Assets - Asset Tab

Access this tab using Maintain>Fixed Assets>Assets.

Use this tab to enter the Asset ID, Status, Description, Category, and Acquisition Date. You also have the option to designate a Tag Number, the Original Asset ID, is Taxable, or has a Zero Book Value.

Asset ID: Enter a unique ID to represent the asset you are setting up, or use the drop-down list to select an existing asset. We recommend using all numeric codes and IDs. Numeric codes and IDs are generally easier and faster to enter during transaction entry. We also recommend limiting your entry to strictly alphabetic characters (A through Z) or numeric characters (0 through 9), and avoiding the use of symbols, such as: | and ".

Status: Specify the status of the Asset ID. When creating a new asset, accept the default status, A (Active), or select I (Inactive) or D (Discontinued/Disposed) from the drop-down list. This box is not available once you have transferred a full disposal. Below are valid status entries and their descriptions:

• Active (A) - Set an asset to active when you want to use it throughout the system. Active IDs appear on reports.
• Inactive (I) - Set an asset to inactive when you do not want to use it regularly, but you may still need to use it at some point. A warning message appears when you attempt to use inactive IDs. The warning message is for notification only; you can still use the IDs throughout the system. Inactive IDs appear on reports.
• Discontinued/Disposed (D) - Set an asset to Discontinued/Disposed to exclude it from depreciation and disposal calculations. To permanently dispose of an asset, first set the asset status to Active, then process the disposal (Activities>Fixed Assets>Enter Disposals), and finally transfer the disposal (Activities>Fixed Assets>Transfer Depreciation/Disposals).

Note: If an asset is set to a “Discontinued” status and the fiscal year is subsequently closed, you will not be able to dispose of the asset.

Description: Enter or change the description for the asset.

Category: Enter a new category or select an existing one from the drop-down list. A category groups assets for processing and printing, such as Furnishings, Properties, and Transportation. You use categories later if you create an asset using the Transactions> Enter Cash Disbursements or Enter A/P Invoices>Asset Quick Entry form. This category is only used with the Fixed Assets module. It is not utilized by the category in the Purchase Orders and Electronic Requisitions modules.

Tag Number: Enter an inventory number for the asset.

Original Asset ID: Enter the original asset ID. Entering data here can indicate an improvement to the original asset, or provide a means of tracking assets reclassified or moved to a different location. Appropriate disposals must be recorded to avoid duplicating depreciation calculations.

Taxable: Select this check box if the asset is taxable.

Acquisition Date: Enter the date you obtained the asset. If a date is not entered, the system displays the current system date or the check/invoice date if the assets was entered using the Asset Quick Entry form (Transactions>Enter Cash Disbursements or Enter A/P Invoices).

Zero Book Value: Select this check box if the asset does not have a current book value and does not need to be depreciated. This check box is available until the Asset ID is calculated or Transferred to Accounting. Note that if you need to dispose of an asset with a Zero Book Value, you should select a status of D - Discontinued/Dispose.

• Optional Designation: Select an acquisition, responsibility, valuation, and location code from the drop-down list. You set up designation codes using the Maintain>Fixed Assets>Designation Codes form.
• Acquisition Code: This code is used to represent the date an asset was acquired.
• Responsibility Code: This code is used to represent the group or person responsible for the asset.
• Valuation Code: This code is used to represent the value of an asset.
• Location Code: This code is used to represent the location of an asset.