Add Asset

1. On the Get started tab, enter a description for the asset.

2. Enter the Asset class for the asset. IRS classifications include “Office Equipment”, “Information Systems”, and “Land Improvements." By selecting a class, you can group similar assets and assign them the same depreciation information and distribution accounts. If necessary, use the search to locate the asset class you want.

   Note: Only classes with a Do Not Depreciate or Straight Line depreciation method appear in the search.

   To modify the classes, under Fixed Assets, Settings, select Asset classes. For example, you can create an "Under Construction" class and set the Depreciation method to "Do not depreciate".

3. Enter the asset's Model # and Vendor. You can search for an existing vendor, or add a new vendor.

4. In the Quantity purchased field, enter the number of assets purchased.

5. In the Acquisition value (each asset) field, enter purchase price of each asset.

6. In the Acquisition date and In-service date fields, enter the purchase date and date the asset was placed in service by your organization.

7. Under Depreciation method select Straight line or Do not depreciate. If you select "Do not depreciate," the Distribution and History tabs are removed and you can continue to the Asset details tab.

8. For Straight line depreciation, enter the Convention and Useful life fields. Select a depreciation convention and enter the number of years to depreciate the asset. For more information about straight line depreciation conventions, see Straight Line Depreciation Asset Conventions.

9. In the Salvage value field, enter the estimated value of the asset at the end of its useful life.

10. Select Next.

Note: If you selected "Do not depreciate" as the depreciate method for this asset, the Distribution and History tabs do not appear. Select Save or Save and add another to create another asset.

On the Asset details tab, you can add additional details about the asset, and view summary information such as the description, acquisition value, and date in service.

1. Enter the Asset ID and Serial #.

2. Enter the asset's physical Location and the Department to which the asset is assigned.

   Tip: You can create table entries for Fixed Assets under (Control Panel, Fields and tables).

3. Add any custom fields to the asset to further define and filter assets when searching. For information on how to add custom fields, see Custom Fields.

4. Select Next.

On the Attachments tab, you can add attachments to the asset. You can upload or link to files you want attached to the asset - such as images, PDFs, Word documents, Excel spreadsheets, and other files. For more information, see Attachments.

Note: Keep in mind, if you add an attachment as you are adding multiple assets at once, the attachment will appear on each asset.

On the Transaction tab, you can select the post status for the acquisition transaction and set up the acquisition distribution.

1. In the Post status field, select "Do not post" or "Not yet posted."

   Note: We recommend you select “Do not post” if the acquisition expense has already been recorded in Payables. This ensures the acquisition expense is not double posted.

2. Under Acquisition distribution, enter the debit and credit accounts for the acquisition distribution.

   Tip: To apply an account distribution set, select Apply account distribution set.

3. Enter the dollar amount to be distributed in the Amount column.

4. Next select the projects, classes, grants, and transaction codes for the distribution.

5. Enter custom fields to further define the distribution. For more information about custom fields, seeCustom Fields.

6. In the Interfund entry set field, select a set to balance the accounts if the debit and credit accounts aren’t in the same fund. For more details, see Interfund Sets.

7. Select Next.

On the Distributions tab, you designate the credit and debit accounts for the depreciation distribution.

1. Under Depreciation distribution, enter the debit and credit accounts for the depreciation distribution.

   Tip: To apply an account distribution set, select Apply account distribution set.

2. Enter the dollar percent to be distributed in the Percent column.

3. Next select the projects, classes, grants, and transaction codes for the distribution.

4. In the Interfund entry set field, select a set to balance the accounts if the debit and credit accounts aren’t in the same fund. For more details, see Interfund Sets.

5. Select Save. To create another asset, select Save and add another.

   Note: The History tab appears only if the In-service date is in a prior fiscal period.

Note: This tab appears only if the In-service date is in a prior fiscal period.

On the History tab, you can view the depreciation history of the asset. Once you save an asset, the accumulated and year-to-date depreciation transactions are created. If you do not want to add accumulated depreciation or year to date deprecation transactions, clear the checkboxes.

1. Under Depreciation history, enter the Post status and Post date for the year-to-date and accumulated depreciation amounts.

2. Select Save. To create another asset, select Save and add another.

Note: When you create an asset, an exception report appears if any of the associated transactions cannot be generated. Review the information and select X to close the report.