Introduction. The Jonas Fixed Assets module helps Jonas users keep track of assets and their impact on the General Ledger accounts.

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1 Introduction General Ledger Processing: Introduction Introduction Whether it is a computer system, office furniture, or an electric generator, the Fixed Asset module will keep track of the where and how much of your company's assets. The Jonas Fixed Assets module provides the ability to track assets by category and location, with related purchase and selling prices and dates. Insurance values may be recorded, thus enabling the reporting of an annual list for the insurance company. Depreciation may be tracked, and, as an option, automatically updated on a monthly basis. The use of various rates (book or tax), and methods, (either straight line or declining balance), make this program a flexible tool for tracking your corporate assets. The Jonas Fixed Assets module helps Jonas users keep track of assets and their impact on the General Ledger accounts. This module will categorize assets by depreciation methods, General Ledger accounts, and physical locations. The system will post the depreciation to the General Ledger and provide a report so the user can manually post the depreciation transaction. The report will calculate and display the appropriate General Ledger entries. The system will calculate the monthly transaction amounts based on annual depreciation rates. 1 Version 12.3 Copyright 2013 Gary Jonas Computing

2 Introduction General Ledger Fixed Assets Table of Contents Page Introduction Setup Fixed Asset Categories Fixed Asset Location Fixed Asset Items Purchase History Button Sticky Notes Reference Fields Button Reports List of Fixed Assets List of Additions and Disposals Processing Depreciation Schedule Disposed Assets Posting Reference Fields Version 12.3 Copyright 2013 Gary Jonas Computing

3 Fixed Asset Categories General Ledger -> Assets -> Fixed Asset Categories Setup Fixed Asset Categories The first step to organizing a company's assets is to break them down into categories. Note: Each asset must be attached to a category, and the category brings assets together that have certain similarities. 3 Version 12.3 Copyright 2013 Gary Jonas Computing

4 Fixed Asset Categories Company Press <ENTER> to accept the default Company whose information you wish to set up or use the Small Down Arrow to select from a list of Companies. Category Code Enter the Category code for the Asset type or press <F2> to select the code from the list. Press <F9> to print (or design) a listing. Description Enter a description for this Category. Depreciation Methods Declining balance will take the purchase amount of the asset and depreciate the asset by the percentage entered annually. The following year will depreciate the new book value by the percentage, a lesser amount each year until the asset reaches its salvage value or zero and thereafter depreciate. Straight Line method will take the purchase amount of an asset and depreciate the asset by the percentage entered annually, and will continue to use the same amount every year until the asset reaches its salvage value or zero. Book and Tax Book Value and Tax Value can be different. Many auditors or accountants will report the tax value only at year-end. he Jonas system will only post General Ledger entries using the book method and rates, but will keep the tax value accumulated depreciation, as well as book value, for each asset. Dep n Method - Book Which Depreciation method applies to Book value? Declining Balance (check the box) Straight Line (check the box) Dep n Method - Tax Which Depreciation method applies to Tax value? Declining Balance (check the box) Straight Line (check the box) 4 Version 12.3 Copyright 2013 Gary Jonas Computing

5 Fixed Asset Categories Pct. Enter the Depreciation percentage of the Book and Tax values. The depreciation percentage is the percentage of the purchase or book value amount to be depreciated each year. For five years, use 20% (100% divided by 5), for ten years, use 10%. Asset Account This is the account where the purchase price of assets in this category are accumulated. Enter the balance sheet General Ledger account where the purchase price for this asset category will be charged. Press the <F2> lookup button to select from the list. If the account has sub-accounts, you can enter it as well. Accumulated Depreciation The sum of all years depreciation of assets in this category is entered as a credit balance into this balance sheet account. The net of the purchase amount and accumulated depreciation is the Book Value. Enter the General Ledger account and sub account used to collect the accumulated depreciation for assets in this category. Press the <F2> lookup button to select from the list. Depreciation Expense The amount of depreciation for any period up to a year is expensed as a cost of operation. This charge will also result in a corresponding credit to the accumulated depreciation account described above. Enter the General Ledger account or sub account for the expense or press the <F2> lookup button to select it from the list. Post Bal. Sheet Accts to Dept/Div Enter the Department or Division code to which to post the Asset Account and Accumulated Depreciation Accounts or press <F2>to select the code from the list. Press <EN- TER> to have the computer use the Department/Division associated with each Asset. Use 1/2 Year Method This field is used to take into consideration the half-year rule for calculating depreciating on assets in the year of purchase or disposal. Select this flag to use the 1/2 Year Method of depreciation. Depreciate By Purchase History Line This flag was originally for a custom process for a specific client. By default, this flag will be set to unchecked. 5 Version 12.3 Copyright 2013 Gary Jonas Computing

6 Fixed Asset Location General Ledger -> Assets -> Location Codes Fixed Asset Location Locations are used to keep track of the assets physical whereabouts. This is of great help when doing an annual physical count of all assets. Locations can be the office, job, yard or shop. Enter a code for the location and a description that best describes the location. Company Press <ENTER> to accept the default Company whose information you wish to set up or use the Small Down Arrow to select from a list of Companies. Location Code Enter the Location code or press <F2> to select the code from the list. Press <F9> to print (or design) a listing. 6

7 Fixed Asset Location Description Enter a description for this Location. If this is a Job number, you can press <ENTER> to automatically pick up the Job description. Cost Item If this is a Job, and you wish the Depreciation Journal entry to charge the JOB with Depreciation expense (instead of just the G/L), enter the Cost Item code to which to post or press <F2> to select the code from the list. Press <ENTER> not to post the Depreciation expense. Cost Type If this is a Job, and you wish the Depreciation Journal entry to charge the JOB with Depreciation expense (instead of just the G/L), enter the Cost Type code that applies to Depreciation or press <F2> to select the code from the list. 7

8 Fixed Asset Items General Ledger -> Assets -> Fixed Asset Items Fixed Asset Items Each individual asset or purchase should be entered into the system separately. Decide on an item coding system. The system generates a 10 alphanumeric code. Company Press <ENTER> to accept the default Company whose information you wish to set up or use the Small Down Arrow to select from a list of Companies. Item Code Enter the asset code desired, or press <F2> to select from the pop-up window. If you are adding assets select ** Add ** to create a new code. 8

9 Fixed Asset Items Description Enter a description of the asset that best describes the item. Serial/Tag # Enter the serial or tag number of the item, or vendor identification number. Category Enter the Category code associated with this Item or press <F2> to select the code from the list. Location Enter a Location for the Fixed Asset or press F2 to select from a list of existing locations. GL Div/Dept Enter the Department/Division code to which this Item belongs or press <F2> to select the code from the list. Press <ENTER> if your books are not departmentalized. Comments Enter any comments that may be useful regarding the fixed Asset. Purchase Info Date Enter the date when the Asset was purchased or press <ENTER> to accept the displayed date. Press <F2> to select the date from the Calendar. Bought From Enter the name of the Company from which the fixed Asset was purchased. Sales Info Price If the Fixed Asset has been sold, enter the Selling Price or press <ENTER> if the Fixed Asset has not been sold. Sales Info Date If the Fixed Asset has been sold, enter the date when the Asset was sold or press <EN- TER> to accept the displayed date. Press <F2> to select the date from the Calendar or press <ENTER> if the Asset has not been sold. (To blank out a date, enter N/A or NA.) 9

10 Fixed Asset Items Sold To Enter the name of the Company or person to whom the Asset was sold or press <ENTER> if the Asset was not sold, or if the name is not available. Salvage / Residual Value This amount is used in the calculation of the depreciation. If the purchase amount, less the salvage / residual value and less the accumulated depreciation is more than zero, then the system will depreciate the item. Memo (Insurance) Value This is a memo field only; it is not used in any calculations. The amount entered here can be used for insurance reporting. This information is printed on the Asset Item List Report. As of yrend Enter the last month of the last fiscal year or press <ENTER> to accept the displayed month or press <F2> to select the month from the Calendar. Accumulated Depreciation - end of last fiscal year (book & tax) This is the amount the system has calculated based on the category, purchase and residual values. The user can enter an amount in these fields and the system will calculate and add to them. The at date is for the book value accumulated depreciation. Each time the depreciation is run at year-end, the system will change the values and update the date. Fixed Assets are generally written off (or amortized) over the estimated useful, productive or economic life of the asset. Therefore, such rates can vary from industry to industry and asset to asset, and, as such, are selected by each company s accountants as appropriate for their circumstances. Your accountant will reconcile the difference between Book and Tax values with your annual Corporate Income Tax returns. AccDep (Book) Enter the accumulated Depreciation (Book method) of this Asset as of the end of the last fiscal year or enter 0 (zero) if the Asset was purchased in the current year. AccDep (Tax) Enter the accumulated Depreciation (Tax method) of this Asset as of the end of the last fiscal year or enter 0 (zero) if the Asset was purchased in the current year. 10

11 Fixed Asset Items Special 50% Bonus Dep n (US Clients Only) Check this flag off on qualifying Fixed Asset Items (purchased between May 6/03 and Dec. 31/04) for the new 50% Bonus Depreciation program introduced in May This bonus depreciation is on top of normal depreciation. 11

12 Purchase History Button General Ledger -> Assets -> Fixed Asset Items ~ Purchase History Purchase History Button Use this screen to enter purchase history information for the fixed item. Any amounts entered here will adjust the Asset Value amount on the main screen automatically. Positive or negative amounts can be entered here. You will see the following warning message if you change the Original Purchase Value: 12

13 Purchase History Button 13

14 Sticky Notes Button Sticky Notes (Button) Sticky Notes The Sticky Note button allows you to enter a memo regarding the invoice. This memo can then be viewed when doing a Customer Inquiry. If a sticky note has been applied there will be a plus sign (+) under the SN column. The free-form notes entry field can be used to enter the information that you would have hand-written on the invoice. This space can contain up to 100 lines. Created By This field is set by the system and cannot be edited. Created On This field is set by the system and cannot be edited. It uses the current system date. 14

15 Sticky Notes Button Confidential Do you want this Sticky Note to be confidential (i.e. only for you to view)? YES (check the box) to make it secure or NO (do not check the box) if others are allowed to see it. Attach If you want to attach a document to the Sticky Note (e.g. a Picture, a Chart, etc.), enter the full Path and File name where the document is located. Press <F2> to find and select the File. 15

16 Reference Fields Button General Ledger -> Assets -> Fixed Asset Items ~ Ref Fields Reference Fields Button Use this screen to enter up to ten fields with customized reference information. The fields you see here will need to first set up on the General Ledger -> Assets -> Reference Fields screen.these fields may be populated for each asset and may be reported using the List of Fixed Assets and the List of Additions and Disposals. 16

17 List of Fixed Assets General Ledger -> Assets -> List of Fixed Assets Reports List of Fixed Assets This program allows you to print a simple list of Assets whether they are new additions or disposals, by location or by division. Company Press <ENTER> to accept the default Company whose information you wish to set up or use the Small Down Arrow to select from a list of Companies. 17

18 List of Fixed Assets Which G/L Division Enter the Department/Division code to be used or press <F2> to select the code from the list. Press <ENTER> to include the Assets for all Departments/Divisions. Sort By Sort the report by CATEGORY (check the box) or LOCATION (check the box) to get a separate report for each Location. Choose Press <ENTER> to accept the displayed option (ALL Categories or Locations) or use the Down Arrow to select another option: RANGE of Categories or Locations SELECTED Categories or Locations Select Enter the Category or Location code to be used or press <F2> to select from the list of codes. One by one, you may select a series of codes. When finished, press <TAB> to proceed to the next field. Range From Enter the starting (FROM) Category or Location code to be used. (ie. only Categories/Locations from the FROM code up to and including the TO code will be included. Press <EN- TER> to start at the first code on file. Range To Enter the ending (TO) Category or Location code to be used (ie. only Categories/Locations from the FROM code up to and including the TO code will be included). Press <EN- TER> to end at the last code on file. Show Disposals Check the flag to have disposed Assets included in the report. Print Purchase History To have the complete purchase history included on the listing for each asset, select this option. Include Reference Fields To include reference fields on the listing, select this option. 18

19 List of Additions and Disposals General Ledger -> Assets -> List of Additions and Disposals List of Additions and Disposals This program allows you to print a list of Assets that have been purchased or disposed of in the date range requested. Company Press <ENTER> to accept the default Company whose information you wish to set up or use the Small Down Arrow to select from a list of Companies. Period From Enter the starting (FROM) date to be used. (ie. only transactions from the FROM date up to and including the TO date will be included). Press <ENTER> to accept the 19

20 List of Additions and Disposals displayed date. Press <F2> to select the date from the Calendar. Period To Enter the ending (TO) date to be used (ie. only transactions from the FROM date up to and including the TO date will be included). Press <ENTER> to accept the displayed date. Press <F2> to select the date from the Calendar. Which G/L Dept/Div Enter the Department/Division code to be used or press <F2> to select the code from the list. Press <ENTER> to include the Assets for all Departments/Divisions. Sort By Sort the report by CATEGORY (check the box) or LOCATION (check the box) to get a separate report for each Location. Choose Press <ENTER> to accept the displayed option (ALL Categories or Locations) or use the Down Arrow to select either a RANGE of Categories or Locations or SELECTED Categories or Locations. Select Enter the Category or Location code to be used or press <F2> to select from the list of codes. One by one, you may select a series of codes. When finished, press TAB to proceed to the next field. Range From Enter the starting (FROM) Category or Location code to be used. (ie. only Categories/Locations from the FROM code up to and including the TO code will be included. Press <EN- TER> to start at the first code on file. Range To Enter the ending (TO) Category or Location code to be used (ie. only Categories/Locations from the FROM code up to and including the TO code will be included). Press <EN- TER> to end at the last code on file. Include Reference Fields To include reference fields on the listing, select this option. 20

21 Depreciation Schedule General Ledger -> Assets -> Depreciation Schedule\ Processing Depreciation Schedule The depreciation schedule will calculate the current accumulated depreciation and post to the General Ledger if desired. The system will report by selected divisions, categories and locations, but will only to the General Ledger if everything is selected and the book method is selected. 21

22 Depreciation Schedule Company Press <ENTER> to accept the default Company whose information you wish to set up or use the Small Down Arrow to select from a list of Companies. Which G/L Division Enter the Department/Division code to be used or press <F2> to select the code from the list. Press <ENTER> to include the Assets for all Departments/Divisions. Sort By Sort the report by CATEGORY (check the box) or LOCATION (check the box) to get a separate report for each Location. Choose Press <ENTER> to accept the displayed option (ALL Categories or Locations) or use the Down Arrow to select another option: RANGE of Categories or Locations SELECTED Categories or Locations Select Enter the Category or Location code to be used or press <F2> to select from the list of codes. One by one, you may select a series of codes. When finished, press TAB to proceed to the next field. Range From Enter the starting (FROM) Category or Location code to be used. (ie. only Categories/Locations from the FROM code up to and including the TO code will be included. Press <EN- TER> to start at the first code on file. Range To Enter the ending (TO) Category or Location code to be used (ie. only Categories/Locations from the FROM code up to and including the TO code will be included). Press <EN- TER> to end at the last code on file. For Period Ended Enter the Period/month to be used (ie. only transactions for this Period will be included). Press <ENTER> for the current Period or press <F2> to select the Period from the Calendar. The system will only post the depreciation for 1 month at a time. It always assumes that the previous months have been completed. If you miss a month, then post that month first before posting the current month. 22

23 Depreciation Schedule Note: If this is the last Period of the fiscal year (and you have selected ALL Divisions above), you will be offered the choice of updating the year's annual depreciation totals. This needs to be done before the first Period of the next fiscal year can be reported on. Depreciation Method Choose the Depreciation Method you want to use. BOOK (check the box) or TAX (check the box). If you selected ALL information in the "Choose" field, and BOOK method in this field, you have the option of posting a Journal entry directly to the G/L by checking the box in the Post to G/L field. Post to G/L To post the depreciation calculated to the General Ledger accounts, check the box. The depreciation schedule will show the item description, the division, date of purchase, date sold, net book value at year-end, depreciation this period, depreciation year-to-date, accumulated depreciation to date, and closing net book value. Note: If not posting to the General Ledger, the report would show what entries would be booked. If posting to the General Ledger, the report would show G/L summary. G/L Posting Date Enter the date of record here, which is the date the entry will affect the G/L. Show Disposed Assets Do you want to report on Disposed Assets? YES (Default) - All Assets will be shown on the report. NO - Only Assets that do not have a Date Sold will be shown on the report. 23

24 Disposed Assets Posting General Ledger -> Assets -> Disposed Assets Posting Disposed Assets Posting This program will allow you to update the Fixed Asset Items with a sale or disposal. The information screen will show the asset's capital cost, accumulated depreciation and depreciation to date at the time of sale. The ability to record a manual journal entry to the GL is provided. Company Press <ENTER> to accept the default Company whose information you wish to set up or use the Small Down Arrow to select from a list of Companies. 24

25 Disposed Assets Posting Date of Record Enter the date of Record or press <F2> to select the date from the Calendar. Option Select if you only want a preview asset information or update and post the item disposal. Item Enter the code or use <F2> and select from the list. Sale Price The amount entered in this field will update the Selling Price in the Fixed Assets Item. Date of Sale This must be within the same period as the Date of Record. This will update the Selling Date in the Fixed Asset Item. Sold To Enter who the asset was sold to. If the asset was written off, you may enter 'Disposed' or "Write Off". G/L Press <ENTER> to bring you into the Information screen for the Asset, and ultimately the GL entry program. If you click into a row with information you must press Enter in the GL cell to get to the next screen. 25

26 Reference Fields General Ledger -> Assets -> Reference Fields Reference Fields This screen provides the user ten fields to customize. These fields may be populated for each asset and may be reported using the List of Fixed Assets and the List of Additions and Disposals. Description Add a description for the reference field. Type Select what type the field is from either Alpha (A) or Numeric (N). Size Select the size of the entry field. Numeric fields can be entered with decimal places, while alpha fields require whole numbers. Addn l Information Enter any additional information for the field here, which can include suggestions for entry. 26