setup your integration to GL and setup and select your current book
import or manually add asset groups and asset codes
ensure the relevant periods are available for posting to allow you to enter all transactions
You can enter opening book values for assets you have depreciated to date. We recommend you key these into the last accounting period of the prior financial year. If you enter your opening values into the first period of the Current financial year, DV assets will require their depreciable value to be edited.
Adding Asset Groups
Maintain>FA>Asset Groups. Setup your Asset Groups and map to the appropriate GL codes
Specifying Depreciation Defaults
Maintain>FA>Depreciation Defaults. Specify Depreciation Defaults for each Asset Group.
Adding Asset Locations
Maintain>FA>Asset Locations. You can setup separate Asset Locations to indicate the physical location of the asset.
Adding Asset Books
Setup>FA>Asset Books. Most sites will only operate with one book. We would suggest you alias the 0000 book code to a more meaniful book code – ie IRD. You can setup additional asset books should you wish to report on assets at a different deprecation value than the current book. For example one book for your Tax reporting, another for Management reports.
Adding Assets
Maintain>FA>Assets. Setup your Asset Codes. You must specify the Group the Asset belongs to and you can optionally add a description and image of the asset.
Go to the Values Tab and specify the period you wish to start depreciating from in the Depn From Field.
Entering Opening Book Values
Tasks>FA>Enter Opening Values. Enter the full cost to date of the asset in the addition field and the depreciation claimed to date in the depreciation field. If there is any revaluation reserve / write-down, enter this amount in the revaluation field. If there is a residual value enter this in the residual field. The depreciation code and rate will default from the asset group assigned to the asset but these can be edited.
Note: Opening Book Values have no affect on GL.
Checking your Depreciation Schedule
Reports>FA>Asset Reports>Add Layout>Depreciation Schedule.
When you have finished entering your opening book values for your assets, print out a depreciation schedule and compare this against the schedule you have input data from.
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Tags: assets *, adding assets, values, opening, assets, setup, manually