A fixed asset group has three purposes. The first is a logical grouping of fixed assets that is mainly used for reporting and analysis. The second purpose is considered as another integration point between the general ledger and the fixed asset module. The third purpose identifies the asset's service life and depreciation periods. In order to access fixed asset groups, go to Fixed assets | Setup | Fixed asset groups. The following screenshot shows the fixed asset group form:
On the fixed asset groups form, identify the asset type and major type, in addition to identifying the auto-numbering of fixed assets, and attach the number sequence that will be used. The capitalization threshold represents the minimum amount of acquisition cost that will be depreciated. If an acquired fixed asset has an amount less than the capitalization threshold, it will not be depreciated.
In order to identify the depreciation period and services life, on the Fixed asset group form, click on Books. The Fixed asset group | Book form will open; here, you have to enter the depreciation period in months and service life in years, as shown in the following screenshot:
