Guidance/Help with Fixed Assets within Financial Edge

Matthew Cusack
Matthew Cusack
Name Dropper First Anniversary Facilitator 1
in Blackbaud Financial Edge NXT® General Discussions

We are trying to transition from spreadsheets to the Blackbaud Financial Edge Fixed Asset Module BUT we cannot locate any documentation on how to load historical balances as of our most recent year end – including accumulated depreciation – for example,

  1. We have $10,000,000 of various equipment purchases acquired over a 20 year period – (about 1500 transactions)
  2. This $10,000,000 of purchase transactions have accumulated depreciation of $8,000,000 with some fully depreciated and others 10%
  3. So the current net book value is $2,000,000 (zero salvage value)
  4. The life for this asset type is 10 years

We would like to load the $10,000,000 as one acquisition in total and then add the accumulated as $8,000,000 cumulative and then we can either specify the future monthly depreciation amounts or somehow configure the system to calculate them –

How do we go about this – we see no value to adding the 1500 individual transactions – so we want to load this in bulk as ONE Transaction

Comments

  • Karen Edwards
    Karen Edwards
    Eighth Anniversary Kudos 1 Name Dropper Participant

    @Matthew Cusack I'm not sure how to do this, but there is a way to upload historical balances for fixed assets. We did it at implementation with our BB consultant. My first thought on seeing your idea about doing it as one number was that you would not be able to delete assets as they are sold or disposed of. We also have to provide details to our auditors for our independent audit, so that would be another reason to have the detail.

  • Matthew Cusack
    Matthew Cusack
    Name Dropper First Anniversary Facilitator 1

    @Karen Edwards Thank you for the response! We are wondering if you engaged a consultant because implementation is not a DIY task or if you just wanted clarification on certain aspects of it. Also, could you provide the contact info for this consultant?

  • Karen Edwards
    Karen Edwards
    Eighth Anniversary Kudos 1 Name Dropper Participant

    @Matthew Cusack I was referring to the consultant from BB that assisted in our full implementation of Financial Edge. We used Blackbaud-employed consultants for a couple other things since the initial implementation, but it's been a while. They may still do that for a fee. I've been getting emails from a company called Npact recently that advertises their services for FE. We have not used them, but they could probably assist in something like what you ware wanting to do. I would think that someone from BB could provide you with instructions on uploading historical balances for fixed assets though.

  • Arturo Sayco
    Arturo Sayco
    Eighth Anniversary Kudos 1 Name Dropper Participant

    @Matthew Cusack
    Great question! I wonder if you've gotten much more from your question. We are in the process of implementing NXT and we also would like to use the Fixed Assets Module. I would love to hear more on this subject and hoping to connect with you if you 're able to get your answer. Thanks for posting this question. I will definitely watch out any progress on this chat.

  • Arturo Sayco
    Arturo Sayco
    Eighth Anniversary Kudos 1 Name Dropper Participant

    I agree with @Karen Edwards 100%. In addition, the details provide itemization and proper classification of assets (building, equipment, et)c. Specific types of assets have different life in years to determine depreciation expense while others like land is not depreciable. You may not see the benefit now, but it may haunt you later in the long run.

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