Summary

The Fixed Asset Maintenance menu item is used to create fixed assets, modify fixed assets and display all other information on the fixed asset, including activity. This is the master file for each individual asset.

Step by Step

1     Open the Fixed Asset Selection window (FA> Maintenance> Fixed Asset).

• The Fixed Asset Selection window will display all of the fixed assets in the database.
• Enter information into the Search Criteria section and click the Refresh icon to filter the fixed assets in the window.

2     Create or edit a fixed asset.

• Select a fixed asset and click the Modify icon or click the Create icon to open the Fixed Asset Maintenance window.

3     Complete the information in the General tab.

• Enter the asset information.
  • Enter a user defined asset code in the Asset field. This code can be up to 20 characters in length.
  • The Status field will display the status of New until the asset is installed. Once installed, the asset will display the status of Active. 
  • Enter an asset description in the Description field. This description can be up to 50 characters long.
  • Enter a location in the Location field or click the field label to select a location from a list. Locations are user defined and usually represent a physical location. They are created and maintained on the Location Maintenance window (FA> Maintenance> Location). 
  • Determine how the depreciation for the fixed asset will be calculated in the Depreciation Method drop-down menu.
    • Select None if you do not want to calculate depreciation on the fixed asset.
    • Select Monthly or Yearly to calculate depreciation on a monthly or yearly basis.
    • Select Half Year Convention to record six months of depreciation the first year the asset is acquired and six months of depreciation the last year of the asset's life. The depreciation will be computed this way regardless of the actual date the asset was acquired.
    • Select Unit Based to calculate depreciation based on unit readings such as miles or hours.
  • Check the Mass asset toggle if the new asset is a mass asset.
    • The mass assets functionality is used to create groups of assets. This group of assets will be treated as a single asset, sharing dates, values and depreciation rates.
      • For example, a city might install 1,000 utility poles in a single year. The asset code for this mass asset would be Utility Poles 2010 and the value entered in the Quantity field would be 1,000. These poles would be depreciated by the system as if they were a single asset.
      • If more poles are installed later in the year, a quantity value adjustment batch can be used to update the quantity and the value of the mass asset.
      • If each individual asset in the mass asset needs to be tracked, the Log tab can be used to assign a unique code and description to each asset. Unique attachments, such as work order printouts or location photographs, can also be added to each asset on this tab.
    • Checking this toggle will enable the Quantity field to the right.
  • Enter the Date Purchased if different than the current date. This date can be edited until depreciation is calculated.
  • The Date Installed and Date Disposed fields will only be populated when the asset is installed and disposed.
  • The Date Replaced is an optional field that can be used to record when the asset was replaced.
  • The Equipment Code field is used to attach a piece of equipment to the fixed asset. Equipment codes are created and maintained on the Equipment Maintenance window (WO> Maintenance> Equipment). 
  • The Quantity field is used to record the total number of individual assets included in a mass asset.
    • For example, if the mass asset is Utility Poles, the quantity field is used to record the total number of poles being installed and depreciated.
    • This field is only enabled if the Mass asset toggle is checked.
  • The Life and Life Unit fields will automatically populate after you have selected the asset class.
  • The Life Used field will only populate after the asset has been installed and depreciation has been calculated.
  • Enter the Original Cost and Salvage Value of the asset.
    • The Original Cost and Salvage Value fields can have up to four decimal places. An asset will never be depreciated below its Salvage Value.
    • New fixed assets are not required to have an original cost.
  • The Accumulated Depreciation field will not be enabled. As depreciation is recorded on the asset in FA> Calculate Depreciation, it will accumulate in this field.
    • The Accumulated Depreciation field will only display depreciation that has been committed in FA> Calculate Depreciation.
    • The Accumulated Depreciation field will display up to four decimal places.
  • The formula for the Book Value field is the Original Cost of the asset minus any Accumulated Depreciation on the asset.
    • The Book Value field does not include the salvage value of the asset.
    • The Book Value field will display on the Asset Listing report (FA> Reports> Asset Listing).
    • The Book Value field can display up to four decimal places.
• Complete the Identifiers section of the General tab.
  •  Click the Class field label in the Identifiers section to select an asset class.
    • The Class field will populate the Life and Life Unit fields, as well as the toggles on how the asset will be depreciated in the Fixed Asset section. These values are the defaults that were set up when creating the Class in FA> Maintenance> Class.
    • If you do not want the default values populated from the Class field you can override them.
  • Click the Department field label to select a department. Department codes are used to group employees together into departments. They are created and maintained on the Department Maintenance window (SS> Maintenance> Department). 
  • Enter the Make, Model, Serial Number and Lot if the information is relevant.
• Complete the Purchase Info section of the General tab.
  • The Purchase Order field will auto populate if the asset was created from the PO module. The same is true with the Vendor number and Invoice number fields.
    • If the asset is not set up from the PO/AP module, the user can enter the vendor number and invoice number for the asset if desired.
  • The Fund Source is user defined and optional. Any Fund Source entries saved under one asset become available to all assets.
• Complete the Detail section of the General tab.
  • Enter a warranty expiration date in the Warr Exp Date field or select one from the drop-down menu.
    • This is an optional field.

4     Complete the Transactions tab.

• The Transaction tab will display all the transactions on the selected asset. The columns will show the Committed status, Post Date, Transaction Date, type of Transaction, Action Type, Value, Quantity, Life, Salvage Value, Disposals, Fiscal Year, Fiscal Period and Description.
• Click the Expand button next to a transaction to display the detailed transaction information. If the transaction is not committed you will not be able to view the transaction detail information.

5     Complete the Components tab.

• The Components tab allows the user to assign other fixed assets, as components, to an existing asset. For example, an airbag is a component on a vehicle asset. This is informational only. The assets are not dependent or linked to one another in the system.

6     Complete the Log tab.

• The Log tab is used to assign unique codes and descriptions to individual assets included in a mass asset. This tab will only be enabled if the Mass asset toggle on the General tab is checked. All of the individual log entry codes associated with the mass asset will be displayed.
• Highlight a log entry code and click the Delete icon to delete the selected code.
• Click the Create icon to create a new log entry. This will create a new line item in the data grid below.
• Enter a Code for the new asset log entry. This field can accommodate up to 15 characters.
  • For example, if the current mass asset code is Utility Poles 2010 and the asset consists of 1,000 utility poles, each pole could be assigned a unique code, such as 2010-0001, 2010-0002, 2010-0003, etc.
  • There are no unique code requirements for the log entry code, so if you want to assign a unique code for each entry, be sure to enter the codes carefully.
• Enter an optional Description for the asset log entry. This field can accommodate up to 64 characters.
  • In the example above, the description field could be used to record the utility pole installation address.
• Highlight a log entry code and click the Attachments icon   to attach a document to that specific log entry.
  • In the example above, the attachments tool could be used to attach completed installation work order paperwork or location photographs.
  • Attachments assigned to a specific log entry code will only be accessible when that log entry code is highlighted.
• Click the Save icon when complete.

7     Complete the Accounts tab.

• The Accounts tab displays the accounts assigned to the asset if these are different than the default accounts set up in the Class Maintenance or Fixed Asset module setup steps.
• If accounts are entered in this window, they will override any other account defaults in the system for this asset.
• Click the Create icon drop-down menu and select the type of account you would like to add.
  • Adjust the Percent column on this asset to distribute specific percentages to different account numbers for each account type.
  • The total for each account type must not exceed 100% in order for the asset to be saved.

8     The Work Orders tab.

• The Work Orders tab will display the Work Order Number, Description, Status, and Completion Date of any work orders associated with the fixed asset. This tab will not provide any work order details until a transaction history exists.

9     Complete the Miscellaneous tab.

• The Miscellaneous tab allows the user to set up miscellaneous fields and values. These are all user defined and can be edited at any time.
  • Miscellaneous field labels are set up using the Miscellaneous Field Labels window (SS> Utilities> Miscellaneous Field Labels). 
• Click the Save icon when the fixed asset is complete.

10     Track any changes made to the fixed asset.

• Click the Audit Trail icon to open the Audit Trail window.
• Use the Search Criteria section to sort the displayed audit history.
• The Audit Trail section will provide details about any changes made to the fixed asset record including the date of the change, type of change made, user that made the change, and data table that was edited.