Types (AM06.2)
Use Types (AM06.2) to define multiple asset types. Use asset types to group assets that have similar characteristics (for example, BUILDING or EQUIPEMENT) and associate them with a property classification (personal, real estate, land, stocks, and so on), and with asset posting accounts. You must define at least one asset type for each company that processes assets. You can also use AM06.2 to further define a type into subtypes.
Process at a Glance
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Define at least one depreciation book.
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(This step) Define a depreciation calendar for the current year (AM01.1).
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Define an asset type (AM06.1)
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(Optional - this step) Define a subtype (AM06.2)
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Define an account group (AM05.1)
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Define an accounting unit group (AM09.1)
Processing Effect
Before you can define a subtype for an asset type, you must define the type alone (without a subtype).
Types are part of the Asset Management reporting structure. Take your reporting needs into consideration when you define types.
If you use asset-class depreciation, proper implementation of types is critical to avoid over-depreciation. There must be a strict one-on-one correlation between a type and the set of General Ledger accounts used by an asset class that you must track on its own. For instance, you should not set up class-depreciated assets that use the same asset account (that is, company, accounting unit, account) but have different accounts for depreciation expense and accumulated depreciation.
Click the Product Category button to open Product Category (AM06.3). Use this form to define global manufacturer and product data. This data is used by Product Category Workbook (AM206) to create a listing of scannable product category bar codes. You can scan this information when adding an asset with the use of a handheld terminal.
Click the Star button to open Depreciation Allocation (AM06.6). Use this form to allocate depreciation expense associated with a type to multiple accounting units. To use this feature, you must select Y (Yes) in the Allocate field, and the Allocate Depreciation Expense flag must be set to Y (Yes) on System Options (AM16.1).