Creating an asset book record for Fixed Assets
Use the Asset Book window to add asset book records and enter depreciationrelated information. Default entries for information, such as the date an asset was placed in service, depreciation date, original life, and depreciation method, averaging convention, and switchover method, will be displayed; however, you can change any of the information in the Asset Book window.
You can choose the Distribution button to view and modify the distribution information that will be saved in the Financial Detail table for transactions entered in this window.
You must have completed the following steps before entering information in this window.
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Created an asset general information record. (Refer to Creating an asset record for more information.)
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Created an asset account record, if Require Asset Account was marked in the Fixed Assets Company Setup window. (Refer to Asset account option for more information.)
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Created a book setup record for the book being added. (Refer to Creating a book record for more information.)
A book class record must exist for the book being created for the class assigned in the Asset General Information window for this asset. For example, if the corporate book for this asset is being created and the class ID in the Asset General Information window for this asset is 101, there must be a book class record for class 101, book ID corporate. Refer to Creating a book class record for more information.
To create an asset book record:
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Open the Asset Book window. (Financial >> Cards >> Fixed Assets >> Book)
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Enter or select an asset ID and suffix.
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Select a book ID to add for this asset.
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Enter the date the asset was placed in service and a depreciation date, or accept the default dates. The default dates will be the acquisition date for the asset from the Asset General Information window.
Don’t change the default depreciation date if you’re not entering depreciation balances for year-to-date or life-to-date depreciation. You can enter a depreciation amount for the year only when adding a transaction if the depreciated-to date is in the current fiscal year.
Note
If you are entering year-to-date and life-to-date depreciation balances, you might need to enter a depreciated-to date to that is equal to or later than the place-in-service date. Calculations for depreciation begin on the day after the depreciated-to date.
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You can enter the cost basis amount for the asset. The default cost basis entry for each field is the acquisition cost from the Asset General Information window. The cost basis in the corporate book is the amount added to the applied value if the information for this asset was entered in Payables Management or Purchase Order Processing.
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You can enter salvage value, year-to-date depreciation, and life-to-date depreciation amounts for assets—even if prior depreciation balances exist. If you enter a year-to-date amount, the following entries also must be made:
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Enter a depreciated-to-date the same as or later than the place-in-service date.
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Enter a life-to-date depreciation amount the same as or greater than the year-to-date depreciation amount.
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You can change the following default entries: depreciation method, averaging convention, switchover method, original life, amortization code, amortization amount/percentage, TEFRA, initial allowance percentage, special depreciation allowance, and luxury automobile.
Refer to Depreciation methods and calculations and Averaging conventions for more information.
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If the asset is to be depreciated using US luxury automobile limits and you selected a tax book for this asset, select Yes for the Luxury Auto field; otherwise, select No.
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You can mark the Luxury Van or Truck option or the Luxury Electric Auto option to apply luxury tax limits to assets in this book class, depending on the type of vehicle.
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You can choose the Distribution button to open the Financial Detail Maintenance window and view the distribution information for this transaction.
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Choose Save.