Rev 12 Documentation
This program allows you to enter detailed asset information. It can be found on the Fixed Assets File Maintenance menu (6-1-1). The Asset (ASSETD) file is updated in this program.
5/27/99 Asset File Maintenance 10:55
Enter Procedure Type A'dd New Add CoN'version C'hange D'elete E'nd ? C
1.Asset Number 46 2.Description GLASS MUG
3.Acquisition Date 5/17/99 16.Depreciation Method Code 1
4.Disposal Date 17. 0
5.Estimated Life 36 18.Remaining Life 36
6.G/L Account No. 111000 19.Apportionment Months 8
7.Dept. Expense No. 611000 20.Curr. Depreciation .00
8.Acq. Cost 100.00 21.Depreciable Basis 90.00
9.Half Year Switch 0 22.Accum. Depreciation .00
10. .00 23.Original Basis 100.00
11. .00 24.Serial No. 100500
12.Section 179 Ded. .00 25.Item No. NICK1
13.Salvage 10.00 26.Customer Number 8958077
14.Spec. F/Y Depn. .00 27.Mo. Acquired (ACRS Bldg.) 0
15.Investment Credit .00 28.Selling Price .00
30.N'ew Or U'sed N
31.Fiscal Year 99
Add Procedure Notes: ^ = Go Back 1 Space
Fld
The following fields are described below:
1. Asset Number The number that is assigned to the asset by the user. It can be any random number unless the program that adds rentals to the asset file is being used. In this case, a number will be assigned for you in field 1. (8 numeric)
2. Description This can be any combination of numbers and letters to describe the asset. (26 alphanumeric)
3. Acquisition Date This is the date that the asset was purchased, acquired, or put into rental service.
4. Disposal Date This field must initially be left blank. It must be filled in manually at a later date when the asset is retired or disposed of. Any asset that is still depreciating will not have a date in this field.
5. Estimated Life The user must determine an estimate of the life of the asset. This is represented in months.
6. G/L Account Number The user must enter a valid general ledger account number in order to accumulate depreciation for the asset.
7. Dept. Expense Number The user must enter a valid general ledger account number used to recognize the expense for this asset.
8. Acquisition Cost This is the net purchase price plus all reasonable and necessary expenditures to get the asset in place and ready for use.
9. Half Year Switch Not used.
10. Section 179 Deduction This is when the owner of an asset immediately writes off part of the value of the asset at the time of acquisition. Not used.
11. Salvage Value This is the value of the asset after it has been fully depreciated. It is the estimated recoverable cost of an asset at the time of renewal from service. Actual value minus Depreciation is Salvage Value.
12. Special First Year Depreciation Not used.
13. Investment Credit Not used.
14. Depreciation Method Code
This is when the depreciable cost of the asset is spread evenly over the life of the asset.
This is a depreciation system requiring that a cost recovery allowance be computed on the adjusted cost of the property being recovered.
This method retains the ACRS concepts of prescribed recovery periods for different classes of property, calculation of recovery allowances on the basis of the unadjusted cost of property, and the elective use of the straight-line method or an accelerated method of cost recovery.
15. Remaining Life This is the remaining number of months that the asset will continue to depreciate until it reaches salvage value. This is represented in months beginning with the first month of the current fiscal year.
16. Apportionment Months This is the number of months of depreciation to be taken in the current fiscal year. This is normally 12, except when partial year depreciation applies.
17. Current Depreciation This is the accumulated depreciation from the start of the current fiscal year to date.
Fields 18 – 23 will be filled in automatically when entering data for a new asset.
18. Depreciable Basis This is the current value of the of the asset at the start of the current fiscal year.
19. Accumulated Depreciation This is the accumulated depreciation from the start of the asset life to date.
20. Original Basis This is the cost of the asset minus the special first depreciation minus 50% of the investment credit minus section 179 deduction.
21. Serial Number This can be assigned by the user to represent the asset (18 alphanumeric).
22. Item Number This can also be assigned by user in conjunction with the serial number to help identify the asset.
23. Customer Number This must be entered by the user. It is where the asset is kept.
24. Month Acquired This the fiscal month that the asset was acquired.
25. Selling Price This must be entered anytime after the asset was initially acquired only if the asset is to be sold.
26. New or Used This field is informational only.
27. Fiscal Year This is the fiscal year that the asset was acquired.