fixed asset accounting

Fixed Asset Maintenance

 Last Revised: 11/12/14

Fixed Asset Maintenance allows the operator to create and edit fixed asset items.

Fixed Asset Maintenance Primary View
Fixed Asset# To edit an existing fixed asset, type its corresponding number or select it from a list. To create a new fixed asset#, type an unused number.
Description Line 1, Line 2 Maintain the description of the fixed asset.
Rental ID# Type the rental ID# when applicable.
Serial# Enter the item's serial number when applicable.
Vendor Indicate the vendor of this item.
PO# Type the purchase order number on which this fixed asset was purchased.
Category Code Indicate the category for this asset by choosing it from a list. These can be maintained in Fixed Asset Category Maintenance.
Location Specify the location of the fixed asset based on the system your company uses.
Tag# Enter the operator-specified number of the fixed asset.
G/L Location Indicate which branch receives the general ledger postings for this fixed asset.
New/Used Enter "N" for "new" and "U" for "used."
Acquisition Date Indicate the date on which the fixed asset was acquired.
Date of Disposition If applicable, indicate the date the fixed asset was disposed.
Method of Disposition If applicable, indicate the method in which the fixed asset was disposed.

Depreciation Info View
Tax Type

Choose from:

  • B Book
  • T Tax
  • M Alternative Minimum Tax (AMT)
  • A Adjusted Current Earnings (ACE)
Depreciation Method

Choose from:

  • DB Declining Balance
  • LD Limited Declining Balance (1.5x)
  • DD Double Declining Balance
  • SL Straight Line
  • AC ACRS
Status

Choose from:

  • N No depreciation to be taken
  • A Actual
  • a Modified Actual
  • H Half Year Method
  • h Actual/ Half Year combo
  • M Modified Half Year
  • Q Mid-Quarter convention
  • S Section 179
Additional First-Year 20% Bonus If this fixed asset had an additional 20% bonus in its first year, enable this option.
Asset Life in years Type in the amount of years in this asset's life.
Acquisition Cost Type in the cost of the asset when it was acquired.
Scrap Value Indicate the scrap value.
YTD Depreciation Taken Indicate the year-to-date depreciation taken.
Prior Years Depreciation Taken Indicate the depreciation taken in years prior.
Bonus Depreciation Taken Indicate any bonus depreciation taken.
Disposition Return Indicate the disposition return amount.