Adding leased assets by using quick addition

When you use the Quick Addition method to add leased assets, you select an addition template that most closely matches the information for the leased asset you want to add. Although you still must specify the leased asset item information, the Quick Addition method of adding leased assets is quicker than manually specifying all of the leased asset information because the template provides default data for leased asset detail and books. You can change any of the defaulting information.

Before you use this procedure, you must define the asset addition template that you are going to use. Defining asset addition templates

Procedure flow: Adding leased assets using quick addition

Add leased assets using Quick Addition

  1. Access Leased Asset Quick Addition (AM21.1) .
  2. Define an asset using these guidelines:
    Template

    Specify or select the template you want to use for the asset. Defining asset addition templates

    If the asset you want to add belongs to an asset class, you should use a template defined specifically for that asset class, with a type and default accounting unit or accounting unit group that points to a unique set of asset, accumulated depreciation, and depreciation expense accounts. The template should also associate the assets with a Part 32 (asset class) book. You should not override the template's type and accounting unit or accounting unit group.

    Company

    If a company is specified on the template, you can accept it as the default. Otherwise, you must specify or select the company that the asset is assigned to.

    Main tab

    Any values specified on the template for the corresponding fields are displayed. You can accept the values or provide your own values. Consider these points:

    • If you do not provide an asset description, the template description defaults.

    • If the asset is to be part of a group of assets to be processed and reported on together, you can specify the name of a new asset group or select an existing asset group.

    • To make this asset part of the physical inventory, you must select a location. You can also specify the name or ID of the "Owner" of the asset, that is the person responsible for tracking the asset in inventory.

    • Select Y (Yes) in the Compute Option field if the asset was put in service in a previous period and you want the catch-up depreciation to be calculated.

    • If the template does not provide an accounting unit group or a default accounting unit, you must select an accounting unit group or a default accounting unit, or both an accounting unit group and a default accounting unit.

      Note: If you select an accounting unit group that does not have accounting units selected for all the required accounts, you are prompted for a default accounting unit.
    Items tab

    You must specify at least one item. The only required fields are the purchase date, the quantity, and the cost.

    To make the asset part of the physical inventory, these fields are required:

    • On the Detail tab, you must specify or select the bar code and condition. You can optionally specify the serial number and model, which make up the product category.

    • On the Location Detail tab, you must select or specify the location detail for the item. You can select the entire location detail in the Location Detail Level 1 field, but you must edit that entry and specify the level 2 and level 3 fields in their correct fields.

      You can also specify tax information for the item on the Detail tab, and associate the item with an invoice, purchase order, or activity on the Invoice, Activity tab. These fields are informational and do not send any information back to the Tax, Accounts payable, Purchase Order, or Activity and Project Accounting applications.

      Note: If you need to specify more than eight items on this form, use the More Items form action before you use the Add form action. After you use the Add form action, you can add new items only by using Items (AM21.3).
    Overrides tab

    You can override any of the asset or asset book information on the template. Consider these points:

    • The Type, Account Group, and Category fields are required fields. You can accept the defaults from the template or override them.

      If the asset type is associated with a depreciation allocation, the accounting unit associated with the depreciation expense account must be one of the accounting units on the depreciation allocation.

    • If you want this asset to be part of the physical inventory, you must select Y (Yes) in the Inventory fields.

    • To add a work-in-process, tax-exempt, simulated, or used asset, select yes in the appropriate category.

      Note: A work-in-process asset is an asset that is real but incomplete, on which work or activity continues.
    Control Totals tab

    Check whether the total number of items added is the total number of items for the asset and the total cost of the items is the total cost specified.

    Note: This feature is useful if you are specifying a large number of items.
    Note: AM21.1 is an add-only form. To inquire on or change existing leased asset information, use Leased Asset Additions and Adjustments (AM21.2).

    If the addition template that you use includes a posting book, you are prompted to verify journal entries for the asset. The program automatically navigates to Journal Entries (AM21.5).

    If the Display Journal Entries system option is set to N (No) on System Options (AM16.1), journal entries are added without being displayed. You can still open Journal Entries (AM21.5) to see what journal entries were added and to modify them at any time before you release the asset.

    Note: If you select the compute option, when you assign books to an asset, and the asset in-service date is in the prior year, you may want to alter the record to include the prior year's depreciation.
  3. On AM21.5, accept, change, or delete system-prompted journal entries related to the asset addition:
    1. To accept a journal entry, select Add. The asset is added.
    2. Change any data in the journal entry, if necessary.
    3. To delete the journal entry, close the form without choosing Add. The asset is added, but the journal entry is not recorded in the Asset Management or General Ledger applications.
  4. Add any additional leased asset items on Items (AM21.3) .
  5. Verify the accuracy of asset books by running Addition Report (AM220) for an edit listing of the new assets added to the Asset Management application.
    Note: You can change or delete an asset record anytime before you release the asset. After you release an asset, you can only adjust, transfer, or dispose of it.
    1. Select N (No) in the Released field to include only unreleased assets in the report.
    2. Select a range of in-service or purchase dates to limit the report to the latest assets.
    3. Select the Additional Options tab to filter the report by creator and/or creation date range. When you run the report, only criteria matching the Creator ID and Creation Date range values is displayed.
  6. Select a range of in-service dates to limit the report to the latest assets. If any information is incorrect, return to AM21.2, AM21.3, or AM21.4 to change or delete the asset information.
  7. Release leased assets.
    Release Method Options
    Mass/Batch Run Processing Release (AM170). This program will also transfer journal entries to the General Ledger application.
    Online Use the Release form action on AM21.2, AM21.3, or AM21.4.
    Note: This procedure produces journal entries. Depending on the procedure and process you want to perform, these entries are transferred to Lawson General Ledger, Strategic Ledger, or Project Accounting.
    Note: You must release all assets associated with a lease before you can release the lease.
  8. Return to the Lease Management application and release the lease.
    Release Method Options
    Mass/Batch Run Mass Lease Release (LM121). Use this form to run a batch FAS13 test on selected leases and/or release leases.
    Online Use the Release form action on: LM21.2

Related reports and inquiries

Details on Asset Management reports are found elsewhere in this user guide. Reports

To Use
List new assets and their tags Asset, Tag Listing (AM221)
List asset books Asset Book Listing (AM222)
List items Item Listing (AM223)
List repairs Repair Report (AM224)
Generate a report of reconciled leased asset information by book. Leased Asset Report (AM278)
Inquire on leased asset books Leased Asset Book Analysis (AM91.1)