FXA - Transaction Batches
Fixed Asset Transaction Batches Overview
This is a multi-purpose program that can be used to:
- Add a new fixed assets batch.
- View existing asset batches.
- Edit an un-posted asset batch.
Adding a New Fixed Assets Batch
This program caters for the following types of fixed assets batches:
- Addition (adding a fixed assets batch).
- Adjustment.
- Transfer.
- Retirement.
- Revaluation.
- Sale.
- Depreciation Code Adjustment.
- Life Adjustment.
Viewing or Editing an Asset Transaction Batch
To 'View' or 'Edit' an asset transaction batch, use the search screen to search for that batch (e.g. Enter the batch number or select a transaction type).
This search screen provides the facility to search for existing asset transaction batches in the database using various search fields.
Searchable areas include 'Transaction types', 'asset batch', 'year' and 'period', 'posted flag' and 'batch comments'.
Filters include (individual or range searching by batch total, depreciation total, GL journal number or batch number).
Click the 'GO' button to begin the search and display the 'Transaction Batch' list screen with the matching records.
Click on the active link in the 'Action' column to 'View', 'Edit' or 'Delete' asset batches.
Important!
Posted batches cannot be edited or deleted.
Only batches with no detail lines (entries appearing in the 'Asset Grid') can be deleted.
To delete an unposted transaction batch, first, use 'Edit' to open up the batch, and then from within the 'Action' column in the 'Asset Grid' use 'Delete'.
Once all the detail lines have been removed, the 'Delete' link will become available from the 'Transaction Batches' list screen.
To add a new asset transaction batch click on the 'New' icon at the top of the screen to display a blank 'Asset Batch Details' screen.
The focus is on the 'New' icon when the screen first loads. Press 'Enter' to open the 'Asset Batch Details' screen ready for input.
This documentation will deal with each type of asset transaction separately.
Addition
Used when an asset is first added.
An example of the GL journals that will be produced when an asset addition batch is ultimately posted.
Purchase of computer equipment for $8000.00
DR Original Cost A/C $8000.00
CR Asset Purchases Clearing A/C $8000.00
It is assumed that the Asset Purchase Clearing A/C acts as a clearing account with a clearing entry through Accounts Payable to:
DR Asset Purchase Clearing A/C $8000.00
CR Accounts Payable Control A/C $8000.00
| Fields that require further explanation | |
|---|---|
Type | Select the appropriate asset transaction. For the addition of one or more assets choose 'Addition'. |
Year/Period | The year and period will default to the current accounting period. This can be altered if the asset is to be entered into a different accounting period. The system checks that the period entered is valid and that it is open for Fixed Asset transactions (as set up in Finance > General Ledger > Setup Information > Years and Periods). You will receive the following message if the accounting period is invalid or closed 'Accounting period is closed or not setup'. |
Comment 1/Comment 2 | Two comment fields of 40-characters are available to describe this transaction batch. This comment is stored on the Fixed Asset batch record only and is not passed to the GL. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The number of assets entered into this field must equal the number of assets entered through this batch before the batch can be posted. |
Control Totals – Transaction Amount | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset transactions entered through this batch before the batch can be posted. |
Control Totals – Depreciation Amount | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset depreciation transactions entered through this batch before the batch can be posted. |
Click or 'Enter' on the 'Add' button to add the line items for this batch.
A screen will be displayed with a heading indicating the transaction type, the batch number (new if you are operating in add mode) and the line number.
You are now ready to enter the line items for this batch. One line item per asset can be added to the batch being created.
| Fields that require further explanation | |
|---|---|
Asset Code | Enter the asset code that is being added on this line of the asset addition batch. The lookup window will only display 'new' assets (assets that have had the master record added through Finance > Fixed Assets > Asset Information > Assets and not yet been added to a transaction batch). Important! The program will not allow active assets (that have already been added to a transaction batch) to be accidentally entered here. A message will be displayed 'The asset is an active asset'. To find an Asset, enter 3 or more characters of its Code or Description and you will see a picklist of matching Assets. |
Net Book Value | The cost of the asset. If the asset has been depreciated in a previous system, then the amount to be entered is the net figure. There is logic built into this field and the 'Accumulated Depn' field to ensure that the 'Original Cost' (that was entered through Finance > Fixed Assets > Asset Information > Assets) = 'Net Book Value' + 'Accumulated Depn'. |
Accumulated Depreciation | When adding a transaction, the cursor does not go to this field automatically (it assumes that most new asset additions will not have accumulated depreciation). There is logic built into this field and the 'Net Book Value' field to ensure that the 'Original Cost' (that was entered through Finance > Fixed Assets > Asset Information > Assets) = 'Net Book Value' + 'Accumulated Depn'. |
Salvage Amount | When a salvage amount is entered against an asset, it will be deducted from the cost of the asset for calculation of depreciation. Depreciation will cease to be calculated where the Net Book Value equals the salvage amount. |
Remaining Life | The remaining life of the asset is expressed as a number of periods (usually months). This must be entered for all assets regardless of the depreciation method. Where a straight-line method of depreciation (either SLL or DVL) the depreciation will be calculated using the number of periods entered here. |
GL Location | The combination of this field and the 'Category' field determine the GL accounts that will be used for this transaction. Refer to Finance > Fixed Assets > Setup Information > Fixed Assets Setup on the 'GL Locations' tab. |
Category | The combination of this field and the 'GL Location Field' determine the GL accounts that will be used for this transaction. Refer to Finance > Fixed Assets > Setup Information > Fixed Assets Setup on the 'GL Locations' tab. |
Transaction Description | This field defaults to the asset description and can be overwritten or appended to if required. |
The available fields are dependant on the asset transaction type that was selected on the previous screen.
Adjustment
This is used when it is necessary to adjust an asset cost, accumulated depreciation or salvage amount. No other adjustments are allowed.
An example of the GL journals that will be produced when an asset adjustment batch is ultimately posted.
Example 1
Adjust original cost on an asset by -$100.00
DR Asset Purchases Clearing A/C $100.00
CR Original Cost A/C $100.00
It is assumed that the Asset Purchase Clearing A/C acts as a clearing account with a clearing entry through Accounts Payable to:
DR Account to take up adjustment $100.00
CR Asset Purchase Clearing A/C $100.00
Example 2
Adjust accumulated depreciation on an asset by +$10.00
DR Depreciation Expense A/C $10.00
CR Accumulated Depreciation A/C $10.00
| Fields that require further explanation | |
|---|---|
Type | To adjust an asset cost, accumulated depreciation or salvage amount choose 'Adjustment'. |
Year/Period | The year and period will default to the current accounting period. This can be altered if the asset is to be adjusted into a different accounting period. The system checks that the period entered is valid and that it is open for Fixed Asset transactions (as set up in Finance > General Ledger > Setup Information > Years and Periods.) You will receive the following message if the accounting period is invalid or closed 'Accounting period is closed or not setup'. |
Comment 1/Comment 2 | Two comment fields of 40-characters are available to describe this transaction batch. This comment is stored on the Fixed Asset batch record only and is not passed to the GL. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The number of assets entered into this field must equal the number of assets entered through this batch before the batch can be posted. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset transactions entered through this batch before the batch can be posted. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset depreciation transactions entered through this batch before the batch can be posted. |
Click or 'Enter' on the 'Add' button to add the line items for this batch.
A screen will be displayed with a heading indicating the transaction type, the batch number (new if you are operating in add mode) and the line number.
You are now ready to enter the adjustment line items for this batch.
| Fields that require further explanation | |
|---|---|
Asset Code | Enter the asset code that is being adjusted on this line of the asset adjustment batch. The lookup window will only display 'active' assets (assets that already have an 'addition' transaction but have not been sold or retired). Important! The program will check for future transactions against this asset (in advance of the year and period entered in the header for this transaction). If it finds any transaction, it will not allow the adjustment to continue for this asset. It will also check if there are any un-posted batches for this asset. If it finds any, it will not allow the transaction to continue. To find an Asset, enter 3 or more characters of its Code or Description and you will see a picklist of matching Assets. |
Asset Cost Adjustment | Enter the amount of the adjustment to be made — enter a negative amount to reduce the asset's cost or a positive amount to increase it or zero if no adjustment is being made. |
Accum Depn - Adjustment | Enter the amount of the adjustment to be made — enter a negative amount to reduce the asset's accumulated depreciation or a positive amount to increase it or zero if no adjustment is being made. |
Salvage Amount - Adjustment | Enter the amount of the adjustment to be made — enter a negative amount to reduce the asset's salvage amount or a positive amount to increase it or zero if no adjustment is being made. |
Transaction Description | This becomes a mandatory field when entering an asset adjustment. Enter a meaningful description of the reason you are adjusting this asset. Important! The program will not allow for the adjustment to be saved if all 3 adjustment fields above are zero. |
Revaluation
This is used when it is necessary to revalue an asset's value.
Examples of the GL journals that will be produced when an asset revaluation batch is ultimately posted.
An asset that has an Original Cost of $1000, Accumulated Depreciation of $800 hence a Net Book Value of $200 is to be revalued.
1. Revalued to a Net Book Value of $1050.
DR Accumulated Depreciation A/C $ 800.00
CR Original Cost A/C $ 800.00
(To make original cost = net book value)
DR Original Cost A/C $ 850.00
CR Revaluation Reserve A/C $ 850.00
(To revalue the asset to $1050.00)
Important!
Depreciation is now calculated on an Original Cost of $1050.00
2. Revalued to a Net Book Value of $150.
DR Accumulated Depreciation A/C $ 800.00
CR Original Cost A/C $ 800.00
(To make original cost = net book value)
DR Revaluation Reserve A/C $ 50.00
CR Original Cost A/C $ 50.00
(To revalue the asset to $150.00)
| Fields that require further explanation | |
|---|---|
Type | To revalue an asset choose 'Revaluation'. |
Year/Period | The year and period will default to the current accounting period. This can be altered if the asset is to be revalued into a different accounting period. The system checks that the period entered is valid and that it is open for Fixed Asset transactions (as set up in Finance > General Ledger > Setup Information > Years and Periods). You will receive the following message if the accounting period is invalid or closed 'Accounting period is closed or not setup'. |
Comment 1/Comment 2 | Two comment fields of 40-characters are available to describe this transaction batch. This comment is stored on the Fixed Asset batch record only and is not passed to the GL. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The number of assets entered into this field must equal the number of assets entered through this batch before the batch can be posted. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset transactions entered through this batch before the batch can be posted. |
Control Totals – Depreciation Amount | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset depreciation transactions entered through this batch before the batch can be posted. |
Click or 'Enter' on the 'Add' button to add the line items for this batch.
A screen will be displayed with a heading indicating the transaction type, the batch number (new if you are operating in add mode) and the line number.
You are now ready to enter the adjustment line items for this batch.
| Fields that require further explanation | |
|---|---|
Asset Code | Enter the asset code that is being revalued on this line of the asset revaluation batch. The lookup window will only display 'active' assets (assets that already have an 'addition' transaction but have not been sold or retired). Important! The program will check for future transactions against this asset (in advance of the year and period entered in the header for this transaction). If it finds any transaction, it will not allow the adjustment to continue for this asset. It will also check if there are any un-posted batches for this asset. If it finds any, it will not allow the transaction to continue. To find an Asset, enter 3 or more characters of its Code or Description and you will see a picklist of matching Assets. |
Asset NBV - New | Enter the asset's new Net Book Value — this will be its new value in the asset ledger. Once you enter the new NBV, the system will calculate the amount of the revaluation. |
Transfer
Assets can be transferred between GL Locations and Categories using this option.
Examples of the GL journals that will be produced when an asset ($1000 Original Cost, $800 Accumulated Depreciation, NBV of $200) transfer batch is ultimately posted.
From Location:
DR Accumulated Depreciation A/C $ 800.00
DR Asset Transfer Clearing A/C $ 200.00
CR Original Cost A/C $ 1000.00
To Location:
DR Original Cost A/C $ 1000.00
CR Asset Transfer Clearing A/c $ 200.00
CR Accumulated Depreciation A/C $ 800.00
| Fields that require further explanation | |
|---|---|
Type | To transfer an asset to a different GL location or category, choose 'Transfer'. |
Year/Period | The year and period will default to the current accounting period. This can be altered if the asset is to be transferred in a different accounting period. The system checks that the period entered is valid and that it is open for Fixed Asset transactions (as set up in Finance> General Ledger > Setup Information > Years and Periods). You will receive the following message if the accounting period is invalid or closed 'Accounting period is closed or not setup'. |
Comment 1/Comment 2 | Two comment fields of 40-characters are available to describe this transaction batch. This comment is stored on the Fixed Asset batch record only and is not passed to the GL. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The number of assets entered into this field must equal the number of assets entered through this batch before the batch can be posted. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset transactions entered through this batch before the batch can be posted. |
Control Totals – Depreciation Amount | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset depreciation transactions entered through this batch before the batch can be posted. |
Click or 'Enter' on the 'Add' button to add the line items for this batch.
A screen will be displayed with a heading indicating the transaction type, the batch number (new if you are operating in add mode) and the line number.
You are now ready to enter the adjustment line items for this batch.
| Fields that require further explanation | |
|---|---|
Asset Code | Enter the asset code that is being transferred on this line of the asset transfer batch. The lookup window will only display 'active' assets (assets that already have an 'addition' transaction but have not been sold or retired). Important! The program will check for future transactions against this asset (in advance of the year and period entered in the header for this transaction). If it finds any transaction, it will not allow the adjustment to continue for this asset. It will also check if there are any un-posted batches for this asset. If it finds any, it will not allow the transaction to continue. To find an Asset, enter 3 or more characters of its Code or Description and you will see a picklist of matching Assets. |
New GL Location | Select the New GL Location to transfer this asset to. |
New Category | Select the New Category to transfer this asset to. |
Retirement (Write Off)
This option is used where an asset has become obsolete or has been disposed of, and no proceeds are received. This option retires the asset at the current Net Book Value and does not allow the amounts to be altered.
Examples of the GL journals that will be produced when an asset ($1000 Original Cost, $800 Accumulated Depreciation, NBV of $200) retirement batch is ultimately posted.
DR Accumulated Depreciation $ 800.00
DR Loss on Sale $ 200.00
CR Original Cost A/C $ 1000.00
| Fields that require further explanation | |
|---|---|
Type | To retire or write off an asset, choose 'Retirement'. |
Year/Period | The year and period will default to the current accounting period. This can be altered if the asset is to be retired in a different accounting period. The system checks that the period entered is valid and that it is open for Fixed Asset transactions (as set up in Finance > General Ledger > Setup Information > Years and Periods). You will receive the following message if the accounting period is invalid or closed 'Accounting period is closed or not setup'. |
Comment 1/Comment 2 | Two comment fields of 40-characters are available to describe this transaction batch. This comment is stored on the Fixed Asset batch record only and is not passed to the GL. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The number of assets entered into this field must equal the number of assets entered through this batch before the batch can be posted. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset transactions entered through this batch before the batch can be posted. |
Control Totals – Depreciation Amount | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset depreciation transactions entered through this batch before the batch can be posted. |
Click or 'Enter' on the 'Add' button to add the line items for this batch.
A screen will be displayed with a heading indicating the transaction type, the batch number (new if you are operating in add mode) and the line number.
You are now ready to enter the adjustment line items for this batch.
| Fields that require further explanation | |
|---|---|
Asset Code | Enter the asset code for the asset that is being written off. The lookup window will only display 'active' assets (assets that already have an 'addition' transaction but have not been sold or retired). Important! The program will check for future transactions against this asset (in advance of the year and period entered in the header for this transaction). If it finds any transaction, it will not allow the adjustment to continue for this asset. It will also check if there are any un-posted batches for this asset. If it finds any, it will not allow the transaction to continue. To find an Asset, enter 3 or more characters of its Code or Description and you will see a picklist of matching Assets. |
Retirement Date | Enter the date this asset was retired. This date is for reference only. The Net Book Value that is used for the retirement is at the current date (not this date). |
Sale
This option is used where an asset has been sold, and proceeds have been received.
Examples of the GL journals that will be produced when an asset sale batch is ultimately posted.
1. Sale of an asset with Original Cost = $1000.00
Net Book Value = $200.00
Sale Price = $200.00
DR Asset Sales Clearing A/C $ 200.00
DR Accumulated Depreciation A/C $ 800.00
CR Original Cost A/C $ 1000.00
It is assumed that the Asset Proceeds A/C acts as a clearing account with a subsequent entry in through either Commercial Debtors or Sundry Receipting to:
DR Cash at Bank A/C $ 200.00
CR Asset Sales Clearing A/C $ 200.00
2. Sale Price = $150.00
DR Asset Sales Clearing A/C $ 150.00
DR Loss on Sale A/C $ 50.00
DR Accumulated Depreciation A/C $ 800.00
CR Original Cost A/C $ 1000.00
3. Sale Price = $250.00
DR Asset Sales Clearing A/C $ 250.00
DR Accumulated Depreciation A/C $ 800.00
CR Profit on Sale A/C $ 50.00
CR Original Cost A/C $ 1000.00
4. Sale Price = $1200.00
DR Asset Sales Clearing A/C $ 1200.00
DR Accumulated Depreciation A/C $ 800.00
CR Profit on Sale A/C $ 800.00
CR Capital Profit A/C $ 200.00
CR Original Cost A/C $ 1000.00
| Fields that require further explanation | |
|---|---|
Type | To sell an asset, choose 'Sale'. |
Year/Period | The year and period will default to the current accounting period. This can be altered if the asset is to be sold in a different accounting period. The system checks that the period entered is valid and that it is open for Fixed Asset transactions (as set up in Finance > General Ledger > Setup Information > Years and Periods). You will receive the following message if the accounting period is invalid or closed 'Accounting period is closed or not setup'. |
Comment 1/Comment 2 | Two comment fields of 40-characters are available to describe this transaction batch. This comment is stored on the Fixed Asset batch record only and is not passed to the GL. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The number of assets entered into this field must equal the number of assets entered through this batch before the batch can be posted. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset transactions entered through this batch before the batch can be posted. |
Control Totals – Depreciation Amount | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset depreciation transactions entered through this batch before the batch can be posted. |
Click or 'Enter' on the 'Add' button to add the line items for this batch.
A screen will be displayed with a heading indicating the transaction type, the batch number (new if you are operating in add mode) and the line number.
You are now ready to enter the adjustment line items for this batch.
| Fields that require further explanation | |
|---|---|
Asset Code | Enter the asset code for the asset that is being sold. The lookup window will only display 'active' assets (assets that already have an 'addition' transaction but have not been sold or retired). Important! The program will check for future transactions against this asset (in advance of the year and period entered in the header for this transaction). If it finds any transaction, it will not allow the adjustment to continue for this asset. It will also check if there are any un-posted batches for this asset. If it finds any, it will not allow the transaction to continue. To find an Asset, enter 3 or more characters of its Code or Description and you will see a picklist of matching Assets. |
Sale Amount | Enter the sale amount received for this asset — exclusive of GST. This field will default to the current Net Book Value for this asset. Override this to enter the exact amount that the asset was sold for. |
Sale Date | Enter the date this asset was sold. This date is for reference only. The Net Book Value that is displayed in the 'Sale Amount' filed above is calculated at the current system date (not this date). |
Depreciation Code Adjustment
This option is used to adjust the depreciation rate of the asset. It will only affect depreciation calculations from the period in which the change is made. Retrospective calculation of depreciation charges should be made as asset 'Adjustments'.
No GL journals are created as a result of an asset depreciation code adjustment.
| Fields that require further explanation | |
|---|---|
Type | To adjust the depreciation rate on an asset, choose 'Depn Code Adjustment'. |
Year/Period | The year and period will default to the current accounting period. This can be altered if the asset is to be sold in a different accounting period. The system checks that the period entered is valid and that it is open for Fixed Asset transactions (as set up in Finance > General Ledger > Setup Information > Years and Periods). You will receive the following message if the accounting period is invalid or closed 'Accounting period is closed or not setup'. |
Comment 1/Comment 2 | Two comment fields of 40-characters are available to describe this transaction batch. This comment is stored on the Fixed Asset batch record only and is not passed to the GL. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The number of assets entered into this field must equal the number of assets entered through this batch before the batch can be posted. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset transactions entered through this batch before the batch can be posted. |
Control Totals – Depreciation Amount | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset depreciation transactions entered through this batch before the batch can be posted. |
Click or 'Enter' on the 'Add' button to add the line items for this batch.
A screen will be displayed with a heading indicating the transaction type, the batch number (new if you are operating in add mode) and the line number.
You are now ready to enter the adjustment line items for this batch.
| Fields that require further explanation | |
|---|---|
Asset Code | Enter the asset code for the asset that you will be adjusting the depreciation code. The lookup window will only display 'active' assets (assets that already have an 'addition' transaction but have not been sold or retired). Important! The program will check for future transactions against this asset (in advance of the year and period entered in the header for this transaction). If it finds any transaction, it will not allow the adjustment to continue for this asset. It will also check if there are any un-posted batches for this asset. If it finds any, it will not allow the transaction to continue. To find an Asset, enter 3 or more characters of its Code or Description and you will see a picklist of matching Assets. |
New Depreciation Code | Enter the new depreciation code for this asset. |
Life Adjustment
This option is used to adjust the remaining useful life of the asset over which the asset is to be depreciated. It will only affect assets using a depreciation method of SLL (Straight Line method over life of asset) or DVL (Diminishing Value method over life of asset).
No GL journals are created as a result of an asset life adjustment.
| Fields that require further explanation | |
|---|---|
Type | To adjust the life on an asset, choose 'Life Adjustment'. |
Year/Period | The year and period will default to the current accounting period. This can be altered if the asset is to be sold in a different accounting period. The system checks that the period entered is valid and that it is open for Fixed Asset transactions (as set up in Finance > General Ledger > Setup Information > Years and Periods). You will receive the following message if the accounting period is invalid or closed 'Accounting period is closed or not setup'. |
Comment 1/Comment 2 | Two comment fields of 40-characters are available to describe this transaction batch. This comment is stored on the Fixed Asset batch record only and is not passed to the GL. |
Control Totals –Number of Assets | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The number of assets entered into this field must equal the number of assets entered through this batch before the batch can be posted. |
Control Totals – | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset transactions entered through this batch before the batch can be posted. |
Control Totals – Depreciation Amount | This field is only active if the checkbox 'Use Batch Control Totals' has been ticked in program Finance > Fixed Assets > Setup Information > Fixed Assets Setup. The amount entered in this field must equal the total amount for asset depreciation transactions entered through this batch before the batch can be posted. |
Click or 'Enter' on the 'Add' button to add the line items for this batch.
A screen will be displayed with a heading indicating the transaction type, the batch number (new if you are operating in add mode) and the line number.
You are now ready to enter the adjustment line items for this batch.
| Fields that require further explanation | |
|---|---|
Asset Code | Enter the asset code for the asset that will be adjusting remaining life. The lookup window will only display 'active' assets (assets that already have an 'addition' transaction but have not been sold or retired). Important! The program will check for future transactions against this asset (in advance of the year and period entered in the header for this transaction). If it finds any transaction, it will not allow the adjustment to continue for this asset. It will also check if there are any un-posted batches for this asset. If it finds any, it will not allow the transaction to continue. To find an Asset, enter 3 or more characters of its Code or Description and you will see a picklist of matching Assets. |
New Remaining Life | Enter the new remaining life in periods (usually months) |