Asset Quick Entry

Access this form using Transactions>Enter Cash Disbursements> Start button> Asset Quick Entry, Transactions>Accounts Payable>Enter A/P Invoices>Start button> Asset Quick Entry or Activities>Purchase Orders>Create/Modify Purchase Orders> Asset Quick Entry. It is only available if the Fixed Assets module is installed.

Use this form to create assets while you are entering transactions.

  • You must select a General Ledger account with an account type of "FAO" on the transaction entry form before Asset Quick Entry becomes active.
  • Consequently, you must have previously created a General Ledger asset account (FAO) using Maintain>Chart of Accounts Codes - Setup Tab.
  • Since you are selecting an existing Category and Asset Type ID on this form, you must have created at least one Category and one Asset Type ID (Maintain>Fixed Assets>Assets and Asset Types).

Note: When the Enable Without Validating check box is selected by the Administrator on the Set Up Fixed Assets Module form (Organization>Set Up Modules>Fixed Assets), you will not be required to select a "FAO" type General Ledger account code to activate the Asset Quick Entry button. It will always be available. Additionally, the validations which assure the cost associated with the asset ties to the Transaction Entry document and that the transaction is booked to a fixed asset (FAO) type account will be turned off.

You can review your newly created asset using Maintain>Fixed Assets>Assets. The data you entered on this form appears in the tabs as follows:

  • The Asset tab contains the Asset ID, Description, and Category. The system assigns a status of active to the asset.
  • The Asset Type tab contains the Asset Type ID.
  • The Depreciation tab contains the Cost and Life (if applicable). The system uses the current date as the begin depreciation date.
  • On the Information tab, the system displays vendor information, if you selected a vendor ID on the Enter A/P Invoices transaction entry form.

You cannot edit or delete an asset using this form; you must use Maintain>Fixed Assets>Assets. If you edit an asset that has already been posted to the General Ledger, the changes you make cannot total to more than the amount you initially posted. Therefore, you must make an adjustment in order for them to agree.

 

Asset ID: Enter a unique ID to represent the asset you are creating. The Drop-Down Lookup displays existing assets that are already in use and cannot be used.

Description: Accept the default description (from the transaction entry form), or enter a new one.

Category: Select an existing category from the drop-down list. You cannot create a new category on this form.

Asset Type ID: Select an existing asset type from the drop-down list. You cannot create a new asset type on this form.

Cost: Enter the cost or basis of the asset. This is the value at the time the asset was acquired.

Life: Enter the life of the asset in months (not years). This column only displays if the Administrator opted to "Include Life on Asset Quick Entry" using Organization>Set Up Modules>Fixed Assets.

  • Define a default Category and Asset Type ID, with Administrative user rights, using Organization>Set Up Modules>Fixed Assets.
  • A zero book value asset is saved if the Cost is left as zero when it is entered (using Transactions>Enter Cash Disbursements>Asset Quick Entry form, or Transactions>Accounts Payable>Enter A/P Invoices>Asset Quick Entry form, or Activities>Purchase Orders>Create/Modify Purchase Orders>Asset Quick Entry form) and the Enable Without Validating check box is selected.
  • Use Reports>Fixed Assets>Assets to print the data entered on this form.