Enter an asset

You can add a record for a fixed asset by using the Fixed assets (FA303000) window.

1. Go to the Fixed assets (FA303000) window.
2. In the Description field of the top part, type the description of the asset.
3. Optional: If the asset is a child of another asset, specify the parent asset.
4. In the Asset summary section of the General settings tab, specify the asset information:
   1. In the Asset class field, select the asset class, which defines general fixed asset parameters.
      You can change any of these parameters, if required.
   2. In the Property type field, select the way the asset was acquired.
   3. Optional: Select the Hold check box if the asset record you are entering is a draft.
      If you entering information for an active asset, clear this check box.
   4. In the Asset type field, select the type of the fixed asset.
      The system fills in this field automatically according to the fixed asset class that you have selected, but you can change the value.
   5. Optional: If the asset consists of multiple items, enter the quantity of these items in the Quantity field.
   6. In the Receipt date field, specify the date of the asset acquisition.
   7. If the asset is depreciable, perform these steps:
      • Select the Depreciate check box.
      • In the Placed-in-service date field, specify the start date for depreciation.
        
        This field will be unavailable for editing once the first depreciation transaction (of the Depreciation+ type) is created for the asset.
        
   8. If the asset is non-depreciable, perform these steps:
      • Clear the Depreciate check box.
      • In the Date placed in service field, specify the placed-in-service date for the asset.
   9. In the Orig. acquisition cost field, specify the amount that was spent to acquire the asset.
      The original acquisition cost is used as the basis for depreciation of the asset, which you can find in the Basis column on the Balance tab.
      After you first save the asset, any further changes to the original acquisition cost won't affect the depreciation basis.
   10. Optional: In the Salvage amount field, specify the book value at the end of the useful life of the asset.
   11. Optional: In the Replacement cost field, specify the cost of replacement of the asset with a similar one.
5. In the Tracking information section of the General settings tab, specify where the asset must be placed:
   1. In the Department field, select the department to which you want to assign the asset.
   2. Optional: Specify the other applicable location parameters in the corresponding fields.
6. Optional: Specify the details of the purchase or lease of the asset on the Purchase/tangible info tab.
7. On the General ledger accounts tab, review the accounts to be used to enter asset transactions.
   If required, change the accounts.
   You can change the asset accounts only until a transaction is posted to a particular account.
8. On the Balance tab, review the depreciation settings.
9. Click .

   The system automatically generates the Asset ID the first time you save a new record.

10. Release the resulting transactions according to your company workflow.
    

After you create an asset, you reconcile its acquisition cost with one or multiple financial documents.