To Create an Asset Class

You can create an asset class by using the Fixed Asset Classes (FA201000) form.

To Create an Asset Class

1. Open the Fixed Asset Classes (FA201000) form.
2. On the form toolbar, click Add New Record.
3. In the Asset Class ID box, type the unique identifier for the asset class.
4. Optional: Select the parent class for the asset class you want to add.
5. In the Description box, briefly describe the class.
6. If you want to make the class available when users add assets, select the Active check box.
7. If you want to give the new assets of the class the On Hold status, select the Hold on Entry check box.
8. On the General tab, perform the following steps:
   1. In the Asset Type box, select the asset type of the assets of the class.
   2. If the class is to be associated with tangible assets, the Tangible check box will be selected by the system automatically. Otherwise, it will be cleared.
   3. If the asset class is to be depreciated, select the Depreciable check box.
   4. If the asset class is for assets that are under construction, select the Under Construction check box.
   5. In the Useful Life, Years box, specify the useful life of assets of the class in years.
      Tip: For an under-construction asset class, specify the same useful life as in the class to which assets will be transferred after the construction is completed.
   6. Optional: To use accelerated depreciation for the assets of the class, select the Accelerated Depreciation for SL Depr. Method check box. This setting will be applied to all the books of the class that use the Straight-Line depreciation method. (For depreciation methods that use the Straight-Line calculation method with the Full Period averaging convention, the state of this check box is ignored by the system.)

      Instead of selecting this check box for an asset, you can specify the Remaining Value calculation method for the asset, which works in the same way.

9. On the Depreciation tab, define the list of books available for the assets and the depreciation settings for those books. Do one of the following:
   • For every book that may be associated with the assets of the class, perform these steps:
     1. In the Useful Life, Years column, specify the useful life of the assets of the class in years for the selected book.
     2. In the Class Method column, select the depreciation method to be used to report asset depreciation in the selected book.
     3. In the Averaging Conversion column, specify the averaging conversion for the selected depreciation method. For details, see Averaging Conventions.
     4. If the assets of the class are to have a bonus, select the Bonus check box.
     5. If the assets fall under the Section 179 of the United States Internal Revenue Code, select the Sect. 179 check box.
   • For every book that should not be available for the assets of the class, perform these steps:
     1. Select the book in the table.
     2. On the table toolbar, click Delete Row.
10. On the GL Accounts tab, specify the default General Ledger accounts and subaccounts to be used to record transactions of the assets of the class.
11. On the form toolbar, click Save.