Setting up an asset record

  1. Select Asset Records (FAS) from the main SunSystems menu.
  2. Specify this information:
    Asset Code

    The code that uniquely identifies the asset.

    Asset Quantity
    To record asset quantities in Ledger Entry (LEN), you must define this configuration:
    • Select the field Asset Quantity on the General tab in Ledger Setup (LES)
    • Ensure Non-Currency Value Post Rule on the Memo Value tab of Business Unit Setup (BUA) is not set to 0-Undefined
    • Ensure the Memorandum field on the Security tab of the Journal Types (JNT) dialog is not set to 0-Undefined. The field is available when the Journal Type (with Posting Rules) (JDX) form is used.
    Asset Class
    Select a code that identifies the class of asset, as defined in Fixed Asset Class (FAC). When you select an asset class, the relevant fields are automatically copied from the asset class to this asset record, for example, the depreciation method, percentage and depreciation accounts. If any of the relevant fields have previously been entered on the asset record, you must confirm you want to overwrite them with the defaults specified on the asset class.
    Leave blank if this asset does not pertain to an asset class or if you have not defined any asset classes.
    Status
    Note:  This status code is not the same as the Asset Status code on the General tab.
    Description
    The full name or description of the data item or record. This is used to identify it on reports and inquiries.
    Short Heading
    The short heading, which is used where space is limited. If this is blank it defaults to the first characters of the description.
    Lookup Code
    A lookup code can be used to find a record, as an alternative to the record code. It is often set to a shortened version of the description. It is particularly useful if a record is often referred to using different codes. For example, the Chart of Accounts code for Fuel Expenses is 75201 and the Lookup Code is set to FUELEXP.
  3. Specify the information on each tab in the Fixed Asset Records dialog.
  4. Save your changes.