Modify Asset

Changes to an existing asset’s Header or Component attributes are processed using the Fixed Assets Modification (FM) transaction code for changes such as:

• Classifications

• Impairment Information

• Depreciation Details

• Inventory

• Valuation and Replacement

• Location

• Responsibility Center Staff

• Descriptions and Specifications

• Insurance

• Acquisition or Disposition Details

The general steps required to process the FM transaction are highlighted below:

1. Create an instance of the Fixed Asset Modification.

2. Enter or select the Fixed Asset Number on the Header you are increasing and take the Auto Apply action.

3. Make any necessary changes to Header information by completing one or more ‘new’ fields.

4. Navigate to the Component tab and make any necessary changes to one or more component lines by completing one or more ‘new’ fields.

5. Validate the completed Fixed Asset Modification.

6. If errors exist, fix the errors and repeat Step 5. If no errors exist, then continue with Step 7.

7. Submit the transaction.