Difference between revisions of "Fixed Asset"

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Latest revision as of 11:15, 1 March 2011

Overview

Here you can record and manage all Fixed Assets including plant, office furniture and equipment with a single-item value of over a pre-determined level, motor vehicles, land and buildings, leasehold improvements, artwork and leased assets acquired under a finance lease or under hire purchase or assets that are designed, built and constructed within a budget centre.

How to add a New Fixed Asset

• Select the Fixed Assets Tab
• Select Fixed Assets button

• Enter an Asset Code of your choosing. Asset Codes are not pre-defined so you can create your own
• Enter a unique Asset Name eg. for a motor vehicle you may choose to enter the make and registration number
• Enter the Asset Type

• Enter the Purchase Date
• Enter the Purchase Price
• Enter the Supplier that the Fixed Asset was purchased from
• Enter the location of the asset if applicable - eg. Server Room, Office Number etc
• Enter the Department or Cost centre where the asset value will be tracked.

Note: If the asset is shared across cost centres the cost and share of depreciation expense can be entered in the table at the bottom left of the screen

• If the Asset is also a product in your product list, select the product from the drop down list
• Enter/select the Serial Number if applicable
• Enter/Select the Barcode if applicable

Select the Additional Info tab

This area is designed to help you manage the asset and related contracts (eg. Insurance, Warranties etc)

• Complete the relevent information for the asset.

Most of these fields are for information only. The exception is the Date Fields

• Insured Until - Select the expiry date of the insurance policy. This date is used by reminders to prompt you

a selected number of days prior to the policy expiry. See Employee Preferences

• Warranty Expires - Select the expiry date of the warranty. This date is used by reminders to prompt you

a selected number of days prior to the warranty expiry. See Employee Preferences

Select Depreciation#1 tab

See also Depreciation Overview

• Select the Fixed Assets Cost Asset Account - The Default accounts should be set up in

[[Utilities>Preferences>Fixed Assets]]

• Select the Fixed Assets Clearing Account - ie. The Bank account used for purchases
• Select the Depreciation Option - This is the type of Depreciation as advised by your accountant. See

Depreciation Overview

The percentage displayed is provided by the ATO and can change from time to time. The default is 200%

• Enter the Salvage Value as either a Percentage or Amount as advised by your accountant. This is the expected

salvage value at the end of the Asset Life (Note: This field is only applicable to Straight Line Depreciation method)

• Enter the Asset Life ie. The period of time over which you wish to depreciate the asset
• Enter the Business Use Percentage - eg. In the case of a Motor Vehicle, if 70% of the vehicles milage is for

business the Business Use Percentage would be 70%

• Select the Fixed Assets Depreciation Assets account - This is the asset account that will decrease in value as

the asset is depreciated eg. In the Sample Company, the account for Motor Vehicles is "Vehicle Depreciation"

• Select the Fixed Asset Expenses account - this is the account where the depreciation expense is posted

If the asset has already been partially depreciated at the time of entering into ERP Software, Select Enter Amount

• Enter the amount of Accumulated Depreciation already accounted for.
• Enter the Year Ending. This is the last accounting period for which the accumulated depreciation related.

• Select Calculate to see the future depreciation values

Disposal Tab This tab is not required at time of creating an asset. For more details see Disposal

Select Custom Fields tab

Custom Field allow you to create additional fields to meet your own unique business needs

• If using Custom Fields complete as required.

Select Notes

The notes section allows you to store notes about the asset on an ongoing basis and add a Date and Time to track when the each note was created.

• Add any notes desired

History Tab The history tab is used to view the service history of the asset and is not relevent at the time of creating an asset. The history is updated Via theService Log.

• Select Save