What is schedule of fixed assets in SAP SRD-FIN-FA - FIN-Fixed Assets?

SAP Term: schedule of fixed assets

• Component: SRD-FIN-FA

• Component Name: FIN-Fixed Assets

• Description: An overview of the changes in the values of the individual balance sheet items of fixed assets and the expenses for implementation and enhancements. It is structured in accordance with the accounting principles for example German Commercial Code and IAS/IFRS and depicts the fixed asset items with their historical costs. It also comprises acquisitions, retirements, intracompany transfers, balanced writeups, cumulated depreciations, net book value for end of fiscal year, net book value of previous year, and the total depreciations of the current year.

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• Key Concepts: 
  A schedule of fixed assets is a document that lists all of the fixed assets owned by a company. Fixed assets are long-term physical assets such as buildings, machinery, and equipment that are used to produce goods or services. The schedule of fixed assets includes the asset's description, purchase date, cost, estimated useful life, and accumulated depreciation. 
  
  How to use it: 
  The schedule of fixed assets is used to track the company's fixed assets and to calculate the depreciation expense for each asset. The depreciation expense is reported on the company's income statement and is used to reduce the company's taxable income. The schedule of fixed assets is also used to calculate the net book value of each asset, which is the difference between the cost of the asset and its accumulated depreciation. 
  
  Tips & Tricks: 
  It is important to keep an accurate and up-to-date schedule of fixed assets in order to accurately report depreciation expenses and net book values. It is also important to review the schedule of fixed assets periodically to ensure that all assets are properly accounted for and that any changes in their value or useful life are reflected in the schedule. 
  
  Related Information: 
  The SAP component SRD-FIN-FA FIN-Fixed Assets provides tools for managing and tracking fixed assets. This component includes features such as asset acquisition, asset retirement, asset transfer, asset depreciation, and asset valuation. It also provides reports for analyzing fixed asset data such as balance sheets, income statements, and schedules of fixed assets.