To open the Settings: Asset Management form, go to: Administration > Settings > Asset Management.
The Settings: Asset Management form
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Note. Any changes made on this form are applied immediately.
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GL Account
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Debit
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Credit
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Accumulated Depreciation
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1750
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Fixed Asset
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2000
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Expense
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250
Viewing the Fixed Assets Documents
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Reporting Fixed Assets on Financial Statements
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- Inventory Card: Using this report, you can view the net book values of fixed assets with some details of depreciation. You can filter the data by entity, status, department, specific fixed assets.
- Fixed Assets Output: The report lists the fixed assets with the Units of Production depreciation method. For each such fixed asset, the output in the specified units of production during the selected period is shown.
- Statement of Depreciation: The report lists the fixed assets grouped by department with the details of depreciation. You can filter the data by entity, department, and specific fixed assets.
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In this section
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- Buildings
- Computer equipment
- Computer software
- Furniture and fixtures
- Machinery
- Vehicles
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Setting | Description |
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Enable Fixed Asset ManagementAccounting | Selecting this option enables the Asset Management module and the Fixed Asset Accounting functionality. For details, refer to Overview of the Fixed Asset Accounting. |
Enable Depreciation of Fixed Assets | This option, if selected, enables the functionality that allows depreciation of fixed assets. For more information on depreciation calculation, refer to Overview of Depreciation of Fixed Assets. |
Enable Non-Current Asset Classes | This option, if selected, enables the functionality that allows creation of Non-Current Asset Classes and processing of assets in accordance with classes assigned to them. |
Enable Workwear and Tools Accounting | Selecting this option enables the Asset Management module and the Work Wear and Tools Accounting functionality. |
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In this chapter
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In this section
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Accepting to Accounting
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- Initial Cost
- Whether the asset will be depreciated
- Which depreciation method will be used: Straight Line or Units of Production.
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Changing the Accounting Parameters for Fixed Assets
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- Initial Cost
- Whether the asset will be depreciated
- Depreciation method
- GL Accounts
- Business activity
- Expense Item
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Using the Straight-Line Depreciation method
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Using the Units of Production Depreciation method
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- UOM in which usage will be measured.
- Usage Limit which sets up the maximum usage recommended for the asset.
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Selling the Fixed Assets
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GL Account
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Debit
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Credit
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Accumulated Depreciation
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2400
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Fixed Asset
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4000
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Receivables
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3000
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Fixed Asset Sales
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(3000-1600) = 1400
Writing off the Fixed Assets
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Note. If you select this option when some fixed assets was already registered in the system, you will need to assign each existing fixed asset to one of the classes. | |
Enable Preparation for Fixed Asset Sale | This option, if selected, makes available the Preparation for Fixed Asset Sale documents that can be used to record the fixed assets intended for sale to the GL account named Assets Classified as Held for Sale and to stop depreciation calculations for these fixed assets. For more details, see Preparations for Fixed Asset Sale. |
Enable Conservation of Fixed Assets | This option, if selected, makes available the Conservation of Fixed Assets documents that can be used to register temporary removal of specific fixed assets from usage and cancellation of depreciation for this time interval. Return of fixed assets from conservation can be registered by using the Conservation of Fixed Assets document with the Cancellation of Conservation transaction type. For more details, see Conservations of Fixed Assets. |
Enable Construction in Progress for Fixed Assets | If enabled, this functionality allows you to register costs incurred during construction of fixed assets before these fixed assets are put in use and present these costs as the initial costs of the fixed assets. For more information refer to Overview of the Fixed Asset Accounting. |
Enable Capital Improvements to Fixed Assets | If enabled, this functionality allows you to register any costs incurred while improvements are made to the fixed assets and to revise accordingly their useful lives and gross costs. |
Enable Workwear and Tools Accounting | Selecting this option enables the Asset Management module and the Work Wear and Tools Accounting functionality. For more information, refer to Overview of Accounting for Workwear and Tools. Note. You cannot disable this functionality if any related accounting data has been entered. |