Asset Groups

Before using the Fixed Assets module, Asset Groups must be set up on the Setup Asset Groups window, which you can access by:

• selecting Asset Groups form the Setup menu in the Fixed Assets module

• going to the Admin > Exo Fixed Assets > Asset Groups section of the Exo Business Config application

Asset Groups are the way you divide up the various types of assets in your business. Associated with each of these groups are different default depreciation rates and different General Ledger accounts for cost, accumulated depreciation etc.

To set up an Asset Group:

1. Click the New button.

2. The Details tab is displayed. Complete all fields on this tab:

   Field	Description
   Group Name	The name for this group of assets. This name is user-defined.
   Book Depreciation Rate (%)	The book/accounting rate that is applicable. This is your default rate when setting up new assets.
   Tax Depreciation Rate (%)	The tax rate that is applicable. This is your default rate when setting up new assets.
   Straight line	Select this option if the Straight Line depreciation method is to be used.
   Diminishing value	Select this option if the Diminishing Value method is to be used.
   Default Accounts
   GL Account	The balance sheet account where asset cost is held.
   Depreciation Account	The Profit & Loss account that you want the depreciation posted to.
   Depreciation Recovered Account	The Profit & Loss account that you want the depreciation recovered posted to.
   Accumulated Depreciation	The balance sheet account where accumulated depreciation is held.
   Capital Reserve Account	The balance sheet account that holds revaluation credits.
   Loss on Sale Account	The Profit & Loss account that loss on sale is posted to.
   Write Down Account	The Profit & Loss account that write-downs are posted to.

3. Click Save. The new group is added to the Asset Groups list.

If you need to modify settings on an Asset Group that has already been created, select the asset group from the displayed list and double-click. The details page of the group is displayed. You can make changes to any of the fields here.

Note: Any changes that you need to make to the General Ledger Account Groups should be made before setting up Asset Groups. If the Account Groups are changed after Asset Groups have been set up, you will need to change the General Ledger accounts specified for the Asset Groups.