Fixed Asset Class

Maintenance | Fixed Asset Class Aids | Fixed Asset Master | Chart of Account

Fixed Asset Class

This maintenance screen allows the users to configure and add Asset Class for their General Ledger Accounts.

Requirements before using Fixed Asset Class

• The user should setup the following Maintenance Module in order to proceed on using the Fixed Asset Class
  1. Chart of Account
• For detailed instructions on how to setup the needed Maintenance Module, the user may visit the following Job Aid pages:
  1. Chart of Accounts Aids

Fixed Asset Class Record List

File:Fixed Asset Class Record List.png

Fixed Asset Class Record List

Notes:

• Fixed Asset Class is required when creating Fixed Asset Master
  • Fixed Asset Class can be used in Fixed Asset Master as long as its status is ACTIVE
• Fixed Asset Class must be ACTIVE in order to simulate it on Depreciation Run.

Adding Fixed Asset Class

File:Adding Fixed Asset Class.png

Adding Fixed Asset Class

Field	Description	Expected Output
1.Code	•Reference Code for the Fixed Asset Class	•Alphanumeric
2.Asset Class	•Asset Class	•Alphanumeric
3.Depreciate	•Checking if the Fixed Asset Class is Depreciating	•Tick/Untick
4.No. of Months use of Life	•Life of Specific Asset Class	•Number
5.Salvage Value	•Price when the Asset is Salvaged	•Number
6.GL Account Asset	•Account where the asset is assigned	•Account List from Chart of Accounts
7.GL Account (Acc Dep)	•Account where the asset is assigned on Accounting Department	•Account List from Chart of Accounts
8.GL Account (Depreciate Expense)	•Account where the asset is assigned when there is a Depreciation	•Account List from Chart of Accounts

Notes:

• The code field is a unique field, this field cannot be edited once the record is save.
• The accounts from the Chart of Accounts must be active in order to use it on the following fields.
  • GL Account Asset
  • GL Account (Acc Dep)
  • GL Account (Depreciate Expense)
• To check the status of the accounts, the user can visit the Chart of Account Maintenance Module.
• For detailed instructions on how to create a Fixed Asset Class, the user can visit the Fixed Asset Class Aids which can be found here

Editing Fixed Asset Class

File:Editing Fixed Asset Class.png

Editing Fixed Asset Class

Field	Description	Expected Output
1.Asset Class	•Asset Class	•Alphanumeric
2.Depreciate	•Checking if the Fixed Asset Class is Depreciating	•Tick/Untick
3.No. of Months use of Life	•Life of Specific Asset Class	•Number
4.Salvage Value	•Price when the Asset is Salvaged	•Number
5.GL Account Asset	•Account where the asset is assigned	•Account List from Chart of Accounts
6.GL Account (Acc Dep)	•Account where the asset is assigned on Accounting Department	•Account List from Chart of Accounts
7.GL Account (Depreciate Expense)	•Account where the asset is assigned when there is a Depreciation	•Account List from Chart of Accounts

Notes:

• User cannot edit the code field since it is a unique field upon creation.

• The accounts from the Chart of Accounts must be ACTIVE in order to use it on the following fields.
  • GL Account Asset
  • GL Account (Acc Dep)
  • GL Account (Depreciate Expense)
• To check the status of the accounts, the user can visit the Chart of Account Maintenance Module.

• For detailed instructions on how to edit a Fixed Asset Class, the user can visit the Fixed Asset Class Aids here

Fixed Asset Class Option

File:Fixed Asset Class Option.png

Fixed Asset Class Option

Notes:

• For detailed instructions on how to Import and Export a Fixed Asset Class, the user can visit the Fixed Asset Class Aids which can be found here

Fixed Asset Class Record Option

File:Fixed Asset Class Record Option.png

Fixed Asset Class Record Option

Notes:

• Fixed Asset Class Record must be on ACTIVE status in order to used it when creating or editing a Fixed Asset Master
  • This can be seen in Fixed Asset Class Maintenance Module
• For detailed instructions on how to View, Edit, Activate/Deactivate and Delete a Fixed Asset Class, the user can visit the Fixed Asset Class Aids which can be found here

Fixed Asset Class View Record

File:Fixed Asset Class View Record.png

Fixed Asset Class View Record

Notes:

• The user is allowed to edit the details when viewing the record.
• For detailed instructions on how to View a Fixed Asset Class, the user can visit the Fixed Asset Class Aids which can be found here