Fixed Assets, Accruals, and Prepaids
This area spreads long-lived costs and time-based income/expense across the periods that benefit from them.
Asset Policies
Open Planning & Assets → Asset Policies. Policies supply governed defaults for an asset category. The list shows code/name, branch, category, method, life, version/effective dates, state, proration, residual value, and assets using the version.
Enter branch, stable code/name, category, depreciation method, useful life, residual-value percentage, annual declining rate when required, proration convention, capitalization/accumulated-depreciation/depreciation-expense accounts, and effective-from date.
Methods are Straight Line, Declining Balance, and Double Declining Balance. Proration can use full acquisition month, next month, or half month. Policy versions are Active, Future, or Superseded. Use Create Version for future changes; existing assets retain their frozen version.
Categories include land, buildings, leasehold improvements, machinery/equipment, kitchen equipment, furniture/fixtures, technology, vehicles, right-of-use assets, construction in progress, intangible assets, and other.
Fixed Assets
The list shows branch, asset number/name, category, policy, status, method/proration, cost, salvage value, monthly depreciation, useful life, acquisition/activation/disposal dates. Filter by branch, category, policy, proration, status, or method.
Asset fields
| Field group | Fields and meaning |
|---|---|
| Identity | Branch, unique asset number, name, category, acquisition date, policy. |
| Value | Cost, salvage value, useful life, method, proration. Policy suggests/fixes defaults. |
| Accounts | Capitalization, capitalization counter, accumulated depreciation, depreciation expense, and gain/loss accounts. |
Draft has no posted effect. Activate posts/links capitalization and makes the asset depreciable. Generate Schedule calculates period rows. The schedule shows period, depreciation, accumulated depreciation, closing book value, journal, and posted date.
Use Post Depreciation with Through Date to post due schedule lines. It debits depreciation expense and credits accumulated depreciation. Fully depreciated means book value reached the configured residual result.
Disposal
Use Dispose Asset and enter disposal date, proceeds, disposal account, and reason. Forkiva removes the asset cost and accumulated depreciation, records proceeds, and sends the difference to gain/loss. The asset becomes Disposed; posted history remains.
Lifecycle requests
Use New Lifecycle Request for Transfer, Revaluation, or Impairment. Enter effective date, target branch/location/custodian as applicable, fair/impairment amount, offset account, reason, and evidence. Cross-branch transfer also requires source due-from, target due-to, and target asset accounts.
Workflow: Draft → Pending Approval → Approved → Posted, with Rejected alternative. Posting creates immutable accounting evidence; prior depreciation is never rewritten.
Accruals and Prepaids
Open Accruals and Prepaids. Schedule types are Accrual, Prepaid, Deferred Revenue, and Contract Recognition.
Enter branch, schedule number/type/name, recognition account, counter account, total amount, start/end dates, frequency (daily, weekly, monthly, quarterly, annual, or custom interval), optional recognition day, service-day proration, and automatic accrual reversal. Optionally link a source document by type and searchable record.
Draft schedules are editable. Activate freezes the plan. Post Due with a through date posts every eligible Scheduled line. Lines become Posted and show journal evidence. A completed schedule has no remaining amount. Void cancels future unposted lines; it does not erase posted recognition.
Use Create Prospective Revision with effective date, reason, and evidence. It creates a new version for the remaining service period; posted recognition stays immutable and the prior schedule becomes Superseded.
Example: JOD 1,200 annual insurance
Create a Prepaid schedule for JOD 1,200 over 12 months, recognition account Insurance Expense and counter account Prepaid Insurance, monthly frequency. Activation builds JOD 100 monthly lines. Posting through March recognizes JOD 300 expense and reduces prepaid value by JOD 300. The remaining JOD 900 stays scheduled.
Review and Corrections
Review Asset detail, schedule lines, posted/reversal journals, and the Fixed Asset/GL reports. Correct drafts directly. For posted depreciation or lifecycle effects, use the offered reversal/disposal/new-version workflow—never reduce accumulated depreciation by editing history.