Add Assets
Use fixed assets to store and track the information your organization needs to manage assets like property and equipment. Record each asset's acquisition details, calculate depreciation, and track every transaction and location change for an asset throughout its useful life.
From Fixed assets, Assets, select Add.
Get started
Under Get started, enter a description for the asset.
Enter the asset class.
Classes group similar assets and assign the same depreciation information and distribution accounts.
Note: Only classes with a do not depreciate or straight line depreciation method appear in the search.
IRS classifications include office equipment, information systems, and land improvements.
Tip: To modify classes, navigate to Settings, Fixed assets, select Asset classes. For example, add an "Under construction" class and set the depreciation method to "Do not depreciate".
Identify the asset's model number and vendor.
Record how many assets you purchased and the purchase price of each one.
Add the acquisition date, when you purchased the asset, and the in-service date, when your organization placed it in service.
Select a depreciation method.
Depreciation methods help you allocate an asset's cost over its useful life, providing a more accurate picture of expenses and asset value.
For straight line depreciation, select a depreciation convention and enter the useful life, or number of years to depreciate the asset. Enter the estimated salvage value of the asset at the end of its useful life.
Tip: When you select straight line, a Depreciation distributions tab displays for you to work through later in the process.
Select Next.
Asset details
Under Asset details, enter the serial number, the asset's physical location, and the department to which the asset is assigned.
Tip: Create fixed asset table entries under Settings, Fields and tables.
Add custom fields to the asset to further define and filter assets when searching.
Select Next.
Attachments
Under Attachments, upload or link to files you want attached to the asset, such as images, PDFs, Word documents, Excel spreadsheets, and other files.
Note: Attachments added during bulk asset creation are automatically added to each asset.
Transaction
Under Transaction, select a post status.
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.
Enter the debit and credit accounts for the acquisition distribution.
Tip: To apply an account distribution set, select Apply account distribution set.
Enter the dollar amount to distribute.
Select the projects, classes, grants, and transaction codes for the distribution, and enter custom fields to further define the distribution.
If the debit and credit accounts aren’t in the same fund, select an interfund set to balance the accounts.
Select Next.
Depreciation distributions
Under Depreciation distributions, enter the debit and credit accounts for the depreciation distribution.
Tip: To apply an account distribution set, select Apply account distribution set.
Enter the percentage to distribute, then select projects, classes, grants, and transaction codes for the distribution.
If the debit and credit accounts aren’t in the same fund, select an interfund set to balance the accounts.
Select Save.
To create another asset, select Save and add another.
History
Note: This tab only displays when the in-service date is in a prior fiscal period.
Under History, view the depreciation history of the asset. After you save an asset, the accumulated and year-to-date depreciation transactions are created. If you don't want to add accumulated depreciation or year-to-date deprecation transactions, clear the checkboxes.
Under History, enter the post status and post date for the year-to-date and accumulated depreciation amounts.
Select Save.
To create another asset, select Save and add another.
Note: When you create an asset, an exception report displays if any of the associated transactions can't generate.