Fixed Assets Entry
Contents
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:
|
| 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 # | Enter the vendor number or click the list icon to locate the vendor ID |
| Contact | Name of the contact with the insurance vendor |
| Phone | Phone number identified in the vendor record. This number defaults after the vendor is identified, and it is not editable |
| Ext | If applicable, phone extension of the insurance contact |
| Policy date | Date that the policy was issued. You can type the date in mm/dd/yyyy format or click the calendar icon to select the date |
| Coverage/thru | Dates that the policy coverage is in effect. You can type the date in mm/dd/yyyy format or click the calendar icon to select the date |
| Policy number | Number of the insurance policy |
| Policy cost | Cost of the insurance policy (for the coverage period identified) |
| Memo | If desired, you can enter a brief memo for this insurance record |
| Full Size | If clicked, the system will launch a full size memo screen for data entry:
|
When you have finished adding the insurance information, click Save to retain your changes.
Warranty tab
When you click the Warranty tab, you will see this screen:
To add a new warranty record for the asset, click the Add button on the toolbar. The fields will activate for editing:
The following fields are available on this screen:
| Field | Description |
|---|---|
| Vendor # | Enter the vendor number or click the list icon to locate the vendor ID |
| Contact | Name of the contact with the warranty vendor |
| Phone | Phone number identified in the vendor record. This number defaults after the vendor is identified, and it is not editable |
| Ext | If applicable, phone extension of the vendor contact |
| Warranty name | Enter the name of the warranty |
| Coverage/thru | Dates that the warranty coverage is in effect. You can type the date in mm/dd/yyyy format or click the calendar icon to select the date |
| Agreement number | Number of the warranty |
| Terms | Terms of the warranty |
| Memo | If desired, you can enter a brief memo for this insurance record |
| Full Size | If clicked, the system will launch a full size memo screen for data entry:
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When you have finished entering the information, click Save to retain your changes.
Service Contract tab
When you click the Service Contract tab, you will see this screen:
To add a new Service Contract record, click the Add button on the toolbar. The fields will now activate for data entry:
The following fields are available on this screen:
| Field | Description |
|---|---|
| Vendor # | Enter the vendor number or click the list icon to locate the vendor ID |
| Contact | Name of the contact with the service vendor |
| Phone | Phone number identified in the vendor record. This number defaults after the vendor is identified, and it is not editable |
| Ext | If applicable, phone extension of the service contact |
| Contract date | Date that the contract was issued. You can type the date in mm/dd/yyyy format or click the calendar icon to select the date |
| Coverage/thru | Dates that the contract coverage is in effect. You can type the date in mm/dd/yyyy format or click the calendar icon to select the date |
| Contract number | Number of the service contract |
| Contract cost | Cost of the service contract (for the coverage period identified) |
| Memo | If desired, you can enter a brief memo for this service contract |
| 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 Service Contract tab |
| Maintenance frequency | Type the maintenance frequency code or click the list icon to select from a list of active maintenance frequency codes in the system |
| Last service date | Date when this fixed asset last received service, either routine or to address a specific problem. Type in a date in mm/dd/yyyy format, or click the adjacent button to select from a calendar |
| Next service date | Date when this fixed asset is scheduled to receive its next service visit. Type in a date in mm/dd/yyyy format, or click the adjacent button to select from a calendar |
| Calls | Number of service calls under this vendor and contract number. This field is not editable, but simply totals and displays service information from the Service Records tab |
| Total calls | Total service calls under all vendors and contract numbers. This field is not editable, but simply totals and displays service information from the Service Records tab |
| Service charge | Total service charges for this vendor and contract number |
| Total charges | Total service charges for all vendors and contract numbers |
When you have finished entering the service contract information, click Save to retain your changes.
Service Records tab
When you click the Service Records tab, you will see this screen:
To add a new service record for this asset, click the Add button on the toolbar. The fields enable for data entry:
The following fields are available on this screen:
| Field | Description |
|---|---|
| Vendor # | Enter the vendor number or click the list icon to locate the vendor ID |
| Contract # | Number of the service contract |
| Service date | Date that the service was performed. Enter the date in mm/dd/yyyy format or click the calendar icon to select the date |
| Invoice # | If applicable, the invoice number associated with the service request |
| Service code | Enter the service code or click the list icon to select from a list of active service codes in the system |
| Satisfaction | Enter the satisfaction code or click the list icon to select from a list of active satisfaction codes in the system |
| Service charge | Enter the dollar amount of the service charge for this record, if applicable |
| Memo | If desired, you can add a brief memo to this service record |
When you have finished entering the information, click Save to retain your changes.
Transactions tab
When you click the Transactions tab, you will see this screen:
This screen lists any GL transactions that are attached to this fixed asset record. Most transactions will be depreciation transactions as a result of running the Calculate Depreciation program.
If you wish to view the detail of any of the listed transactions, you can double-click the line item. This will launch the transaction detail screen:
When you have finished viewing the transaction details, click OK to return to the transaction listing screen.
History tab
When you click the History tab, you will see this screen:
This is the edit history screen.
Memos tab
The Memos tab allows you to add and view memos associated with the fixed assets record.
Copying an Existing Fixed Asset
If you wish to copy an existing fixed asset record for the purpose of creating a new fixed asset record, you can easily do so from the Fixed Asset Maintenance screen.
Once you have looked up the fixed asset record that you wish to copy, click the Copy button on the toolbar. The fields will activate for editing:
Make the needed changes to the screen, including the new asset # and description. When you have finished making the modifications, click Save. You will now have created a new fixed asset record based on the existing one:
