What asset details are maintained?

In the Fixed Asset Register, you define each of your assets using Asset Records (FAS). Each asset is identified by a unique asset code. In addition, each asset may have a unique lookup code which can be used for easy access during Ledger Entry (LEN).

A large amount of information can be held for each asset, the majority of which is optional.

Asset Details

The following types of information can be maintained for an asset using Asset Records (FAS):

Asset Accounting and General Details

Each asset is linked to two main depreciation accounts: a balance sheet account and a profit and loss account. These are the accounts to which the standard depreciation for the asset is posted to by default during the Depreciation Calculation (FDC).

You can also link two advanced depreciation accounts (balance sheet and profit and loss) to the asset. These are the accounts to which the advanced depreciation for the asset is posted by default when you run Calculate Advanced Depreciation (FAA).

Global Analysis Codes

You can assign up to ten analysis dimensions to an asset in the asset register, in the same way you can assign analysis dimensions to chart of accounts code, suppliers and customers. For example, you may want to group assets by location, or asset category.

Depreciation Details

For each asset valuation, you identify the depreciation method to be used to depreciate the asset. You can determine the start and end depreciation periods, and specify the number of days depreciation to be charged in the first period.

Depending on the depreciation method being used, you can set the depreciation percentage and a final value. If a depreciation table is being used, you can identify the depreciation table code and column to be used.

In a multi-currency environment, you can maintain the asset values in a second, transaction currency, and use a different method of depreciation, if required.

Asset Values

SunSystems Fixed Assets maintains the following values for each asset valuation: gross value, accumulated depreciation and net value. These values are calculated by the system from the transactions posted to the asset.

These values are always maintained in the base currency. They can also be maintained in a transaction currency, and a second base or reporting currency.

Asset Quantity

You can enter multiple units as a single asset when making fixed asset postings, for example, when purchasing 100 chairs but recording these as a single asset. Use the Memorandum Amount field in Ledger Entry (LEN) to record the number of units.

After posting a transaction to an asset code with an asset quantity, you can see the updated asset quantity for that asset in Asset Records (FAS).

Additional Asset Information

In addition to the main asset details defined using Asset Records (FAS), the following additional information can be maintained for an asset:

Asset Notes

Asset Note Setup (FAS) enables you to record a large amount of extra information about the asset. This is divided into sections for general description and maintenance information, purchase details, partial disposal details, insurance details, finance details, and user defined details. An asset can have any number of asset notes attached to it. A large amount of descriptive text can also be recorded on an asset note.

Asset Budgets

Up to ten budget valuations can be maintained for each asset, in addition to the 'actual' ledger valuation. Asset Budgets Details (FAB) allows you to maintain up to ten alternative asset valuations, and apply different depreciation methods on these valuations.

Asset Analysis Posting Presets

Asset Posting Presets can be used to predefine the analysis codes entered on transactions posting to an asset. Different analysis code combinations can be preset for an asset, and these are maintained in asset subcodes.

Asset subcodes (analysis code combinations) can contain a factor. More than one subcode can apply to a transaction and the factor is used to apportion the original transaction value across the subcode analysis combinations. So for example, a total depreciation amount for an asset can be allocated over a number of departments/cost centres, which are predefined using this option.

Note: Financials ledger transactions are used to update assets, and these can contain up to ten additional transaction level analysis dimensions.