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    Fixed Assets

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    psm
    This document provides information about fixed asset management in accounting software. It discusses how to create fixed assets, acquire them through purchase orders or journals, lend assets to employees, split assets, depreciate assets, dispose of assets, and generate reports on asset transactions and balances. The key steps covered include setting up asset groups and records, entering acquisition transactions, proposing and posting depreciation, recording disposal journal entries, and running reports to view asset activities and values over time.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Fixed Assets

    Uploaded by

    psm
    65 views15 pages
    This document provides information about fixed asset management in accounting software. It discusses how to create fixed assets, acquire them through purchase orders or journals, lend assets to employees, split assets, depreciate assets, dispose of assets, and generate reports on asset transactions and balances. The key steps covered include setting up asset groups and records, entering acquisition transactions, proposing and posting depreciation, recording disposal journal entries, and running reports to view asset activities and values over time.

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    Fixed Assets

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    This document provides information about fixed asset management in accounting software. It discusses how to create fixed assets, acquire them through purchase orders or journals, lend assets to employees, split assets, depreciate assets, dispose of assets, and generate reports on asset transactions and balances. The key steps covered include setting up asset groups and records, entering acquisition transactions, proposing and posting depreciation, recording disposal journal entries, and running reports to view asset activities and values over time.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    65 views15 pages

    Fixed Assets

    Uploaded by

    psm
    This document provides information about fixed asset management in accounting software. It discusses how to create fixed assets, acquire them through purchase orders or journals, lend assets to employees, split assets, depreciate assets, dispose of assets, and generate reports on asset transactions and balances. The key steps covered include setting up asset groups and records, entering acquisition transactions, proposing and posting depreciation, recording disposal journal entries, and running reports to view asset activities and values over time.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    You are on page 1of 15
    At a glance
    Powered by AI
    The document discusses the process of managing fixed assets in accounting from creation to disposal including transactions like acquisition, lending, depreciation and reports.

    The document discusses different types of fixed asset transactions like acquisition, lending, splitting, depreciation and disposal.

    To create a new fixed asset, you click CTRL + N to create a new record, select the fixed asset group and number, enter details like name, quantity and location. You can also configure value models and depreciation periods.

    Fixed Assets

    Fixed Assets

    Table of Contents

    Contents

    Fixed Asset Creation: ......................................................................................................................... 3


    Fixed Asset Lending: .......................................................................................................................... 5
    Fixed Assets – Transactions ............................................................................................................... 6
    Fixed Asset Acquisition: ..................................................................................................................... 6
    Fixed Asset journal or General Journal.............................................................................................. 6
    Purchase Orders ................................................................................................................................ 7
    Fixed Asset Split: ................................................................................................................................ 9
    Fixed Asset Depreciation: ................................................................................................................ 10
    Fixed Assets Disposal ....................................................................................................................... 12
    Reports ............................................................................................................................................ 13
    Fixed Asset Transactions Report ..................................................................................................... 13
    Fixed Assets Moment Report .......................................................................................................... 15

    Page 2 of 15
    Fixed Assets

    Fixed Asset Creation:


    Click Area Page node: Fixed Assets -> Common -> Fixed Asset -> Fixed Assets

    1. Press CTRL + N to create a new record.


    2. Select fixed asset group from the drop down list. The fixed asset number will be auto populated
    based on the asset group.
    3. Enter the name of the fixed asset in the name field. Enter a search name if required.
    4. Enter the quantity and unit of measure for the fixed asset.
    5. Enter technical information, insurance and location details in the respective tabs if required to be
    maintained against the fixed asset.
    6. Click on value models button. The value models describe what financial information is recorded
    and stored for a fixed asset.

    Page 3 of 15
    Fixed Assets

    7. The data will default from the fixed asset groups setting. If required change the depreciation
    periods for depreciation of the fixed asset in the depreciation tab.

    Page 4 of 15
    Fixed Assets

    Fixed Asset Lending:


    Fixed assets can be given to employee and projects using the fixed asset lending form.
    Path: Fixed Assets > Common > Fixed Assets > Fixed Assets > Lend button

    1. Click on the New button or Ctrl + N to create a new record


    2. Enter the lending date, location, and the person to whom the asset is being given.
    3. Once the data is entered click on the Issue Button.
    4. Click on Print button to print the report.
    5. The person who is receiving the asset, should enter the received date and click on the
    Received button
    6. When the asset is being returned the actual return date is required to be entered and
    close the transaction. Click the Return button.

    Page 5 of 15
    Fixed Assets

    Fixed Assets – Transactions


    Fixed Asset Acquisition:
    Fixed assets can be acquired in three ways
     Using Fixed Assets Journal
     Using General Journal
     Using the Purchase order process
     Transferring inventory to Fixed Assets

    Fixed Asset journal or General Journal


    Path: General ledger -> Journals -> General Journal (or) Fixed Assets -> Journals -> Fixed Assets
    1. Press <Ctrl-N> to create a new acquisition journal (FAA). Select the journal name.
    2. Click on the “Lines” button

    3. Enter the date on which the fixed asset is procured in the date field.
    4. Select the transaction type as acquisition.
    5. Select the asset from the drop down list. (If the asset is being acquired using a FA journal it is a
    prerequisite to create an asset first in the fixed asset masters)
    6. Enter the debit amount with the value of the fixed asset.
    7. Select the offset account type either ledger/bank/vendor. Select the respective account in the
    offset account.
    8. Click the post button > Post to complete the acquisition.
    9. Click on inquiry button > voucher to check the voucher transactions generated for this posting

    Page 6 of 15
    Fixed Assets

    Purchase Orders
    Path: Accounts Payable -> Common Forms -> Purchase Orders -> All Purchase Orders (Or)
    Procurement and sourcing -> Common -> Purchase Orders -> All Purchase Orders

    1. Select the purchase order against which a delivery note has been received. The delivery note will be
    posted by the purchase department. The status of the purchase order will change to received. Double
    click on the purchase order to open the purchase order form.
    2. In the lines section click on line details tab to open the additional tabs.
    3. Click on fixed asset tab and select the new fixed asset check box. Assign the fixed asset group.

    4. Go to Posting and select invoice. Enter the invoice number and click post button to post the invoice.
    A fixed asset record will be created in the fixed assets masters.

    Page 7 of 15
    Fixed Assets

    Page 8 of 15
    Fixed Assets

    Fixed Asset Split:


    The split functionality will be used when the asset is purchased as a single asset but is required to be
    split at a later date. Also when the PO is raised the assets will be created as one asset even if the PO
    quantity is more than one. In these cases the split functionality will be used.
    Path: Fixed Assets > Fixed Assets > Value models > Functions > Split

    The split fixed asset form will open:

    1. Enter the number of assets the main asset is required to be split in the no of assets
    field.
    2. Enter the transaction date in the transaction date field.
    3. Enter the amount in the percentage/value.
    4. Select the journal name in which the acquisition transaction is required to be posted.

    Page 9 of 15
    Fixed Assets

    Fixed Asset Depreciation:


    Path: Fixed Assets -> Journals -> Fixed assets
    1. Type <Ctrl-N> to create a new deprecation journal (FAD) and select the journal name.
    2. Click on the “Lines” button

    3. Click on “Proposals” button and select depreciation proposal option. Select the fixed asset to be
    depreciated by using the “Select” button. Leave it blank if you would like to depreciate all assets.

    Page 10 of 15
    Fixed Assets

    4. Review depreciation journal lines that are proposed

    5. Click on the “Post” button and select post to post the journal
    6. Click on the “Inquiries” button and select voucher option to review general ledger Postings

    Page 11 of 15
    Fixed Assets

    Fixed Assets Disposal

    Path: Fixed Assets > Journals > Fixed assets


    1. Type <Ctrl-N> to create a new disposal journal (FADP). Select the journal name.
    2. Click on the “Lines” button

    3. Enter the date on which the fixed asset is required to be disposed off.
    4. Select the transaction type as disposal – Sale.
    5. Select the asset from the drop down list in the account field.
    6. Enter the credit amount with the value of the sale proceeds if any.
    7. Select the offset account type either ledger/bank/customer. Select the respective account in the
    offset account.
    8. Click the post button > Post to complete the disposal of the asset.

    Page 12 of 15
    Fixed Assets

    Reports

    Fixed Asset Transactions Report

    The FA Transactions report can be used to check all the transactions that have been carried out on the
    asset from acquisition to till disposal.
    Path: Fixed Assets -> Reports -> Fixed Asset Transactions

    1. Select the FA group or FA number using the Select button if required to filter the data based on
    specific group or FA numbers.
    2. Click ok to generate the report.

    Page 13 of 15
    Fixed Assets

    Page 14 of 15
    Fixed Assets

    Fixed Assets Moment Report

    Path: Fixed Asset -> Reports -> Transactions > Fixed Asset Reports

    1. Enter the date in the From and To Date field.


    2. Select the FA group or FA number using the Select button to filter the data.
    3. Click OK to generate the report.

    Page 15 of 15

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