Adding leased assets by using quick addition

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.

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.