Windows:
Acquisition Accounts

1. Populate the window.
2. Add your Rotable Part acquisition account if it has not already been added.
3. Save. 

Select a Book to be used by Fixed Asset Rotable Parts

Windows:
Fixed Assets Books

1. Open and populate the window.
2. Determine which book or books will be used for the Fixed Asset Rotable Part Pools and check the Rotable Pool Book check box for the selected book(s).
3. Save any changes.

Note: The Internal Book (sometimes called the GL Book) will be checked, but other books might also be used for Rotables depending on the way assets are handled for the company.

Create a Depreciation Method to be used by Rotable Pool Objects

Windows:
Depreciation Method

1. Query for the existing "SL BP" method.
2. Duplicate the method and rename the method.
3. Set the Non Depreciable Base Value to 60%.
4. Save your changes.

Create an Object Group

Windows:
Object Group

1. Create a new Object Group.
2. Enter your Rotable Part acquisition account number and save.
3. In the Base Value Types tab, select a Base Value from the list of values and save.
4. In the Depreciation Methods and Books tab, create a new line for each book to be used by the Rotable assets.
5. Select the Rotable Depreciation Method, enter the estimated life for the asset group, and save.
6. In the field Acquisition Reason, select an acquisition reason from the list of values and save.
7. Your results should look something like the following:

7. Anytime you create a new Object Group, you must go to Posting Control and add the Object Group to any fixed asset posting types that use Object Group as a control type.

Set up Fixed Assets Rotable Posting Control

Windows:
Posting Control

1. Query for FAP posting types.
2. Add your new Object Group to the detail of any posting type that uses Object Group as the Control Type.
3. Save.
4. Now Query for Posting Types using the Description value "%object%;%asset%" to verify whether the following Posting Types have been set up or not.
5. Enter the following posting controls if they have not already been set up:

3. Save your changes.

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