To Enter an Asset

You can add a record for a fixed asset by using the Fixed Assets (FA303000) form.

To Enter a Fixed Asset

1. Open the Fixed Assets (FA303000) form.
2. In the Description box of the Summary area, type the description of the asset.
3. Optional: If the asset is a child of another asset, specify the parent asset.
4. In the Asset Summary section of the General tab, specify the asset information:
   1. In the Asset Class box, select the asset class, which defines general fixed asset parameters, such as useful life, asset type, GL accounts for posting FA transactions, and depreciation settings. You can change any of these parameters, if required.
   2. In the Property Type box, select the way the asset was acquired.
   3. Optional: On the More menu (under Processing), click Hold if the asset record you are entering is a draft. If you are entering information for an active asset, click Remove Hold.
   4. In the Asset Type box, select the type of the fixed asset. The system fills in this box automatically according to the fixed asset class that you have selected, but you can change the value.
   5. Optional: If the asset consists of multiple items, enter the quantity of these items in the Quantity box.
   6. In the Receipt Date box, specify the date of the asset acquisition.
   7. If the asset is depreciable, perform these steps:
      1. Select the Depreciable check box.
      2. In the Placed-in-Service Date box, specify the start date for depreciation.
         Note: This box will be unavailable for editing once the first depreciation transaction (of the Depreciation+ type) is created for the asset. For details, see Depreciation of Fixed Assets.
   8. If the asset is non-depreciable, perform these steps:
      1. Clear the Depreciable check box.
      2. In the Placed-in-Service Date box, specify the placed-in-service date for the asset.
   9. In the Orig. Acquisition Cost box, specify the amount that was spent to acquire the asset. The original acquisition cost is used as the basis for depreciation of the asset, which you can find in the Basis column on the Balance tab.
      Note: After you first save the asset, any further changes to the original acquisition cost won't affect the depreciation basis.
   10. Optional: In the Salvage Amount box, specify the book value at the end of the useful life of the asset.
   11. Optional: In the Replacement Cost box, specify the cost of replacement of the asset with a similar one.
5. In the Tracking Info section of the General tab, specify where the asset must be placed:
   1. In the Branch box, select the branch to which you want to assign the asset.
   2. In the Department box, select the department to which you want to assign the asset.
   3. Optional: Specify the other applicable location parameters in the corresponding boxes.
6. Optional: Specify the details of the purchase or lease of the asset on the Other Info tab.
7. On the GL Accounts tab, review the accounts to be used to enter asset transactions. If required, change the accounts.
   Note: You can change the asset accounts only until a transaction is posted to a particular account.
8. On the Balance tab, review the depreciation settings.
9. On the form toolbar, click Save.

   The system automatically generates the Asset ID the first time you save a new record.

10. Release the resulting transactions as dictated by your company workflow. For more information, see To Release a Fixed Asset Transaction.

After you create an asset, you reconcile its acquisition cost with one or multiple financial documents, as described in Revaluation of an Asset.