Asset Groups

Use Asset Groups to divide the types of assets in your business. You can associate different default depreciation rates and different General Ledger accounts for cost, accumulated depreciation and the like with each group.

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

To set up an Asset Group:

1. Open the Setup Asset Groups window by selecting either:

   • Asset Groups from the Setup menu in the Fixed Assets module

   • Admin > Exo Fixed Assets > Asset Groups in Exo Business Configurator

2. Click the New button.

3. The Details tab displays. Complete all fields on this tab:

   Field	Description
   Group Name	The name for this group of assets.
   Book Depreciation Rate (%)	The book or accounting rate for the asset. This is your default rate when setting up assets.
   Tax Depreciation Rate (%)	The tax rate. This is your default rate when setting up assets.
   Straight line	Select this option if you use the Straight Line depreciation method.
   Diminishing value	Select this option if you use the Diminishing Value depreciation method.
   Default Accounts
   GL Account	The balance sheet account where asset cost is held.
   Depreciation Account	The Profit & Loss account to which to post the depreciation.
   Depreciation Recovered Account	The Profit & Loss account to which to post the depreciation recovered.
   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 to which to post the loss on sale.
   Write Down Account	The Profit & Loss account to which to post write-downs.

4. Click Save.

To modify settings on an Asset Group, select the asset group from the list and double click. The details page of the group displays.

Note: Make changes to the General Ledger Account Groups before setting up Asset Groups. If the Account Groups are changed after Asset Groups have been set up, you must change the General Ledger accounts specified for the Asset Groups.