Fixed Assets - Insurance Groups

Pgm: FAINSGRP – FA Insurance Groups; standard Treeview path: Fixed Assets > Setup > Local Tables > Insurance Groups

These groups are used to define properties required to calculate and post insurance expenses. Like asset categories each asset is assigned to an insurance group. Unlike asset categories, the insurance group may be omitted in the asset definition, and the properties defined by an insurance group cannot be overridden at the asset level.

The following information is required for each insurance group:

Insurance Group

Code and name used to identify the insurance group.

Insurance Rate

The annual rate percentage used to calculate the insurance expense for assets in this insurance group. This rate cannot be overridden.

Expense Department and Account

The department and account to which insurance expenses for non-equipment assets are always posted. There is no way to override them.

Offset Department and Account

The department and clearing account to which the offsetting amounts for insurance expenses are always posted. There is no way to override them.

Cost Category and Transaction Code

The equipment cost category and transaction code to which insurance expenses for equipment assets are always posted. There is no way to override them. Note that these cannot be validated here, but it is necessary to assign this category and transaction code to every piece of equipment for which insurance expenses are to be posted.