Recording and Accounting for Low Value Assets

Hi

I need help with understanding how J D Edwards handles low value assets. Our business requirement is for these assets to be recorded in the fixed assets system but for the cost of the asset to be expensed at the time of purchase. Is this simply a matter of to coding  the asset to a balance sheet account, specifying an asset life of one period and coding the depreciation expense to a P&L account where the cost of the asset will be expensed to.  Is there a solution out of the box for this or do we need to configure