Summary

If you are creating assets that have similarities such as the same useful life and general ledger accounts, you can group these asset characteristics into an asset class so you can quickly assign these similarities to each asset you create.

Step by Step

1     Open the Class Selection window (FA> Maintenance> Class).

• The Class Selection window will display all of the class codes in the database.
• Highlight a class code and click the Delete icon   or press DELETE to delete the selected class code.
  • Class codes that are attached to existing assets cannot be deleted.
• Highlight a class code and click the Modify icon   or press ENTER to edit the selected class code.
• Click the Create icon or press INSERT to create a new class code. This will open the Class Maintenance window.

2     Create a new class code.

• Enter a unique class code in the Class Code field. A Class Code can be up to 10 characters in length.
  • This is a required field and cannot be edited once the class code has been saved.
• Enter a Description for the class code. The Description can be up to 48 characters in length.
• Enter the expected Life for these assets. This value must be greater than zero.
  • This value corresponds with the units selected in the Life Units field below.
• In the Depreciates field, select None, Monthly or Yearly depreciation periods.
  • These selections are defaults for assets assigned this class but can be overridden on the individual asset master.
• Select the default general ledger accounts to be used for this class if these are different than the defaults specified on the FA Setup window (FA> Utilities> Setup> Default Accounts section). 
  • Partial accounts can also be attached to class codes in the event that the costs associated with the assets within this class need to be distributed to different accounts within the same fund.
• The Departments section is used to associate departments with the class code.
  • Click the Create icon to attach a department to the class code. This will open the Department Selection window.
  • Highlight a department and click the Confirm icon to attach the department to the class code.
  • Departments are created and maintained on the Department Maintenance window (SS> Maintenance> Department). 
  • Once a department is attached to the class code, click the Ellipsis icon in the Account Number column to associate a GL account with the department.
• Click the Save icon when complete.