Fixed Assets FAQ

Fixed Assets - Step by Step

Menu Options

1. Asset maintenance - allows you to add, edit or delete a fixed asset item.

2. Depreciate assets: - allows you to perform a straight line depreciation on all items a range of items or an individual item.

A. Allows you to transfer information to your NEMRC general ledger module.

B. Allows you to receive items form your NEMRC accounts payable module.

C. Closes your fiscal year.

I. Installation options.

P. Password maintenance.

R. Reports menu.

U. Live update - allows you to download latest version from NEMRC server.

O. Allows you to backup your data to NEMRC server.

X. Index data files - a maintenance function.

Q. Quit the module (same as esc key or F2 key).

Asset maintenance:

Tabs:
General - Assign a tag number and description for the asset. Also quantity, purchase information and sale information

Asset tag: Must be unique to this item (up to 10 numbers or letters).
Description: Up to forty (40) character description of the item(s). Be consistent.
New or Used: Check the appropriate button.
Quantity: Enter number of units for this item.
Manufacturer: Enter name of manufacturer.
Model Number: Enter manufacturer's model number for this item.
Serial Number: Enter manufacturer's serial number for this item.
User/custodian: Enter a name or group that will be the primary user/custodian of item.
Purchase date: Enter date item was purchased.
Purchased from: Enter where, or from whom, this item was purchased.
Purchase cost: Enter purchase cost of this item.
Date placed in service: Enter date item was placed in service, this will also be the beginning depreciation date
Insured: Enter a letter representing insurance company that insures this item. If item is not insured, leave this field blank.
Salvage value: Enter value of item's final worth..
Replacement cost: Enter amount that item would cost today.
Retirement date: Enter date item is due to be retired from use.
Warranty expires: If item has a warranty, enter expiration date.
Date service contract expires: Enter date if applicable.
Date sold: Enter date only if asset has been sold.
Sale amount: Enter amount that item was sold for.


Accounts:

Asset Account
Asset Purchased from account
Depreciation expense account
Accumulated depreciation account
Revenue or loss from sale account

Note Tabs: Choose the notes tab in asset maintenance to liberally notate this item.

Miscellaneous Tab:Choose the miscellaneous tab in asset maintenance to enter information for your user defined miscellaneous fields. You can also use these fields for special reporting selections.

Depreciation option:

Book name: Enter depreciation book that holds this item (we suggest using internal book for all).

Depreciation method: Choose straight line method or no depreciation at all.

Begin depreciation on: Enter date to begin depreciation. System will automatically use the first of the month that this item was placed into service. However, you can override this by entering a date here.

Asset lifetime: Enter useful lifetime of this item. In years and months.

End depreciation: Enter month and year to calculate last depreciation on this item.

Deductions: Enter any adjustments you would like +/- to cost before depreciation calculation which is: monthly depreciation = (cost-deductions-salvage value)/life (mnths)

Prior year's depreciation: Enter dollar value of any depreciation already taken on this item prior to this fiscal year.

Year-to-date depreciation: Enter any current fiscal year depreciation taken on this item already or leave blank, if none, and system will fill it as depreciation occurs.

Asset balance: This field is calculated by the system and holds balance of this item's value.



Miscellaneous Tab:Choose the miscellaneous tab in asset maintenance to enter information for your user defined miscellaneous fields. You can also use these fields for special reporting selections.

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