Fixed Assets > Modify >

Asset Information > Update

 

         

 

 

Overview


Asset Information - Update allows you to create a new asset or edit an existing asset.

 

This Help page contains the following sections:

Asset Information Update

Setup Tab

Depreciation Tab

Miscellaneous Tab

Comments Tab

Attachments Tab

Note Tab

 

Asset Information Update


Enter the Name and Tag #.  Leave the Tag # field empty to assign the next available tag number upon saving the asset. There are six tabs: Setup, Depreciation, Miscellaneous, Comments, Attachments, and Note.

 

 

Setup Tab


Select the Was this asset purchased new box if the asset was purchased new. You can then specify the levels and Asset Account #. This is usually a balance sheet account for the asset (e.g., Building, Land, Equipment). Use this account for sorting and selecting when setting up reports. No entries are sent to General Ledger. Select the Accumulated Depreciation Account #. This is usually a balance sheet account where the accumulated depreciation is credited when the depreciation is run. This could be one common account used for all accumulated depreciation, or each fixed asset could have its own. This type of account is a 'contra-asset' account. Select the Department Name (if applicable) and then select the Expense Account #. This is the account where the monthly depreciation is expensed.

 

Note: Click the icon or press "s" in any field with the Search  icon to display a Search window. Use the filter at the top to narrow down your selection. On the Account Search screen you can also specify the Account Type in a drop-down list. You can then double-click the item you want to select or click the item and click the Select button. Click the Close link to return to the Update page without making a selection.

 

Select the Class (if applicable) to identify the asset (e.g., Computer Equipment, Office Equipment, Building) from the drop-down list. Select the Building (if applicable) where the asset is located (e.g., Building A, Building B, Annex) from the drop-down list. Select the Room (if applicable) where the asset is located (e.g., Room 101, Finance Office) from the drop-down list. You can set up additional options for all of these selections in Control Table Information (More Information).

 

Select the Vendor from whom your organization purchased the asset by clicking the (not set) link or the Search  icon. This displays the Vendor Search window. By default the search text for the Name field searches for last names and organizations. To search for first and last names enter your search in the "lastname, firstname" format. You can also search by City and State. Select the vendor who sold your organization the asset and click the Select button. Alternately, click the Close link to return to the previous page without selecting a vendor.
Note: Search for just a first name by starting your search with a comma (e.g., ", James"). Display a complete list of vendors by searching for just a comma.

 

The Vendor field searches existing records only. If you need to create a new vendor you need to go to Accounts Payable Vendor Information (More Information).

 

Optionally, enter the Model of the asset, Serial # of the asset, and Purchase Order # used to acquire the asset.

 

 

Depreciation Tab


The depreciation tab is used to control how the depreciation is calculated. Select or enter the Capitalized Date. This is usually the date the asset was acquired. Enter the Capitalized Value, which is usually the purchase price of the asset or the fair market value if the asset was donated. The Salvage Value allows you to specify the estimated amount the asset is worth after all depreciation has been deducted.

 

The Capitalized Value must be greater or equal to the Salvage Value.

 

The Cost field is automatically populated with the Capitalization Value amount. You may enter a different amount if desired.  Check the box for Investment Tax Credit Exempt if it applies to this asset. Enter the Investment Tax Credit amount if applicable. This amount is zero if the asset was acquired after January 1, 1987. Enter the ITC Adjustment if applicable. This amount is zero if the asset was acquired after January 1, 1987.

 

Two types of depreciation are available: Tax and Book. The information entered for each type is usually the same, but may be different if you have a need to report tax depreciation differently than your actual book depreciation. Keep in mind that Tax depreciation is for reporting only. Book depreciation is used to make the necessary entries to the General Ledger.

 

Tax Depreciation

The 'Tax Depreciated Thru' date lets you know the month and year through which the asset has been depreciated. Select the depreciation method from the drop down list. If you select NO DEPRECIATION then depreciation for the asset is not calculated. The Depreciable Value is calculated for you and equals the Capitalized Value minus any Salvage Value. If you are using a depreciation method that does not have a predetermined number of years (e.g., Straight Line) then enter the Life In Years. Enter the Accumulated amount that has been depreciated over the life of the asset. If this is a new asset, leave the amount blank to have the program adjust this figure for you when depreciation is calculated. The Net Value is calculated for you and equals the Depreciable Value minus the Accumulated amount that has been depreciated over the life of the asset (based on the 'Tax Depreciated Thru' date). Check the option for Listed Property if the property is defined by the IRS as a listed property (e.g., computer equipment, automobiles, and so forth). See the IRS web site at this link for more information.

 

Any time you change the depreciation method or Life In Years for Tax or Book you are prompted by the Confirm Depreciation window. This informs you of the calculated value for the Accumulated amount. Click Replace to update this figure or the Close  to return to the Update page without updating the amount.

 

Book Depreciation

The 'Book Depreciated Thru' date lets you know the month and year through which the asset has been depreciated. Select the depreciation method from the drop down list. If you select NO DEPRECIATION then depreciation for the asset is not calculated. The Depreciable Value is calculated for you and equals the Capitalized Value minus any Salvage Value. If you are using a depreciation method that does not have a predetermined number of years (e.g., Straight Line) then enter the Life In Years. Enter the Accumulated amount that has been depreciated over the life of the asset. If this is a new asset, leave the amount blank to have the program adjust this figure for you when depreciation is calculated. The Net Value is calculated for you and equals the Depreciable Value minus the Accumulated amount that has been depreciated over the life of the asset (based on the 'Book Depreciated Thru' date).

 

 

Miscellaneous Tab


All of the fields on the miscellaneous tab are optional except for selecting the warranty or contract status. The following fields are available:

 

Replacement Cost: This represents the estimated cost to replace the asset.

Replacement Date: This represents the estimated date when the asset needs to be replaced.

Transfer from Company: This is for informational purposes only if the asset was transferred from another company. Use the drop-down list to select the company from which the asset was transferred. Only companies that have assets set up are available for selection.

Transfer from Tag: This is for informational purposes only if the asset was transferred from another company.This drop-down list contains assets based on the company selected in the Transfer from Company menu.

Transfer Date: This is for informational purposes only if the asset was transferred from another company.

Sale Amount: This is for informational purposes only and no gain or loss calculation is made. Use this field if the asset was sold.

Sale Date: Use this field if the asset was sold. This will prevent the asset from being depreciated.

Retired Date: Use this field if the asset was retired. This will prevent the asset from being depreciated.

Select if this asset has a Warranty, Contract, or Neither Warranty or Contract.

Expiration Date: Use this field to enter the date that the warranty or contract expires (if applicable).

Warranty Vendor: Select the Warranty Vendor with whom you have the warranty or contract by clicking the (not set) link or the Search  icon. This displays the Vendor Search window. By default the search text for the Name field searches for last names and organizations. To search for first and last names enter your search in the "lastname, firstname" format. You can also search by City and State. Select the warranty vendor for the asset and click the Select button. Alternately, click the Close link to return to the previous page without selecting a warranty vendor.
Note: Search for just a first name by starting your search with a comma (e.g., ", James"). Display a complete list of vendors by searching for just a comma.

 

The Warranty Vendor field searches existing records only. If you need to create a new vendor you need to go to Accounts Payable Vendor Information (More Information).

 

 

Comments Tab


The comments tab allows you to add and edit existing profile comments on the asset record. The comment grid contains the following columns for each comment: Date, Profile, and Note. Click the Edit  icon or double click any comment to edit or click the Add new comment link to add a new comment.

 

Select or enter the Comment Date, select the Profile from the drop-down list, and enter a Note. Click the Apply button to save your comment and begin entering another comment, the OK button to save your comment, or the Close link to return to the grid without saving. You can set up additional profile options in Control Table Information (More Information).

 

 

Attachments Tab


The Attachments tab allows you to attach files accessible from your device or to scan image files using the Scanner.Client.exe program. See the Attachments Help Page for detailed information regarding the attachments feature.

 

 

Note Tab


Enter a note in the field provided if you wish.

 

When finished click the Apply button to save the asset and start entering a new asset, the Update button to save changes to the asset and return to the Asset Information page, the Reset link to undo all changes since the last time the asset was updated, or the Cancel link to return to the Asset Information page without saving your changes.

 

Compiled on 9/18/2018 2:32:11 PM