There are two ways to purchase a Fixed Asset.
New fixed assets are added
to Purchase Invoices.
Saving the Purchase Invoice changes the status of the fixed asset to
Purchased.
Historical fixed assets (ones
that have already been purchased, either before you started using
agrē or before you started using the fixed asset module) need an Historical Purchase Item added to their history.
Adding an Historical Purchase Item to the fixed asset's history changes
the status to Purchased.
Only Fixed Assets with a status of Purchased can be depreciated.
What you'll find:
Purchasing a New Fixed Asset
New fixed assets are ones that you are purchasing now.
To purchase a new fixed asset
* indicates
a required field
Add a new Purchase Invoice.
On
the Non-Inventory purchases tab, click
the Purchase Fixed Asset button.
The Purchase Fixed Asset window opens.
This Transaction is a Purchase of a new Fixed Asset.
Choose the Fixed Asset from the drop down menu that you are purchasing.
Tip
You can accomplish both adding the fixed
asset and recording the
purchase in one transaction.
Click Add to add
a new fixed asset, and Save
it to return to this window.
Type
in a Description*
for the purchase.
All non-inventory purchases require a description. The Description
will default to the name of the Fixed Asset.
The
Quantity*
defaults to 1 and cannot be changed.
If you're purchasing two new trucks, finish adding this one, Update, and add another one on the same PI.
The
Unit Price*
is a calculated field.
It defaults to $0.00 and will be updated by what you type in the Total field.
Type
in the Total*
amount.
Typing the Total updates the Unit
Price. It cannot be less than $0.
Check
the GST Applies box if GST applies to
this item.
If the GST Applies check box is checked,
the Taxes Included check box becomes
available.
Check
the Other Tax box if another tax applies
to this item, then select the applicable tax (e.g. PST) from the drop
down list beside it.
The Other Tax may
be posted to the same
asset GL account as selected for the fixed asset itself (e.g.
the asset account for Vehicles, Equipment, Buildings, etc.).
If the Other Tax check box is checked,
the Taxes Included check box becomes
available.
Tip
If the Other Tax dropdown doesn't display the tax you need, you'll need to edit the tax settings to make it visible here.
Check
the Taxes Included box if the Line Total includes tax.
Checking Taxes Included will change the
unit price by the amount of tax. The Gross
Total field becomes available.
Edit
the Gross Total if necessary.
Due to rounding (say, from a 7% tax) the calculated gross total may
be slightly different than what you actually paid.
Type in a Reference if applicable.
Click Update to add the Fixed Asset purchase to the Purchase Invoice.
Update the Purchase of Fixed Asset.
This will update the status of the Fixed Asset to Purchased.
Postings: Purchase of a New Fixed Asset
Purchasing an Historical Fixed Asset
Historical fixed assets have already been purchased, but you recorded the purchase and any depreciation outside of Fixed Asset Management (for example, you purchased the asset before you started using agrē). You want agrē to take over calculating and tracking the depreciation (and other expenses) for that asset from now on, but before agrē can do that it needs to know what's happened so far.
An Historic Purchase or Historic Depreciation entry can also be a negative value. This is useful when a fixed asset is partially disposed.
Note
Adding Historical Items to a Fixed Asset generates NO postings to the General Ledger. You have already recorded the transaction outside of the Fixed Asset Module (for example, using a Journal Entry) and the GL postings were made at that time.
To add history to an historical fixed asset
* indicates
a required field
Follow
the steps for adding
a new Fixed Asset.
Fill in the Main and Depreciation
Settings tabs.
Save the Fixed Asset.
You will be unable add History Items
to a Fixed Asset until it has been saved at least once.
Edit the Fixed Asset.
The Edit Fixed Asset windows opens.
Navigate to the History tab.
Click
Add History Item.
The Add History Item window opens.
Note
Historic items are also Edited from here. Value Adjustments are edited from their source document - the purchase invoice.
adding the historical purchase
The
first Type of historic item is an Historic Purchase.
This tracks the purchase of a fixed asset that was recorded outside
of Fixed Asset Management.
Type
the Description*.
e.g. "Initial Purchase" or something meaningful to you.
Specify
the Date of the purchase.
The default is today but you can change it to any date in the past.
Specify
the Amount.
This is the initial cost.
You'll add the accumulated depreciation as another History Item.
Save the History Item.
The Status of the fixed asset is changed to Purchased.
adding the historical depreciation
The
second Type of historic item is Historic Depreciation.
This tracks accumulated
depreciation of the fixed asset that was recorded outside of the
Fixed Asset Module.
You will need to enter two historical depreciation items.
Enter
one History Item for the total amount
of Accumulated Depreciation in prior
fiscal years.
(you don't need to enter it year by year or period by period; just
one total amount is fine)
Enter a second History Item for the total amount of Accumulated Depreciation so far in this fiscal year.
Type
a Description*.
e.g. "Accumulated Depreciation" or something meaningful to
you.
Specify
the Date of the depreciation.
The default is today, but you can change it to the last day depreciation
was expensed, or any other date in the past.
Specify
the Amount.
This is the total amount of accumulated depreciation that you've recorded
outside of the Fixed Asset Module.
Save the History Item.
This will update the value of Accumulated Depreciation.
Click
Save to save the fixed asset.
The Edit Fixed Assets window closes.
Postings: Historical Fixed Assets
There are no postings generated from the historic purchase or from the historic depreciation of a fixed asset. If postings are required they must be entered manually.