The Asset Info tab lists general information about the asset, and the Depreciation tab contains information about the asset's depreciation schedule and general ledger accounts. When adding an asset, you must complete both the Asset Info tab and the Depreciation tab. You can also add notes about an asset and keep track of maintenance performed on an asset.
Historical cost and depreciable basis are normally the same amount for new items. The depreciable basis is normally less than the historical cost for donated items. Depreciable basis and salvage value are not the same amount.
To add an asset
- Under Manage Records, click the Records tab.
- In the drop-down list, select Add/Edit Fixed Assets and click Go .
- In the Add/Edit Fixed Assets window, click Add.
- Enter an Item Number and Item Description If Auto Assign Item Number is selected in Fixed Assets Setup, the next available number displays in the Item Number field.
- On the Asset Information tab, enter general information for the asset.
- Click on the Depreciation tab, then enter the asset's depreciation information.
- On the Notes and Maintenance tabs, enter any notes or maintenance details about the asset.
- To attach a document (such as a scanned sales receipt, picture, or warranty information) to the asset's record, click Attach Files . Then, select the document you want to attach and click Attach.
- When finished, click OK.
Enter the date the fixed asset was acquired by your organization. Click the down arrow to select a date in the calendar.
Enter the last date of the asset's useful life. Click the down arrow to select a date in the calendar.
Enter the original price or value of the fixed asset at the time of its acquisition.
Enter the dollar amount from which an asset's depreciation is calculated. This is either the original cost of a purchased item, or the estimated current value of a donated item. ACS uses the historical cost as the depreciable basis by default.
Enter the estimated dollar value of the asset when its useful life has expired.
Enter the total, cumulative amount of depreciation expense that has been recorded since you acquired the asset.
Enter an asset category. Click the down arrow to select a category in the drop-down list.
Life (in Years)
Enter the estimated number of years that the fixed asset will hold a useful value for your organization. Click the up and down arrows to increase or decrease the number of years.
Ignore Acquire Date
Allows you to disregard the acquire date when calculating depreciation for a single asset.
Enter the general ledger asset account to apply depreciation. Click the down arrow to select an account in the Account Lookup window.
Enter the general ledger expense account to apply depreciation expense. Click the down arrow to select an account in the Account Lookup window.
Select how often to calculate depreciation on assets in this category.
Select the method to calculate depreciation on assets in this category.
- Straight Line — Depreciation is divided evenly over the useful life of the asset.
- Double-Declining Balance — An accelerated depreciation method.
- Sum of Year's Digits — An accelerated depreciation method.
- Custom Method — Enter a custom method created in Define Lists. Click the down arrow to select a method in the drop-down list.