Creating leased asset from template

After you use the template to add leased assets, you must select an addition template that matches the data for the leased asset you have added. Although you must specify the leased asset item data, creating a leased asset from a template is quicker than manually defining all leased asset data. It is because the template provides data for leased asset detail and books. You can change any of the data.

Before creating leased assets from a template, you must define the asset addition template that you are going to use. See the Asset Accounting User Guide.

  1. On the Leases menu, open a lease record.
  2. Click Assets.
  3. Click Create Asset From Template.
  4. Specify this information:
    Asset Template
    Select the asset template. Several data items that are associated with a new asset are used as default values.
    Company
    Select this name of the company to which the asset is assigned. If this field is blank, then the lease company defaults as the asset company.
    Lease Company
    You can override the lease company.
    Lease
    You can override the lease for the asset.
    Description
    Specify the description for the asset.
    Asset Category
    Select whether the asset is categorized as Depreciable or Non Depreciable.
    Tag Number
    Specify the tag number for the asset. This tag is an identifier assigned to an asset.
    Asset Type/Sub Type
    You can override the asset type and subtype that is the default from the template. Use Asset Types to specify an asset type and subtype.
    Asset Group
    Select this name of asset group. If an asset group does not exist, then it is created. You can specify an asset group in Asset Groups.
    Asset Account Group
    Select an account group that identifies a Global Ledger account to create journal entries when assets are processed. Use Account Groups to define an account group.
    Asset Dimension Group
    Select a new or different dimension group for the asset. If this field is blank, then the template account unit group is the default.
    Default Transaction Dimensions
    Specify the account information on transaction dimension.
    Depreciation Expense Project
    Select a new or different project to track depreciation expenses. Select a project to override the depreciation expense on the asset type.
    Asset Owner
    Select this name of the person responsible for keeping track of the asset in physical inventory.
    Asset Location
    Select a new or different location for the asset. This field is required if you track the asset in the physical inventory. Use Asset Locations to specify a location.
    Asset Division
    Select this a new or different division for the asset. Use the Asset Divisions application to specify a division.
    Currency
    After you select Create Asset from Template using the Assets button on Lease Addition and Adjustments, the lease currency is the default. The asset and lease currency are similar.
    Simulated
    Select this check box if the asset is simulated. This field indicates whether the asset is a simulated record or a representation.
    Work In Process
    Select this check box if the asset is has a status of work-in-process. If this field is blank, then the work-in-process status of the template is the default.
    Tax Exempt
    Select this check box if the asset is exempted from tax. If this field is blank, then the tax exempt status of the template is the default.
    Used
    Select this check box if the asset is used. If this field is blank, then the value that is assigned to this field in the template is the default.
    Include In Physical Inventory
    Select this check box if the asset is included as a part of the physical inventory. This value is the default from the asset type and can be overridden after the asset is created.
    Compute Option
    If you select this check box, then the current year depreciation, including any previous period's depreciation, is calculated from the in-service date. It is also charged to the current period.
  5. In the Item Information section, specify this information:
    Item Number
    Specify at least one item number and description for the asset.
    Purchase Date
    Select this date the asset is purchased. This purchase date can be different from the in-service dates that are used for the depreciation books.
    Item Quantity
    Specify the number of units that create the asset item.
    Cost
    Specify the unit cost of the item. If the asset is depreciable, then this field is required. If the asset is non-depreciable, then you can only specify the cost for tracking purposes.
    Tax
    Specify the paid tax on the item.
    Model Number
    Specify the model number of the item.
    Serial Number
    Specify the serial number of the item.
    Bar Code
    If the item is a part of the physical inventory, then specify the barcode for the item.
    Location Detail
    Select the location detail of the item. The complete location detail must be specified on the asset's Location Detail.
  6. In the Source section, specify this information:
    Company
    Select the company that is associated with the purchased asset item.
    Vendor
    Select the vendor that is associated with the purchased asset item.
    Purchase Order
    Select the number of the original purchase order that the asset item is included.
    Asset Project
    Specify the account information for the asset project.
  7. Click OK.