Summary

The Install Assets process is used to install fixed assets that have been created either in FA> Maintenance> Fixed Asset Maintenance> Create/New icon or the Work Order module. When assets are first created in the Fixed Asset module, they are created with a New status. The Install Assets process will change the status of the asset to Active and allow the asset to be depreciated.

The general ledger entry from the Install Assets process will be a debit to the Asset account type and a credit to the FA Investment account type as designated in the distribution.

If you are using the Work Order module to create fixed assets, use this process to install the asset that was created.

Step by Step

1     Open or create an Install Assets batch.

• Select the Install Assets palette in FA> Install Assets. This will expand the Install Assets palette and display the steps of the Install Assets process.
• Modify an existing batch or create a new Install Assets batch.
  • Select a batch number from the drop-down menu at the top of the Install Assets palette to select an existing batch.
  • Select New from the Install Assets batch number drop-down menu to create a new batch. This will open the New Batch window.
    • The Batch Month and Batch Year of the Install Assets batch is used for reference only and is not necessarily the fiscal month and year the transactions in the batch will be posted to.
• Click the Save icon or press ENTER to save the batch.

2     Install Assets.

• Open the Install Assets window (FA> Install Assets> Install Assets).
  • The Install Assets window displays a list of all the Fixed Assets that are ready to be installed.
  • Change the Effective Date field to the actual date of installation. The effective date is the date used to calculate depreciation and cannot be modified once the asset is installed. This date can be unique for each asset included in the Install Assets batch.
    • This date does not need to correspond with the Journal Entry date specified on the GL Distribution step below.
  • Enter the Transaction Description for the installation transaction. This description will appear on the Transaction tab of the Asset Maintenance window.
  • If you have just added a fixed asset through the Fixed Asset Maintenance window (FA> Maintenance> Fixed Assets), the newly added fixed asset may not display on the Install Assets window. Click the Add icon   to search for and add the new asset.
• Highlight the fixed assets you would like to install and click the Confirm icon  .

3     Print the Install Assets Proof List.

• Open the Proof List window (FA> Install Assets> Proof List).
• The fields for this report are Asset, Asset Description, Date, Transaction Type, Description, Quantity and Amount. The report will also include a total amount for the batch.
  • The Description field will populate with the Transaction Description column from the Install Assets window.
• Click the Print icon to process the report immediately or enter a date and time in the field next to the Print icon to schedule the report to generate at a later time. You can view the progress of the report on the Job Viewer window (SS> Utilities> Show Scheduled Jobs).
  • Click the Print icon drop-down menu and select Print Preview to preview the report before printing.
  • Click the Print icon drop-down menu and select Excel to export the report data to an Excel spreadsheet as unformatted data.
  • Click the Print icon drop-down menu and select Excel (Formatted) to export the report data to an Excel spreadsheet that includes much of the Springbrook formatting found on the printed version of the report.
  • Once the report is generated, you can also display the report using the View Reports window (SS> Utilities> View Report).

4     Print the GL Distribution.

• Open the Print GL Distribution window (FA> Install Assets> GL Distribution).
• Select the Journal Entry Date from the drop-down menu.
  • This will auto populate the dates that appear in the Fiscal Period and Fiscal Year fields.
  • The Journal Entry Date will also determine the fiscal period and year the entry is recorded in the general ledger.
  • The journal entry date will default to the current date, not one of the effective dates entered on the Install Assets window (FA> Install Assets> Install Assets).
• The Print GL Distribution report will reflect the distributions set up on the asset.
• Select either Summary or Detail from the Report Type drop-down menu.
  • The Summary report will display the Account Number, Account Description, Net Account Totals, Fund Total and Report Total.
  • The Detail report will display the information displayed on the summary report as well as detailed listings of individual credits and debits within each account, department and fund.
• Check the Subtotal by Department toggle to include department subtotals in the report.
• Click the Print icon to process the report immediately or enter a date and time in the field next to the Print icon to schedule the report to generate at a later time. You can view the progress of the report on the Job Viewer window (SS> Utilities> Show Scheduled Jobs).
  • Click the Print icon drop-down menu and select Print Preview to preview the report before printing.
  • Click the Print icon drop-down menu and select Excel to export the report data to an Excel spreadsheet as unformatted data.
  • Click the Print icon drop-down menu and select Excel (Formatted) to export the report data to an Excel spreadsheet that includes much of the Springbrook formatting found on the printed version of the report.
  • Once the report is generated, you can also display the report using the View Reports window (SS> Utilities> View Report).

5     Commit the Install Assets batch.

• Commit the Install Assets batch (FA> Install Assets> Commit Installations).
  • Committing the assets will make a permanent record in the application.
  • Click the OK button to install the assets.
• A journal entry will be created in the general ledger if GL interface is selected.
• The asset is now available to be depreciated, adjusted or disposed.