FINACS FIXED ASSETS Page 1 of 17 FIXED ASSETS TABLE OF CONTENTS

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1 FINACS FIXED ASSETS Page 1 of 17 FIXED ASSETS TABLE OF CONTENTS 1. Setup Asset Group Setup Asset Asset Listing Issue Asset Return Asset Rental Register Depreciation Processing...17 (Compiled for FINACS v )

2 FINACS FIXED ASSETS Page 2 of Setup Asset Group Assets are the resources that are held or owned by your school and that have monetary value. This screen allows you to define ASSET GROUPS. Using Asset groups you can group similar assets together. You can create assets and link them to groups. Also, you can mark an asset group as rentable thus making all the assets and sub assets as RENTABLE. For example you can create an asset group like Books and link all your assets related to books to this group. Any number of asset groups can be created. Adding New Asset Groups Finding An Asset Group Editing An Asset Group Inactivating/Activating Asset Groups Adding New Asset Groups: 1. Display Setup Asset Group screen from the Fixed Assets menu. 2. All the groups are displayed in the grid.

3 FINACS FIXED ASSETS Page 3 of The screen opens in NEW mode with the focus in the ASSET GROUP CODE field, allowing you to directly create new asset groups. 4. Enter CODE. If the code entered is already in use and assigned to a different asset group item, the system will prompt you to enter a new code. 5. Enter GROUP NAME. You can enter up to 50 characters for description. 6. Select Y for rentable asset groups and N for non-rentable groups. 7. Click [Save] to record the information. 8. Once created, you cannot delete a group. However you can make it inactive. 9. Click [Cancel] to abort the creation of new code. 10. Click [Close] to close the form. Finding An Asset Group: 1. Display Setup Asset Group screen from the Fixed Assets menu. 2. The screen will open in NEW mode for directly creating new groups. Click [Cancel] for VIEW mode. 3. You can find Asset Group details in any of the following methods: The grid displays all the Asset Groups in your list. The list also displays the name, rentable and status against each Code. You can scroll through the list to find the code. If the group code is known, then enter in the CODE field and press the {Tab} key to populate its details. Also, to sort the list according to any of the above fields, click on their respective column headers. For example, to sort the list based on their names, click on the Name column header. This will sort the list in ascending order of their names. Click again to sort the list in descending order. Editing An Asset Group: 1. Display Setup Asset Group screen from the Fixed Assets menu. 2. All the groups are listed in the grid. You can scroll through the records to find the code. Refer Finding An Asset Group section on more help on finding an asset group. 3. Select the group to be edited. The ASSET GROUP CODE and NAME are displayed in the textboxes. Make the required changes. 4. ASSET GROUP CODE cannot be modified, as it is required to uniquely identify the group. 5. Click [Save] to save your changes or [Cancel] to ignore the changes. 6. Click [Close] to close the form. Closing the form without saving the data will pop up a warning message to save the changes. Click [No] to ignore the changes. Click [Yes] to save the changes and to close the screen and click [Cancel] to go back to the Setup Asset Group' screen.

4 FINACS FIXED ASSETS Page 4 of 17 Inactivating/Activating Asset Groups: When you make a group inactive FINACS stores the information, but hides the group from all the lists. Also, you cannot add new assets to the inactivated asset. 1. Display Setup Asset Group screen from the Fixed Assets menu. 2. Select the asset group to be made inactive. 3. Select INACTIVE option. 4. Click [Save] to record the changes. 5. You can reactivate the code by selecting the ACTIVE option in this screen.

5 FINACS FIXED ASSETS Page 5 of Setup Asset Assets are the resources that are held or owned by your school and that have monetary value. Assets can be of Current or Fixed Assets. Current Assets are assets that are available or can be made readily available to meet the cost of operations or to pay current liabilities. For example, they can be cash in hand or money in your checking/saving accounts or money that your customers owe you. Fixed Assets are the assets of a permanent character having continuing value. For example they can be land, building, equipment, furniture. They can usually possessions that are necessary for the operation of your school. This screen allows you to view, edit and create assets that your school owes. It stores information like Asset ID, Description, Group, Account Details, and Depreciation Details etc. Also, the screen allows you to view status on all your sub assets. Adding New Assets Finding An Asset Editing An Asset Inactivating/Activating Assets Adding New Assets: 1. Display Setup Asset screen from the Fixed Assets menu. 2. The screen opens in NEW mode with the focus in the ASSET ID field, allowing you to directly create new assets.. 3. Enter ASSET ID. If the ID entered is already in use and assigned to a different asset, the system will prompt you to enter a new ID. 4. Enter DESCRIPTION. You can enter up to 50 characters for description. It is recommended to enter clear description as it appears in all the transactions screens and reports.

6 FINACS FIXED ASSETS Page 6 of Select an ASSET GROUP from the dropdown group list to link the asset. The list displays all the active assets groups present in your school. 6. Enter QUANTITY. This indicates the quantity you have in hand when you create the asset. 7. Enter PURCHASE DATE and COST PRICE of the asset. 8. Enter BOOK VALUE if present. Book Value is the value at which the asset is carried on a balance sheet; it equals the cost price minus the accumulated depreciation. 9. If the asset is a book, then enter the book s ISBN NUMBER for reference. 10. Enter depreciation details like DEPRECIATION START DATE and DEPRECIATION %. When the depreciation of the asset is made, FINACS calculates the depreciation amount based on these details. 11. Enter the account name or click Fixed Asset Account lookup [ ] to populate all the accounts of control type FA (Fixed Asset). Select the appropriate account and click [Accept]. 12. The selected FA control account is the account to which all assets are posted. You can link all assets to one FA account or link one logical group of assets to one account. 13. Select the PROVISION FOR DEPRECIATION ACCOUNT and DEPRECIATION ACCOUNT to track depreciations for the current asset. Or, click on the respective lookups [ ] to populate all the accounts. Select the appropriate account and click [Accept]. Whenever the asset is depreciated, the PROVISION FOR DEPRECIATION ACCOUNT gets credited and the DEPRECIATION ACCOUNT gets debited.

7 FINACS FIXED ASSETS Page 7 of 17 You can create new accounts in General Ledger > Setup Accounts > Chart of Accounts. Or, click [Add] in the Account Code - Lookup screen to directly add new accounts. 14. Select other details like COSTCENTER and OTHER CHARGES if present for the asset. 15. Click [Save] to record the information. 16. Click [Sub Asset Status] to view status of the sub-assets. FINACS automatically creates the sub assets based on the QUANTITY entered. 17. The Sub Assets screen lists all the sub assets with their status listed against each asset code. You can edit any sub asset code to suit your school s naming conventions. Click [Save] to record and [Close] to close the sub asset screen. 18. Once created, you cannot delete an asset. However you can make it inactive. 19. Click [Cancel] to abort the creation of new code. 20. Click [Close] to close the form. Finding An Asset: 1. Display Setup Asset screen from the Fixed Assets menu. 2. The screen will open in NEW mode for directly creating new assets. Click [Cancel] for VIEW mode. 3. You can find Asset details in any of the following methods: If the Asset ID is known, then enter in the ID field and press the {Tab} key to populate its details. If the asset code is unknown, click on the search screen icon to populate all the assets in your list. Select the required item and click [Accept] to populate its details.

8 FINACS FIXED ASSETS Page 8 of 17 Also, you can browse through all the assets present in your list by clicking the navigation buttons present next to DESCRIPTION. Editing An Asset: 1. Display Setup Asset screen from the Fixed Assets menu. 2. Select the asset to be edited either from the search screen or by browsing through the assets with the help of navigation buttons. Refer Finding An Asset section on more help on finding an asset. 3. The selected asset details are populated. Make the required changes. 4. ASSET CODE cannot be modified, as it is required to uniquely identify the group. 5. Click [Save] to save your changes or [Cancel] to ignore the changes. 6. Click [Close] to close the form. Closing the form without saving the data will pop up a warning message to save the changes. Click [No] to ignore the changes. Click [Yes] to save the changes and to close the screen and click [Cancel] to go back to the Setup Asset screen. Inactivating/Activating Assets: When you make an asset inactive, FINACS stores the information, but hides the asset code from all the lists. 1. Display Setup Asset screen from the Fixed Assets menu. 2. Select the Asset code to be made inactive. 3. Select the INACTIVE option. 4. Click [Save] to record the changes. 5. You can reactivate the code by selecting the ACTIVE option in this screen.

9 FINACS FIXED ASSETS Page 9 of Asset Listing You can view a list of all your Assets and their brief summary in this screen. The grid displays the Description, Purchase Date, Number of Sub Assets, Available and the Asset Group against each Asset. You can click on the column headers to sort the list according to Asset Description or Available Sub Assets or by their Purchase Date. By default the list is sorted in ascending order of Asset IDs. You can display all assets or assets linked to the selected group here. To view assets based on group: 1. Select the group from the ASSET GROUP drop-down list. If you wish to see all the assets irrespective of the groups, select ALL. 2. Click [Retrieve] to display the assets linked to the selected group. To create new assets: Click [New] to open the Assets screen. Enter the details to create a new asset. To edit asset: Select an asset from the list and click [Edit] to open the Assets screen with the selected asset s details. Make the required changes and click [Save]. Tip: You can directly edit asset details by double clicking the required asset from the list.

10 FINACS FIXED ASSETS Page 10 of Issue Asset This screen allows you to rent or issue assets to students and staff. You can mark an asset group as rentable thus making all the assets and sub assets as RENTABLE. Once an asset is issued, FINACS reduces the available quantity by issued number. Also, this screen allows you Quick Issue where you can issue sub assets in bulk to a group of students/staff. To Issue Assets to Students/Staff: 1. Display the Issue Asset screen from the Fixed Assets menu. 2. The screen will open in NEW mode, allowing you to directly issue assets. 3. Select Student or Staff from the SELECT drop-down list. 4. Select student grade from the GRADE list. If you wish to issue sub-assets to all the students belonging a grade, then select the grade and click [Retrieve]. All the students for the selected grade are listed in the grid. If you wish to issue sub-assets to a particular student or a staff member, then enter the code in the ID field or select the code from the ID lookup icon [ ]. Select the required student/staff and click [Accept]. 5. Click [Retrieve]. The grid lists all the selected students/staff. 6. Current date is populated in the ISSUE DATE filed. You can change the date to reflect the date of issue.

11 FINACS FIXED ASSETS Page 11 of Due date is populated based on the current date. You can change the date to reflect the actual due date. By default, the due date is 6 months from the charge date. 8. Select SUB ASSET CELL in the grid. Click on the sub-asset lookup icon [ ] to list all your sub-assets. Select a sub asset and click [Accept] to issue the asset to the person. If the asset you are looking for is not present in the list, make sure if the asset is rentable. To create new assets from the lookup screen, click on the [Add] button. 9. Follow the same to all the selected students/staff in the grid. You can also issue different sub-assets by this method. 10. Click [Save] to issue the selected assets or [Cancel] to abort. 11. Click [New] to start a new issue or [Close] to close the screen. To Quick Issue: Quick Issue helps you to issue sub-assets to groups of students/staff in bulk. However, this allows issuing only a single type of asset in one instance. 1. Display the Issue Asset screen from the Fixed Assets menu. 2. Select Student or Staff from the select drop-down list. 3. Select student grade from the GRADE list. If you wish to issue sub-assets to all the students belonging a grade, then select the grade and click [Retrieve]. All the students for the selected grade are listed in the grid. If you wish to issue sub-assets to a particular student or a staff member, then enter the code in the ID field or select the code from the ID lookup icon [ ]. 4. Click [Retrieve]. The grid lists all the selected students/staff. 5. Select the asset to be issued from the QUICK ISSUE section. If asset code is known, enter the code in the ASSET CODE field and press the {Tab} key. The ASSET DESCRIPTION and the AVAILABLE QUANTITY are populated.

12 FINACS FIXED ASSETS Page 12 of 17 If the asset code is unknown, click on the lookup icon [ ] to bring up the asset lookup. The lookup screen displays a list of all your assets and the quantity available. Select an asset and click [Accept] to issue the asset. If the asset you are looking for is not present in the list, make sure if the asset is rentable. To create new assets from the lookup screen, click on the [Add] button. 6. Click [Issue] to apply the asset against the listed students/staff. 7. Make sure that you have enough available quantity present to issue. If the selected students or staff list is more than the available quantity, delete some students/staff and click reissue. 8. All the sub-assets for the selected asset are applied against the list. 9. You can modify sub-assets, issue date and due date for individual students/staff from the list. 10. Click [Save] to issue the selected assets or [Cancel] to abort. 11. Click [New] to start a new issue or [Close] to close the screen.

13 FINACS FIXED ASSETS Page 13 of Return Asset This screen displays a list of all your issued asset details. You can mark assets as returned and enter returned date and quantity. Once an asset is returned, FINACS updates the status of the asset as Available and increases the available quantity. The screen allows you to retrieve data based on a grade, student, staff, or based on an asset. You can also retrieve issued data in a date range. 1. Display the Return Asset screen from the Fixed Assets menu. 2. Select Student or Staff from the select drop-down list. 3. To list all the students with issued assets, select <All> from the GRADE list and click [Retrieve]. To view students with issued assets for a particular grade, select the required grade and click [Retrieve]. 4. To list all the assets issued to a particular student or a staff member, then enter the code in the ID field or select the code from the ID lookup icon [ ]. 5. Click [Retrieve]. The grid lists all the selected students/staff. 6. Select Asset. You can either enter the code and tab out or select an asset from the asset lookup screen [ ].

14 FINACS FIXED ASSETS Page 14 of Click [Retrieve]. The grid displays a list of students or staff who are issued with the selected asset. 8. You can also view issued data or whose due date lies in a date range. Enter FROM/TO date in the date fields. By default, assets issued in the recent 30 days are listed. 9. Choose the students or staff in the list who are returning the assets by selecting the RETURN checkbox. Or, click SELECT ALL checkbox, if you wish to mark the complete list as returned. 10. Once checked as returned, current date is populated in the RETURNED DATE is column. You can edit it to reflect the actual date of return. 11. Click [Save] to mark the checked assets as returned. 12. Click [New] to record new returns or [Close] to close the screen.

15 FINACS FIXED ASSETS Page 15 of Rental Register You can view all your issued data for a selected asset. The screen lists the student against whom the asset is issued, the date issued and the due date. You can also view data on assets issued in between a date range or whose due date lies in date range. 1. Display the Rental Register screen from the Fixed Assets menu. 2. Select the asset for which you wish to view issued data. If asset code is known, enter the code in the ASSET CODE field and press the {Tab} key. The ASSET NAME is populated. If the asset code is unknown, click on the lookup icon [ ] to bring up the asset lookup. The lookup screen displays a list of all your assets and the quantity available. Select an asset and click [Accept] to issue the asset. If the asset you are looking for is not present in the list, make sure if the asset is rentable. To create new assets from the lookup screen, click on the [Add] button. 3. Click [Retrieve]. The grid displays a list of students & staff who are issued with the selected asset.

16 FINACS FIXED ASSETS Page 16 of You can also view issued data or whose due date lies in a date range. Enter FROM/TO date in the date fields. By default, assets issued in the recent 30 days are listed. 5. Click [Print Register] to print the list. 6. Click [Cannel] to clear the screen and to retrieve data for a different asset or click [Close] to close the screen.

17 FINACS FIXED ASSETS Page 17 of Depreciation Processing Your company s fixed assets normal decrease in value over a period of time. The asset value generally decreases due to wear & tear through use, elapse of time, inadequacy, or obsolescence. This decrease in price or value is termed as depreciation. Create depreciation accounts to track your asset depreciations. This is reflected in your balance sheet by debiting the depreciation account and crediting the accumulated depreciation account. 1. Display the Depreciation Processing screen from the Fixed Assets menu. 2. Select the MONTH and YEAR for depreciation. 3. Click [Process] to depreciate. 4. FINACS calculates the depreciation for all your assets for the selected month and year. 5. A journal voucher is created with the depreciated amount. 6. Once the assets are depreciated for a particular month, re-depreciating is not possible. If you wish to modify the amount, then you can do so by editing the created depreciation journal voucher. 7. Click [Close] to close the screen.