Fixed Assets Entry

Overview of FA10/FA10A

After acquiring a new fixed asset, you will record it in the Fixed Assets system. Asset records contain detailed information about the fixed asset: what type of asset it is, its life expectancy, how it will be depreciated, and various other critical details. All this information is retained on the Asset Info tab in the asset record.

There are two basic methods of establishing a new fixed asset: entering it from scratch or copying an existing fixed asset. Copying an existing fixed asset makes sense when it saves you time (if you have four of the same asset, for example). In this case you could add a suffix to the numbers of the duplicate assets to differentiate them.

• From the DDI Connect main menu, double-click Fixed Assets
• Double-click Fixed Assets Entry. You will see a screen similar to this one:

Adding a New Fixed Asset

To add a new fixed asset, click the New button on the toolbar. you will see this question:

To proceed, click Yes. You will now see this screen:

There are multiple tabs on this screen.

Asset Info tab

The Asset Info tab looks like this:

The following fields are available on this screen:

Field	Description
Asset #	Alphanumeric identifier for the fixed asset. The first segment is assigned automatically based on the next
Description	Brief description of the fixed asset
Non capital asset	An asset that is kept in inventory and is not depreciated
Asset class	Class of fixed assets with the same basic lifespan, property type, depreciation method, and affecting the general ledger in the same way. Asset classes are maintained in Fixed Assets Class Setup
Memo	Optional memo
Location	Location of the fixed asset. Locations are maintained in Location/Room Setup. Enter the location code or click the list icon to select from a list of active location codes
Room #	Room number of the fixed asset, if applicable, within the location specified. Room numbers are maintained in Location/Room Setup. Enter the room number or click the list icon to select from a list of active room numbers in the system
Full Size	If clicked, the system will launch a full size memo screen for data entry: When you have finished editing the screen, click OK to return to the Fixed Asset Entry screen
Property type	Code indicating the category of property this fixed asset represents. Enter the property type code or click the list icon to select from a list of active property type codes in the system
Tag IDs/thru	Beginning and ending numbers of a possible series of numbers assigned to tags that are physically attached to the fixed asset
Serial number	Unique, identifying number, usually assigned by the manufacturer
Manufacturer	Company responsible for manufacturing the fixed asset
Model #	Alphanumeric category used by the manufacturer to identify this particular type of item
Vendor ID	Unique numeric code identifying the vendor of the fixed asset in the system. Enter the Vendor ID or click the list icon to search for the vendor ID
Invoice #	Number of the invoice issued by the vendor for purchase of the fixed asset (if applicable)
Asset acquired new?	Indicates that this fixed asset was new when it was acquired. This can explain why an asset isn’t fully depreciated. If you acquire a used desk, for example, it may only be depreciated for seven years instead of the ten years that it would’ve been if acquired new
Check #	Number of the check issued for purchase of the fixed asset (if applicable)
Purge asset after disposal	Whether or not the asset should be automatically removed from the fixed-assets system following disposal. This will occur a certain number of years following disposal, as defined in Fixed Assets Setup
Date acquired	Date when the fixed asset was purchased. This field is no longer editable following the initial calculation of depreciation for this fixed asset. Enter the date in mm/dd/yyyy format or click the calendar icon to select the date
Depreciation method	Code indicating how the system should depreciate this fixed asset. While depreciation methods are maintained in FundWriter Setup, they are defined as part of Generally Accepted Accounting Principles (GAAP), and will rarely if ever need to be modified. If there is a need for them to be modified, DDI will make the change so that the system will calculate depreciation in compliance with GAAP. This field is no longer editable following the initial calculation of depreciation for this fixed asset
Original life yr/mo	Number of years and months it will take to fully depreciate the fixed asset (usually based on IRS guidelines, depending upon the type of fixed asset). This is the number of years and months, as in “10 years, 6 months”. This field is no longer editable following the initial calculation of depreciation for this fixed asset
Depreciation per month	Dollar amount to be deducted each month from the book value of the fixed asset for depreciation. Prior to the initial calculation of depreciation for this item, this field displays “0.00”. Following the initial depreciation, the value in this field is calculated automatically based on the asset’s lifespan, cost, and depreciation method. This field is non-editable
Depreciation begin	Date on which depreciation of this fixed asset begins. This field is no longer editable following the initial calculation of depreciation for this fixed asset. Enter the date in mm/dd/yyyy format or click the calendar icon to select the date
Depreciation end	Date on which depreciation of this fixed asset ends. This date is calculated, and is only editable by changing the values in the Original life – Yr, Original life – Mo, or Depreciation begin fields
Cost	Cost or base value of the fixed asset. This field is no longer editable following the initial calculation of depreciation for this fixed asset
Salvage value	The ending value of the fixed asset, when it can no longer be depreciated. This field is no longer editable following the initial calculation of depreciation for this fixed asset
Accum. depreciation	Total depreciation calculated on the fixed asset. This field is no longer editable following the initial calculation of depreciation for this fixed asset
YTD Depreciation	Total depreciation taken on the fixed asset from January 1 of this year. This field is no longer editable following the initial calculation of depreciation for this fixed asset
Last depr date	The date as of which the last depreciation was calculated. If, for example, your business calculated depreciation most recently on 2/28/05 for asset A, but only ran the depreciation program through 12/31/04, this field would contain the date 12/31/04. This field is no longer editable following the initial calculation of depreciation for this fixed asset
Book value	The basis of the fixed asset minus life-to-date depreciation. This field is no longer editable following the initial calculation of depreciation for this fixed asset
Remaining life yr/mo	The number of years and months of depreciation remaining. This field is no longer editable following the initial calculation of depreciation for this fixed asset.
Sale price	Price at which a fixed asset was disposed of or sold, if applicable. This information is derived from the Dispose tab and is not editable
Disposal date	Date when the fixed asset was disposed of, if applicable. Displayed with a red background for emphasis. This information is derived from the Dispose tab and is not editable

When you have finished entering the information, click Save to retain your changes.

Dispose tab

When you click the Dispose tab, you will see this screen:

If applicable, change the GL Tran Date to accurately reflect the date that the asset was disposed. You can type it in mm/dd/yyyy format or click the calendar icon to select the date.

Double-click the asset line. This enables the sale price field:

Enter the sale price of the asset, if applicable. If the asset is not being sold, you do not have to enter a sale price.

Click into the Date Disposed field and enter the date of disposal. Type the date in mm/dd/yyyy format:

Click the Dispose button on the toolbar. You will see this message:

Click OK. The asset is now disposed.

Insurance tab

For fixed assets with their own insurance policies, you can track pertinent information inside the asset record. When you click the Insurance tab, you will see this screen:

To add a new policy to the record, click the Add button on the toolbar. The fields will activate for editing:

The following fields are available on this screen:

Field	Description
Vendor #	Example
Contact	Example
Example	Example
Example	Example
Example	Example
Example	Example
Example	Example
Example	Example
Example	Example
Example	Example