FA: Adding a Fixed Asset

1. From the Fixed Assets menu, click Asset Master File.
2. Type a unique Description to identify the asset.
3. Type or select the Type to which this Fixed Asset belongs. This field allows you to group Fixed Assets of similar type for report purposes. Double-click in the type field to create a new Asset Type.
4. Type the SerialNumber of the Fixed Asset, if applicable.
5. Type or select the Manufacturer of the Asset.
6. Enter the name of the Vendor used to acquire this Fixed Asset, or use the Find Feature to locate the Vendor from the Vendor Master File.

7. Enter the Vendor Invoice Number from the purchase of this Fixed Asset.
8. Enter the Date your company acquired the Fixed Asset. This date cannot be greater than the Fixed Assets "TO" date found in the Fiscal Year Setup screen. Although you may enter a Date Acquired that is greater than the Date Effective, the system displays a warning message if you attempt to do so.
9. Since this is a newly acquired asset we will leave the Date Disposed field blank.
10. If this is a Sub Asset, use this field to enter the Asset ID of the Parent Asset for this Fixed Asset record.
11. Type or select the Asset Category to assign this record to.
12. Select the appropriate Depreciation Method to use for this Fixed Asset. If you are adding a Fixed Asset that has been partially of fully depreciated, or converted from a previously used Fixed Asset system, see Adding a Partially or Fully Depreciated Fixed Asset before selecting the Depreciation Method.
13. Type the Primary Job Number in this field, or use the Find Feature to locate the Job record. If depreciation for this Asset needs allocated to more than one Job, click the Multiple Job Allocation button to display the Multiple Job Allocation per Asset screen.
14. Enter the date of the first period of depreciation. This is known as the Date Effective. The system automatically fills in this field based on the First Period Depreciation option selected in the Fixed Asset Defaults screen, and based on the date entered in the Date Acquired field. You may modify this date, if desired.
15. Estimate the Expected Life (in fiscal periods or months) your company plans to use this Fixed Asset. The system allocates depreciation over the number of periods the item is expected to be in use.
16. No entry is required in the Periods Completed field for a new Fixed Asset that has not been depreciated, because the system automatically updates the Periods Completed field during Fixed Assets activity (depreciation expense and/or fixed asset disposals) updates to the General Ledger. The system computes the Periods Completed based on the Date Effective, the Expected Life, and the Last Updated To G/L fields.

However, if you are entering a Fixed Asset that was partially of fully depreciated in another accounting system, this is a required entry. For more information, see Adding a Partially or Fully Depreciated Fixed Asset.

17. Enter the initial purchase price of the Fixed Asset in the Cost field. This is not the current market value of the Fixed Asset. The system uses this Cost amount to calculate the depreciation expense.
18. Enter the Salvage value of the Fixed Asset. This is the amount of that you expect to recover at the end of the Fixed Asset’s Expected Life. In other words, the Salvage value of a Fixed Asset is an estimated value of the asset after completion of all periods of depreciation.
19. No entry is required in the Accumulated field for a new Fixed Asset that has not been depreciated, because the system automatically updates the Accumulated field during Fixed Assets activity (depreciation expense and/or fixed asset disposals) updates to the General Ledger.

However, if you are entering a Fixed Asset that was partially of fully depreciated in another accounting system, this is a required entry. For more information, see Adding a Partially or Fully Depreciated Fixed Asset.

20. No entry is required in the Last Updated To G/L field for a new Fixed Asset that has not been depreciated, because the system automatically updates this field during Fixed Assets activity (depreciation expense and/or fixed asset disposals) updates to the General Ledger.

However, if you are entering a Fixed Asset that was partially of fully depreciated in another accounting system, this is a required entry. For more information, see Adding a Partially or Fully Depreciated Fixed Asset.

21. Select the Personal Property Tax check box if personal property taxes apply to this Fixed Asset. When you enter a new Fixed Assets record, the system automatically selects the Personal Property Tax check box by default. When this check box is selected, the system displays two additional fields (PP Type and Jurisdiction).
22. Enter any Notes pertaining to this Fixed Asset.
23. Click Close to save the record.

If you need to add a Fixed Asset for a previous year and you have already rolled over for the new Fiscal Year, just change your Fiscal Year to the previous year and then add the asset. Remember to go back and change the Fiscal Year to the current year again.