The Magic words "Fixed Assets" :)
I thought of sharing some experiences in my current FA Implementation:
Setup Constants for Depreciation Expense and Revenue to be as "Responsible". Setup Cat Codes for Client to classify Assets., Defined Accounting classes and Depreciation default codings.
Purchase cost of an Asset was brought from Procurement to AP to GL to FA.
Disposals were of "disposals with Cash proceeds". We defined sale value using JE and then did the disposals to see the Gain/Loss on Sale of an Asset clearly. AT AAI were to be involved as well.
Depreciation calculation was by days. We used Straight line depreciation with Compute Direction of I. We tried depreciatiing the next year afer annual close. We ran Depreciation by Date instead of Period. We also tried the same using "R". We tried adding some new cost in the next year and again to see the calculations work good.