Setting up Asset Classes

Asset Class Code

The code that uniquely identifies the asset class.

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.

Status

Each static data record contains a status code that determines the current processing status of the record. A status is assigned to each static reference record, for example to every account, asset, customer and supplier. It determines the current processing status of the record.

• Open - this status is set automatically when you add a new record, for example, if you create a new account. Open items are available for input, inquiry, processing and reporting.
• Hidden - a record with a hidden status does not appear on any inquiries but is available for input, processing and reporting.
• Suspended/Held - a suspended record.
• Closed/Completed - a closed record cannot be used for input or processing. For example, you cannot post transactions to a closed account or analysis code.

You can alter the status of a record at any time. You must use the options on the Action menu to change the status.

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.