Create a fixed asset
The Fixed asset number allocates manually or automatically, depending on the setup on the Fixed asset groups and the Fixed assets parameters pages.
Fixed assets groups asset numbers by using the value in Property type field, which describes the fixed asset as one of the following:
Fixed asset - Regular assets, to be processed as usual.
Continuing property - Property that exists for inventory purposes only, such as telephones, radios, or mobile devices that are less than the capitalization threshold. Typically, you would enter a service life of zero (0) for continuing property assets, and you would exclude continuing property assets from the valuation report that you reconcile with the general ledger.
Other - Intangible assets that show separately on the balance sheet.
The Major type field identifies high-level asset groups, such as equipment, buildings, land, infrastructure, and utilities. You would use major types for reporting only, and you can assign them to fixed assets or fixed asset groups. You can only delete major types that aren't assigned to a fixed asset or fixed asset group.
To create a new fixed asset, use the following procedure:
Go to Fixed assets > Fixed assets > Fixed assets.
Select New.
In the Fixed asset group field, enter or select a value.
The number defaults if you turn on the Autonumber fixed assets functionality in the Fixed assets parameters and the Fixed asset group. If the functionality is off, you need to enter a unique number to identify the fixed asset.
In the Name field, enter a value.
Enter the other information that your business needs for this asset.
Select Books.
In the Acquisition date field, enter a date.
In the Acquisition price field, enter a number.
Enter the other information that your business needs for this book.
Enter the other information that your business needs for the remaining books.
Close the page.
In the Status field on the asset's book page, the field first has a value of Not yet acquired. You can assign the other statuses manually or automatically as follows:
Open - Set when an asset is acquired.
Suspended - Assign this status manually.
Closed - Assign to depreciable assets when the net book value becomes zero.
Sold - Assign to assets that are disposed of by sale.
Scrapped - Assign to assets that are disposed of as scrap through a journal.
You can't update assets that have a status of Suspended, Closed, Sold, or Scrapped with extra transactions. However, you can update the status manually to allow for posting.
You always need to update the asset status for each book. This approach is necessary because an asset might be fully depreciated for tax purposes, but it remains open for other depreciation posting for accounting purposes.
Enter an addition to a fixed asset
This procedure shows how to enter an addition to an existing fixed asset. The purpose of fixed asset additions is to track item additions, maintenance, or improvements for an asset, and it's informational only. You need to make changes to the fixed asset value or service life separately.
Go to Fixed assets > Fixed assets > Fixed assets.
In the list, find and select the fixed asset for the addition.
On the Action Pane, select Fixed asset.
Select Fixed asset additions.
Select New.
In the Name field, enter a value.
Set the date of the addition purchase or service.
Enter the cost of the item, maintenance, or other improvement for the asset.
In the Quantity field, enter a number.
The total cost has no impact on the value of the fixed asset and is for tracking and informational purposes only. If you plan to capitalize the cost, then you need to post a write-up adjustment transaction separately.
Select the General tab.
Select the Increases service life option if the addition increases the service life of the asset. This field is informational only.
To increase the service life, modify the Service life on the asset's book.