Fixed Assets
More about the home page.
- In the View section, select an appropriate list view from the drop-down list to go directly to that list page, or click Create New View to define your own custom list view. List views let you display a list of records that match specific criteria.
- In the Recent section, select an item from the drop-down list on the right to display a brief list of the top records matching that criteria. The choices are listed in the table that follows.
- From the list, you can click any fixed asset name to go directly to its detail.
- Click New to create a new fixed asset.
- To change the value of an editable field shown in the list double-click it, enter the value you want and click Save.
| Recent Choice | Description | |
|---|---|---|
| Recently Viewed | The last 10 or 25 records you viewed, with the most recently viewed item listed first. This list is derived from your recent items and includes records owned by you and other users. | |
| Recently Created | The last 10 or 25 records you created, with the most recently created item listed first. This list only includes records owned by you. | |
| Recently Modified | The last 10 or 25 records you updated, with the most recently updated item listed first. This list only includes records owned by you. |
Assets are items that your company buys to carry out a particular task or job within the company. Each asset is normally tagged with a unique number. You can use this number to relate a particular asset to its record in Fixed Asset Management. Fixed Asset Management enables you to record:
- The supplier
- The manufacturer
- Warranty information
- Date of acquisition
- A depreciation schedule based on a depreciation method you choose
- Who currently has responsibility for the asset
- Disposal information.
Fixed assets are normally grouped into particular types. For instance, your organization might have an asset group called Computer Hardware and within that category, there might be sub-group groups called Laptop, Server, Peripherals. Optionally, you can use groups and sub-groups to record the depreciation of assets on your company balance sheet. You can export depreciation schedules to journals in an accounting system such as Accounting.
The actions that you can carry out on an asset are determined by its status. Here is a description of each status.
| Approval Status | Description |
|---|---|
| New | This status is set when you create a new asset. At this point, no information has been posted to the financial accounting system, the asset is not yet approved, and depreciation has not yet been calculated. |
| Recalled | Indicates that the asset was submitted for approval, but was recalled so that changes can be made. At this point no information has been posted to the financial accounting system, the asset is not yet approved, and depreciation has not yet been calculated. |
| Rejected | Indicates that the asset was submitted for approval, but was rejected by the approver. At this point no information has been posted to the financial accounting system, the asset is not yet approved and depreciation has not yet been calculated. |
| Approved | Indicates that the asset was submitted for approval and it was approved. At this point the asset has been posted to Accounting. |
| Submitted | Indicates that the asset was submitted for approval, is locked and is waiting for the approver to approve or reject it. Depending on the approval process your administrator has chosen, you can recall the asset from the approval process to make further changes to it. When you do this, the status of the asset becomes Recalled. At this point, no information has been posted to the financial accounting system, the asset is not yet approved and depreciation has not yet been calculated. |
| Active | Indicates that the asset is approved. At this point, depreciation schedules have been calculated and are ready to send to Accounting. |
| Fully Depreciated | Indicates that the asset is fully depreciated and all of its depreciation journals have been calculated and exported to Accounting. At this point, you can no longer change the depreciation method or historic information for that asset. In addition, you cannot regenerate depreciation schedules for that asset. |
| Disposed | Indicates that the asset has been disposed of for a particular reason such as it is lost, destroyed, sold or entered by mistake. Future depreciation schedule messages are no longer sent to Accounting once the asset has been disposed of. In addition, the asset value and depreciation of the asset is cleared from the accounting system and an audit trail is retained. |
| Canceled | Indicates that the asset has been canceled. Depreciation schedules are no longer sent to Accounting. |
Depreciation Books
Depreciation books associated with an asset determine the way in which depreciation schedules for an asset are calculated. You can create depreciation books for a single asset or you can create depreciation books for an asset group or an asset sub-group and associate them with a fixed asset. When you do this, the depreciation book from the asset group or asset sub-group is copied to the fixed asset provided that Inherit Values from Parent is enabled in the Fixed Asset Management Settings custom setting. See Grouping Assets for more information.
Asset Relationships
You can also create relationships between assets and generate reports on those assets. For instance, you might want to relate assets that have been purchased and deployed for a particular task such as a project at a customer site.