Asset Book Statuses

LN uses information from the asset and its related books to determine how an asset depreciates and to record transactional data for the asset. When you perform a transaction on an asset, you can pick individual books to transact against or you can transact for all books associated with the asset. LN records the original value for each asset book and any changes that result from the transaction.

As you process assets, the books associated with those assets go through several statuses. The status of the related books determines the actions you can perform on the asset. These are the asset book statuses:

• Entered: The book has been associated with the asset, but the asset has not yet been capitalized. LN has not recorded any depreciation in the selected book.

• Acquired: The asset with which the book is associated has been capitalized but is not depreciating. The asset is eligible to begin depreciating in the selected book at any time.

• Depreciating: The asset is accumulating depreciation in the selected book.

• Fully Depreciated: The asset has fully depreciated in the selected book.

• Disposed: The asset has been removed from service in the book and is no longer depreciating. No further transactions can be recorded against the asset in this book.