Fixed asset classes

You create new asset classes by using the Fixed asset classes (FA201000) window, as described in: Create an asset class
Alternatively, you can copy an existing class to create a similar asset class, as described in: Create an asset class by copying an existing class

Fixed assets classes serve the following purposes:

• To group assets into categories having a similar nature, function, or use in your company's business.
• To provide default settings when you add an asset to the system and assign the asset to a particular class.
  Most of the defaults can be overridden.

You can configure separate classes for tangible and intangible assets of different types with a different estimated useful life, or create a separate asset class for a non-depreciating fixed assets.

Default values provided by an asset class

• When you create an asset class, you specify the default settings for all the assets of the class.

• You can associate multiple books with the class, each with its own depreciation settings.
  You have to add the posting book if you want to post to the general ledger the transactions generated for the assets of the class.

• You can use accelerated depreciation of all the books that use the straight line depreciation method and Dutch method 2.
  Note that you will be able to associate the assets of the class with only the books that you select for the class.

• The general ledger accounts assigned to the class define most of the accounts that will be used to record the transactions for the assets of the class.