Maintaining Asset Groups

To overcome the problem of re-entering details, each Asset will inherit many of its properties from its Asset Group.
The Asset Group contains general flags and descriptors on its Main tab.
Subsequent tabs define how Journals are created for Asset Depreciation, Revaluation and Disposal.
These Journal creations are actioned during a single execution of Running Depreciation

System

Asset Group

Mandatory Prerequisites

Prior to creating an Asset Group, refer to the following Topics:

Asset Associated Chart of Accounts - Maintaining Chart of Accounts

Screenshot and Field Descriptions: Asset Group Tab

Group: this is the Asset Group ID.

Name: this is the friendly name of the Asset Group.

Asset Accounting: tick this to signify that this Group is involved in Asset Accounting procedures.
Currently, this flag is only an indicator and does not affect any processing routines.

Flags Actioned during Running Depreciation
Print Queue: tick this to log Journals created under this Group into the Print Queue.
Inhibit Depreciation: tick this to block the creation of this Group's Depreciation Journals.
Inhibit Revaluation: tick this to block the creation of this Group's Revaluation Journals.
Inhibit Disposal: tick this to block the creation of this Group's Disposal Journals.
Asset Component Defaults the following values can be push-button selected when creating individual Asset Components of this Group:
Type: select from this drop-down of Asset Depreciation Types.
Currently, there is only a specific Straight Line Option which creates the Journals defined in the following tabs.
Leaving this field blank indicates no Journal creation.
%: this is the Percentage based Depreciation value.
Useful Life: this is the Useful Life (years) based Depreciation value.
Asset Details: these are the Asset Component Details.
Maintenance: these are the Asset Component Maintenance Details.

Screenshot and Field Descriptions: Periodic Depreciation Tab

Periodic Depreciation generates a balanced pair of Journal lines:
Depreciation Expense (Debit) and Accumulated Depreciation (Credit).
Each entry requires:

Show on Asset: tick this to display the Journal line on the Asset - Transaction tab.
It's customary to only display one side of the Journal entry - user's choice.

Description: this is the Description that willl be posted on the Journal line.

COA: this is the Chart of Account ID.

Cost Code: this is the Cost Code ID.

Screenshot and Field Descriptions: Revaluation Tab

Revaluation generates two balanced pairs of Journal lines:
Accumulated Depreciation (Debit) and Asset (Credit).
Asset (Debit) and Revaluation/ Increment (Credit).
or Asset (Credit) and Revaluation/ Decrement (Debit).
Each entry requires:

Show on Asset: tick this to display the Journal line on the Asset - Transaction tab.
It's customary to only display one side of the Journal entry - user's choice.

Description: this is the Description that willl be posted on the Journal line.

COA: this is the Chart of Account ID.

Cost Code: this is the Cost Code ID.

Screenshot and Field Descriptions: Disposal Tab

Disposal generates two balanced pairs of Journal lines:
Write Down Value (Debit) and Asset (Credit).
Accumulated Depreciation (Debit) and Write Down Value (Credit).
Each entry requires:

Show on Asset: tick this to display the Journal line on the Asset - Transaction tab.
It's customary to only display one side of the Journal entry - user's choice.

Description: this is the Description that willl be posted on the Journal line.

COA: this is the Chart of Account ID.

Cost Code: this is the Cost Code ID.

How Do I : Search For and Maintain Entities

These General Rules are described in the Fundamentals Manual: How Do I : Search For and Maintain Entities

How Do I : Add a new Asset Group

At the Group field, enter a new Asset Group ID.
At the Name field, enter theAsset Group's friendly Name.
If Assets belonging to this Group are to be listed as generating Accounting transactions, tick the Asset Accounting flag.
If Journals belonging to this Group are to be printed, tick the Print Queue flag.
If the creation of Depreciation Journals belonging to this Group is to be (temporarily) blocked, tick the Inhibit Depreciation flag.
If the creation of Revaluation Journals belonging to this Group is to be (temporarily) blocked, tick the Inhibit Revaluation flag.
If the creation of Disposal Journals belonging to this Group is to be (temporarily) blocked, tick the Inhibit Disposal flag.
Unless the Inhibit Depreciation flag is ticked entry the Journal transaction COAs on the Depreciation tab.
Unless the Inhibit Revaluation flag is ticked entry the Journal transaction COAs on the Revaluation tab.
Unless the Inhibit Disposal flag is ticked entry the Journal transaction COAs on the Disposal tab.
Click the Application tool-bar push button: Add.
Confirm that you wish to add the new record.

How Do I : Modify an existing Asset Group

At the Group field, locate an Asset Group ID.
At the Name field, enter theAsset Group's friendly Name.
If Assets belonging to this Group are to be listed as generating Accounting transactions, tick the Asset Accounting flag.
If Journals belonging to this Group are to be printed, tick the Print Queue flag.
If the creation of Depreciation Journals belonging to this Group is to be (temporarily) blocked, tick the Inhibit Depreciation flag.
If the creation of Revaluation Journals belonging to this Group is to be (temporarily) blocked, tick the Inhibit Revaluation flag.
If the creation of Disposal Journals belonging to this Group is to be (temporarily) blocked, tick the Inhibit Disposal flag.
Unless the Inhibit Depreciation flag is ticked entry the Journal transaction COAs on the Depreciation tab.
Unless the Inhibit Revaluation flag is ticked entry the Journal transaction COAs on the Revaluation tab.
Unless the Inhibit Disposal flag is ticked entry the Journal transaction COAs on the Disposal tab.
Click the Application tool-bar push button: Change.
Confirm that you wish to change the record.

How Do I : Delete an Asset Group

At the Group field, locate the Asset Group.
Click the Application tool-bar push button: Delete.
Confirm that you wish to delete the record.