Before you can work with a fixed asset, it must be added to Fixed Asset Management. Assets can be added after the fixed asset Groups and GL accounts have been setup.
You can add Documents to attach a bill of sale, copy of the maintenance contract, etc. to any fixed asset. The number of documents attached to each asset will be displayed in the Fixed Asset data export.
What you'll find:
New fixed assets are ones that do not yet exist in agrē.
To add a new fixed asset
* denotes a required field
Navigate
to General Ledger > Fixed Assets > Manage
Fixed Assets.
The Manage Fixed Assets window opens.
Click
Add.
The Add Fixed Asset window opens.
The Asset Number* is a unique reference number that you assign manually.
New
assets are Active by default.
A fixed asset must be active before it can be used.
The Asset Name* is limited to 100 characters.
Select
the Asset
Group* for this fixed
asset.
Click Add to add a new asset group.
Select
the Location of the fixed asset. <Company>
is a valid location.
GL postings for this asset will be tagged to this location.
Specify a Project
for the fixed asset.
GL postings for this asset will be tagged automatically to this project.
Status is a calculated field (you can't change
what's in it).
It will be updated when you save the fixed asset. The default status
is "Not Purchased". As soon as you purchase
the fixed asset it will change.
Note
Depreciation cannot be calculated until the status of the Fixed Asset is Purchased.
Main tab
Add
a detailed Description, Serial Number, Warranty
Info, Warranty Expiration date, Licence Plate Number,
and/or Market Value.
These fields are not required.
Note
The Warranty Expiry date does not factor in to any depreciation calculations.
Select the GL Accounts for the fixed asset.
Tip
Click Add GL Account to add a new one. Remember to flag the Fixed Asset account as a Fixed Asset Account.
Fixed Assets* - this is the asset account; it tracks the cost of the asset and the cost of any value adjustments
Accumulated Depreciation* - this is the total depreciation for the fixed asset
Depreciation Expense* - this account is where depreciation expenses will be posted
Gain/Loss - this is the default account used to post the gain or loss when the asset is sold or otherwise disposed of (it can be changed when actually disposing of the asset)
Record any other Notes about the fixed asset.
Depreciation Settings tab
Depreciation Method* - select Straight Line, Declining, or Manual.
If you've chosen the Straight Line depreciation method, specify whether the Half Year Rule applies.
If you've chosen the Declining depreciation method, specify the annual Depreciation Rate (even if the frequency is by period) and whether the Half Year Rule applies.
When calculating depreciation the half year rule may
apply. The half-year convention assumes that all new fixed assets
are purchased at the mid-point of the fiscal year (as no business
buys all of its new assets on the first day or on the last day) and
allows 50% of the full annual depreciation for the first
year; it then allows for the full-year expense going forward.
If the half year rule is used for Year 1, it must be manually unchecked
before calculating depreciation for Year 2.
Check with the Canada Revenue Agency
(search for "capital cost allowance") or your accountant
for more information.
Frequency* - specify whether you'll be posting the depreciation Annually or by Period (e.g. monthly, or however your accounting periods are setup).
CCA Schedule - select the appropriate class.
Expected Life - enter the value in years
Salvage Value - enter the value of the fixed asset at the end of its expected life.
Additional Settings tab
Add
the Registration Due Date, Registration
Weight, CVIP Due Date, indicate
if it's a Seasonal Unit, what its Use is, the Average
Radius and Max Radius, the Product Being Hauled, and the Unit
#.
These fields are not required.
Click
Save to save the fixed asset. The Manage Fixed Assets window remains open so
that you can add more.
When you are done adding fixed assets, click Exit.
The fixed assets you created are listed in the Manage Fixed Assets grid.
Tip
Use the Fixed Asset List data export to confirm each asset has been entered with the correct information.
If much of the information is the same, you may save time by copying existing fixed assets and making the needed changes instead of adding new ones from scratch.
To copy a new fixed asset
Navigate
to General Ledger > Fixed Assets > Manage
Fixed Assets.
The Manage Fixed Assets window opens.
By
default, the grid displays, in alphabetical order, fixed assets that
meet the following criteria: Any Group, Active, Exclude Disposed,
Any Location.
Click Search to change the criteria and
refine or expand the list.
Select the Fixed Asset you wish to copy.
Click
Copy.
The Copy Fixed Asset window opens. Required
fields are indicated with *.
Edit
the information that is different from the original.
Each fixed asset must have a unique asset number.
Information on the Main tab and the Depreciation Settings tab is copied from the original.
No information from the History tab is copied.
Click
Save to save the fixed asset.
The Copy Fixed Asset window closes.
Edit existing fixed assets from the same window..
To edit a fixed asset
Navigate
to General Ledger > Fixed Assets > Manage
Fixed Assets.
The Manage Fixed Assets window opens.
By
default, the grid displays, in alphabetical order, fixed assets that
meet the following criteria: Any Group, Active, Exclude Disposed,
Any Location.
Click Search to change the criteria and
refine or expand the list.
Click
Edit.
The Edit Fixed Asset window opens.
Make any changes to the fixed asset that are required.
Save the fixed asset.
The Edit Fixed Asset window closes.