Fixed assets page
The Fixed assets page provides a location where a company can record information about and manage fixed assets. The Fixed asset page holds financial and non-financial information about assets. Non-financial information relates to the physical asset. You would record most non-financial information when setting up the asset. Examples of non-financial information include:
Asset name
Serial number
Technical information, such as maintenance dates
Insurance information
Bar code
Location
You can record multiple valuations of financial information about each asset by using books that are assigned to the page. In addition, the system records financial information when you post transactions.
Asset management can also require you to track a quantity, unit of measure (UOM), and unit cost for the asset. Frequently, this requirement is necessary when a group of similar items are logically considered one asset but each item is considered too inexpensive to track as an asset. For example, you might not track a conference room chair as an asset, but you might track 50 chairs that are grouped and purchased at the same time as an asset. To track these types of assets, you can use the Quantity, Unit of measure, and Unit cost fields on the asset record.
The Structure FastTab indicates the relationship between the asset and other assets, whether it's as a main asset with underlying components or as a component that's assigned to another asset.
Value adjustments consist of the following transaction types: Write-up adjustment, Write-down adjustment, and Revaluation.
You would always enter Write-up adjustments and Write-down adjustments as manual journal lines because, typically, you can't set up rules for those value adjustments. The processes for using these journals are identical to the processes shown for acquisitions and depreciations.
Conversely, you can set up the Revaluation transaction type for each asset so that you can use proposals.
Books
The selections that you make on the Books page determine what financial information the system records and stores for a fixed asset. Each book is associated with a fixed asset group. To access the page, select the Books button on the Fixed assets page.
The system auto populates books that are associated with the selected fixed asset, and many fields of the book, based on the books that you set up for the selected fixed asset group.
You can use the following suggested books, or you can select different books:
Typically, if a company only records asset transactions for accounting purposes, selecting one book is enough.
If you're also recording tax transactions, an extra book must be available, typically one that uses the tax posting layer.
Go to Fixed assets > Fixed assets > Fixed Assets and then select Books from the upper menu.
