Minimum Version Required: 24.11

Pre-Conditions

How to add Asset Categories

Using Universal Search, navigate to the Asset Categories table
Click the Add Asset Categories button
Enter values to all required and applicable optional fields displayed in the Add Asset Categories form and click the Add Record button when complete
Select the black ‘Sub Tables’ button and choose Fixed Asset Account Map Then click the Add Asset Account Map button to tie the account you wish to be used for the Asset Category (you may need to select the + button next to the record)

a. The Asset Account should be the account you want to be credited by each Depreciations/Amortization entry

i. For a capitalized asset, this would be your related accumulated Depreciation account

ii. For a Prepaid Expense, this would be the Prepaid Expense account

b. The Expense Account should be the Account you want to be debited by each Depreciations/Amortization entry
If this will be a new Asset Type select the black Sub Tables button and choose Asset Types Then select Add Asset Types to tie the account you wish to be used for the Asset Category (you may need to select the + button next to the record)
If an already existing Asset Type will be used you can navigate to the Asset Types table and populate the Asset Category field with the Category that was just created

How to add an Asset

Create a purchase with the Trans Type set to Asset on the Purchase
If you are purchasing Fixed Assets, you must flag IsFixedAsset = True on the Purchase
From here you can set your Asset Category, Asset Type, Asset Description, Serial Number, Placed Service Date, and Asset Cost
This will create the Asset Record on the Assets table with the information populated from the purchase
This will also create the Fixed Asset record on the Fixed Assets table

Key Tables

Asset Categories - Used to tie Asset Types and Fixed Asset Accounts together and also inform how the depreciation/amortization should behave
Asset Types - This table is used to set a new asset category for a group of assets, and must be added prior to the Purchase
Asset Account Maps - This table is used to set up account mapping for an Asset Category
Assets - This table is used to set the placed-in-service date and other deployment related fields
Fixed Assets - This table is used to set the cost, remaining value, salvage value, and other financial related fields

Fields and Definitions For Asset Categories Table

Asset Category - This field will serve as a label for the asset category
Depreciation Method - Use this field to determine the type of depreciation applied to assets under this category
Required Serial Number - Use this field to determine if a serial number will be required
Depreciation Life in Months - This field will determine how much an item value will depreciate from the start of the placed-in-service date set on the asset record, Cost/Deprecation Life in Months = Monthly depreciation

Related Fields and Definitions on the Assets Table

Asset Description - Used to label the purpose of the recurring depreciation entry (set/created when Purchase is created)
Serial Number - Used to precisely identify the asset related to this series of entries (set/created when Purchase is created)
Placed In Service Date - The date that will determine when the Asset will be placed in service and will trigger depreciating entries the following month (set/created when Purchase is created)

Related Fields and Definitions on the Fixed Assets Table

Cost - Initial acquisition cost, this amount is reflected on the balance sheet in a Fixed Asset account
Remaining Value - Cost minus depreciation; this value can never go below the Salvage Value
Salvage Value - The salvage, or minimum, value of the asset; Remaining Value will never go below this amount