Asset Register User Guide

Transcription

1 Asset Register User Guide Commercial in Confidence 1/39

2 Table of Contents Asset Register... 3 Prerequisites - Asset Register... 3 Ledger Model Accounts...4 Create Model Accounts...5 Check Posting Accounts...6 Maintenance Codes...6 Asset Type...6 Department...7 Room Codes...7 Creditors...8 Setting Up the Asset Register... 9 Ledger Codes...9 Setup...10 Add a new Asset Creditor Invoice Entry...11 Asset Register Entry...13 Components...14 Additions...14 Purchase...15 Dep n...15 Maintenance Gen/ Elec...16 Required Maint...16 Maint History...17 Comment...17 Picture...17 Running the Depreciation Annual Depreciation...18 Periodic Depreciation...21 Add New Asset after Depreciation Re-Value an Asset Status Options Currently in Use...32 Disposing Of...32 Pending will not depreciate...34 Scrapping an Asset...34 Temporarily out of Service...36 Transferred In (Pending)...36 Transfer To Alternate Ledger Acc...36 House Keeping Globally; Change Ledger Code...37 Change Department Code...38 Change Depreciation...39 Commercial in Confidence 2/39

3 Asset Register Path: Finance Asset Register Security required; Asset File View The function of the Asset register is to: Keep a record of the schools Assets Produce Depreciation Schedules, listing depreciation for a period including items with a Scrapped, Disposed or Missing status. Upon Finalisation automatically create a Journal batch for the period if integrated with the General Ledger. Calculate depreciation yearly or at a time interval such as quarterly monthly or at any designated interval Record Supplier/Manufacturer and Warranty detail on capital items Produce Mechanical & Electrical Maintenance Schedules on request Produce Stocktaking Check Listings This document covers; Prerequisites - Asset Asset Register Setting Register Up Running the Adding an Asset after Depreciation Depreciation Disposing an Asset Add a New Asset Change an Assets Value Housekeeping Prerequisites - Asset Register Any or all of the following may need to be set up when using the Asset Register; Check Posting Ledger Model Accounts Create Model Accounts Accounts Maintenance Codes Room Codes Creditors Commercial in Confidence 3/39

4 Ledger Model Accounts Path: Finance General Ledger Model Account Entry If the Asset Register is integrated with the Ledger, upon finalisation of the depreciation a Journal batch will be created automatically, this will require the following accounts; Expense Account, where the depreciation will be debited Asset Account (GL Balance Sheet item), where the accumulated depreciation will be credited Sub accounts cannot be used for the Asset Register but can be used for individual projects. Australia Only: In the DETYA Chart the expense Account is in the 2900 range and the Balance Sheet Account is in the 5000 range ending in 90 depending on the particular type of asset. The accounts below are examples only it depends upon your ledger integration as to what Model Accounts you need to set up. If you are unsure of the Model Accounts you need to create please contact your accountant for advice. The example below could be for Motor Vehicles. Asset Account: where the asset value is held; Range Motor Vehicles Account Details Posting Asset Debit. Expense (Depreciation) Account: where depreciation is debited; Range Depreciation Vehicles Account Details Posting Expense Debit. Balance Sheet Item (Asset Account): where accumulated depreciation is credited; Range Accumulated Depreciation on Vehicles Account Details Posting Asset Debit. Proceeds from Sale; Range 960 Proceeds Sale of Fixed Assets. Account Details Posting Income Credit. Profit or Loss on Re-Valuation of the asset; Range 965 Profit/Loss Re-valuation of Fixed Asset Account Details Posting Income Credit Commercial in Confidence 4/39

5 Create Model Accounts Path: Finance Gen Ledger Model Account Entry Before entering any new accounts check the Range of numbers for the code, if in doubt ask your accountant what the range should be. Check groupings for the Asset Types according to your Chart of Accounts. 1. Click to Clear All to clear any memory. 2. Enter a unique Account code for this item. 3. Enter your Name, the description for this account. 4. In the Account Type select Posting. 5. In Account Classification select the correct classification; Accumulated Depreciation = Asset Depreciation = Expense 6. For the Status select Debit. 7. Enter a GST Class of TC for invoice accounts only, for all other accounts leave blank. 8. Enter the GST Rate for invoice accounts only, for all other accounts leave blank. Aus only; Select the DETYA code for invoice accounts only, for all other accounts leave 9. blank. 10. Click Save to save the entry. Commercial in Confidence 5/39

6 Check Posting Accounts Path: Finance Gen Ledger Posting Account Entry Check the correct GST details are in the Posting Account; If you are processing invoices directly to these accounts change the GST class to TC Maintenance Codes Path: Finance Utilities Maintenance View These areas are optional and can be set up to further define the Asset. Before adding information please check with your System Administrator. Do not delete any of the details as they may be used in other modules. Optional Maintenance Codes that can be used in the Asset Register are; Asset Type Departments Asset Type ASSETTYPE; Items can be categorised by the Asset Type such as Computer Equipment, Classroom Equipments etc, if you will be using Type the codes need to be set up. Commercial in Confidence 6/39

7 Department PAYDEPT; If using Departments to define which department pays for the expense you can add codes to the predefined list PAYDEPT, do not delete codes already entered as they may be used by other departments such as Payroll. Room Codes Path: Finance Other Modules Asset Register Room Codes You can add rooms to assign to the Asset this will further define where the expense is to be allocated. Never delete a Room Code as they may be used by other departments such as Timetable. Commercial in Confidence 7/39

8 Creditors Path: Finance Creditors Creditor Master File Information Creditors are needed for entering Asset Invoices and implementing a Maintenance schedule. For further details on entering Creditors please see the Creditor section in HELP or read the Creditor User Guide. 1. Click Clear All to clear any previous Creditor details. 2. Enter a Code that will enable you to recognise the Creditor. 3. Enter the Name of the Creditor. 4. Enter any relevant Creditor contact details. 5. Default Entity and Ledger Account must be entered. You must select a Payment Method; 6. Do not select DD, if you do the payment will go straight to the Batch and will not create a record in Execute payments. BP, Bill pay can be selected but the payment must be made manually 7. Tick Pay Advice if you will be ing Pay Advices; You must enter an address in the field. 8. Click Save Creditor to save the details. Commercial in Confidence 8/39

9 Setting Up the Asset Register Path: Finance Other Modules Asset Register The Asset Register needs settings entered before it can be used, these settings include; Ledger Codes Setup Ledger Codes In the Ledger Codes tab enter the necessary Ledger Codes for the Assets you will be using. 1. Select a Ledger Account for the Asset group. 2. The Name will default from the Ledger Account. Enter the Next Item Number to be used; This will automatically allocate the first number with the ledger grouping but can be 3. edited. If the numbers stop counting when entering assets this number can be reset here Enter in the Depn% column a numeric value for the default depreciation percent; 4. This value can be changed when the Asset is entered Select the Type: D = Diminishing Value; Depreciation % will be calculated on the written down value. 5. S = Straight Line Value; Depreciation % will be calculated on the Purchase Price regardless of the written down value. Y = Write off 1 st year; the asset is written off in the first year. For the Depreciation fields select; 6. Income/Expense; select the Depreciation ledger account. Balance Sheet; select the Balance Sheet ledger account. For the Profit or Loss on Re-Evaluation fields, select; 7. Income/Expense; select the Profit account. Balance Sheet; select the Balance Sheet account. For the Proceeds from Sale select; 8. Income/Expense; select the Proceeds account. Balance Sheet; select the Balance Sheet account. Commercial in Confidence 9/39

10 Setup It is optional to have the Asset register Integrated with the ledger but the Last Depreciation Date must be entered. For ledger Integration in the Setup tab tick the radio box to integrate the Asset Register with the General Ledger this will initiate; An automatic Journal upon finalising the depreciation. If this is not ticked the depreciation schedule can be printed and the Journal entered manually. The date of the last depreciation should be selected upon initial setup of the system. The date will automatically update after finalising a depreciation schedule. 1. If the Asset Register is to be integrated with the Ledger tick the radio box Asset Integrated with Ledger. 2. Select the Last Depreciation Date. Commercial in Confidence 10/39

11 Add a new Asset Assets can be added through; Creditor Invoice Entry Asset Register Entry Creditor Invoice Entry Path: Creditors Creditor Invoice Entry If the Asset is added to the Register through the Creditor Invoice the Purchase Price will be one value; If you have more than one Asset or more than one dissection you will need to click Create Asset for each Asset. You can do this by changing the purchase price after clicking on Create Asset If the Asset has GST involved the amount transferred to the Asset Register will be the purchase price less the GST component. Enter the Invoice in the standard way. 1. Select the Asset Account for this item. 2. If adding the item to the Asset Register click Create Asset. Commercial in Confidence 11/39

12 Many of the fields selected now can be changed at a later date. 1. Click Create Asset to open the Asset Addition window. 2. Select the Ledger Code for the Asset. 3. Tab to Item Number; The number will default to the next available number. 4. The Item Description will default from the Invoice Description; This can be changed if you are entering more than one Asset. 5. Type, Department and Room are optional selections. 6. The Status will default to Currently in use but other options can be selected. 7. The Supplier will default from the Invoice. 8. Maintenance creditor codes will default to the Supplier but other Creditors can be selected now or at a later stage. 9. It is optional to enter Warranty details now or at a later stage. 10. The Barcode will default when the Asset addition is saved. Purchase Price will default to the Invoice value less any GST component; 11. This can be changed if there is more than one Asset involved with the invoice. Depreciation Method and Depreciation Rate will default from the Asset register Ledger 12. Code entry, these entries can be changed. 13. Click Save and Exit to save the entry. Commercial in Confidence 12/39

13 The Asset entries can be viewed in the Asset Entry tab of the Asset Register by selecting the Item Number. Asset Register Entry Path: Finance Other Modules Asset Register Assets can be added directly to the Asset Register via the Asset Entry tab. 1. Select the Ledger Code wish to use for the Asset. 2. Tab to the Item Number it will default to the next available number. 3. Enter the Item Description for the Asset. 4. Type, Department and Room are optional selection fields. 5. The Status will default to Currently in use; other options are available for selection. 6. Manufacturer, Model Number and Warranty Expiration date are optional fields. 7. If a Person Responsible is to be assigned they can be selected from the Identity file. 8. Barcode will default from the Item Number when you tab to the Components tab. 9. You can Scan the barcode to Find an Asset rather than selecting it through the Item Number. Commercial in Confidence 13/39

14 Details of the asset are entered through the various tabs; Components Additions Purchase Dep n Maintenance Gen/ Elec Required Maint Maint History Comment Picture Components The Components tab details will default from the Item description the details can be changed to better suit a breakdown of the Asset. The Quantity and Description will default from the Asset entry; 1. Quantity and description can be changed New Lines can be added t break the Asset down to individual items 2. It is optional to select a Type individual to the line. 3. It is optional to enter a serial number. 4. Click Save Item Change if you have altered the default entries. Additions In the Additions tab enter the Assets original purchase details or any additions. Select the Date of purchase of the new addition,; 1. If adding to a previously purchased Asset select the date on the additions invoice You have the option to break the addition into individual lines for example if you purchased 6 computers each could be entered individually. 2. Enter your Description for the Asset addition. 3. In Value enter the cost of the asset; do not include GST in the value. 4. It is optional to enter the Purchase Invoice number. 5. Authority is an optional field for the person authorising this Asset. 6. Once a depreciation schedule has been Finalised there will be a tick in this box. 7. Click Save Addition when finished. Commercial in Confidence 14/39

15 Purchase The Purchase tab holds the Asset purchase details; these details will default from the Additions tab. 1. It is optional to select a creditors Supplier Code; Details will default from the Creditor master File 2. Asset details will default from the entry in the Additions tab. 3. Insurance details can be selected and entered. Dep n Depreciation details will default but some of the entries can be changed. 1. Depreciation Method and Depreciation Rate will default from the Ledger Coded tab; Both fields can be changed to better suit this Asset 2. Depreciation details will propagate after the depreciation is finalised. Commercial in Confidence 15/39

16 Maintenance Gen/ Elec General and Electrical Maintenance details can be entered as either Days or Units. 1. It is optional to select a creditor for maintenance work. Select an Interval Unit for calculating the maintenance either Days or Units; 2. Days if the maintenance is based on a period of days Unit for all other intervals, for example kilometres 3. In General Maint Interval enter a value for either Days or Units; 4. If the Interval Unit is Days this field will automatically propagate when the Maintenance History is recorded. 5. If the Interval Unit is Unit this field will automatically propagate when the maintenance History is recorded; 6. This will show the next maintenance Date and is incremented from the Additions Date with the Interval value. 7. This will show the next maintenance Unit as a running total based on the Interval value; If the Value is 5,000 for the first maintenance the second would be 10, Current Unit? Required Maint If an Item Requires Maintenance the details can be typed in for general or Electrical maintenance. These are free form areas for entering your own comments. To Delete a message, highlight and use the Delete key on your keyboard or backspace the message out then click Save/Clear. Commercial in Confidence 16/39

17 Maint History Enter the Maintenance details as the date or the Unit Value. Comment Freeform area for your comments. Picture Providing you save the Image in PCSchool/ Bitmaps/ Student you can record the picture. Double Click in the Bitmap box and search for the picture, click Save/Clear then reselect the Asset and check the Bitmap is there. Commercial in Confidence 17/39

18 Running the Depreciation Path: Finance Other Modules Asset Register Depreciation can be run to a specific date this can be annually, monthly of at any other time. Once finalised it cannot be redone, but can be added to, so make sure the reports are correct before finalising. This section covers; Annual Depreciation Periodical Depreciation Annual Depreciation Annual depreciation is calculated on days, this takes into account a Leap Year. The Annual Depreciation is simply a matter of checking the last depreciation date is correct and selecting the new depreciation date. Select Round to nearest year. 1. Check the Last Depreciation Date is correct. 2. Select the current depreciation date. 3. Make sure Round to nearest year is checked. 4. Click Calculate Depreciation. Commercial in Confidence 18/39

19 You will receive a message telling you the depreciation has been calculated and you need to print reports before finalising. This is the only time these reports can be printed once the depreciation is finalised they are no longer available, other reports can be run from the Reports tab. Commercial in Confidence 19/39

20 Many reports have a Drill Down feature showing more details of the Asset. If you hover over an area on the report and see a magnifying glass this depicts a drill down. The Drill Down shows more details and is available on many reports. Once the Reports have been run and checked the depreciation can be finalised. This process is irreversible unless you have an internal backup of your finance module. 1. For Annual Depreciation make sure you select Replace Value with these figures. 2. Click Finalise Depreciation. Commercial in Confidence 20/39

21 If the Asset Register is integrated with the ledger once the depreciation is finalised a Journal batch will be created, this batch needs to be finalised before it is seen in the Ledger. Periodic Depreciation Not rounding is used for periodical or monthly depreciation; this will calculate the depreciation based upon the amount of days in the period. 1. Check the Last Depreciation Date is the correct date. 2. Select the current depreciation date. 3. Select Don t round. 4. Click Calculate Depreciation. Commercial in Confidence 21/39

22 This is the only time these reports can be printed once the depreciation is finalised they are no longer available other reports can be printed from the Reports tab. Many reports have a Drill Down feature showing more details of the Asset. If you hover over an area on the report and see a magnifying glass this depicts a Drill Down. The Drill Down shows more details and is available on many reports. Commercial in Confidence 22/39

23 Once the Reports have been run and checked the depreciation can be finalised. This process is irreversible unless you have an internal backup of your finance module. Periodical Depreciation; Select Add to Present Depreciation unless this is the first period of the Year for 1. example January if you are running monthly depreciation. If this is the first period of the Year select Replace Value with these figures, this will replace the YTD figures with the figures of the new period. 2. Click Finalise Depreciation. A Journal will be created for the depreciation amount. The batch will need to be finalised. Commercial in Confidence 23/39

24 Add New Asset after Depreciation Path: Finance Other Modules Asset Register Enter the details of the Asset this is the same for Annual, Monthly and Other type of Depreciation. In the Additions tab make sure you have the correct date for the purchase of the Asset. The depreciation will be calculated from this date. In the Depreciation tab enter the Depreciation Method and the Depreciation Rate. Commercial in Confidence 24/39

25 Calculate the Depreciation again using the same Last Depreciation Date and the same Depreciation method as the previous depreciation; Round to nearest year if this is a full year Don t round if this is periodical depreciation, providing this is not the first period of the New Year. This depreciation will not change the previous Journal but will create a new journal for the additional amount. Make sure you print the report and check the details before finalising the Depreciation. Drill down. In Finalise Depreciation select the correct option, this will be the same option as for the previous depreciation and click Finalise Depreciation. Commercial in Confidence 25/39

26 A Journal will be created for the value, the batch needs to be finalised. Re-Value an Asset There are two ways the value of an Asset can be Re-Valued; Through the Additions tab Through the Depreciation tab Additions tab If the asset is being re-valued because of an addition or change enter the Item into the Additions tab by simply entering the date and value of the addition. This amount will only be calculated with the next depreciation run, if you want any depreciation to be calculated in the current period; Simply run the depreciation to the last depreciation date Use the same method for calculating and finalising. Commercial in Confidence 26/39

27 Depreciation tab The Asset can be re-valued to either; Decrease the Value Increase the Value If the asset is to be genuinely re-valued it can be done through the Depreciation tab, Ledger codes should be entered for the Profit or Loss of the Asset if this is to be recorded correctly to the Ledger via a Journal. Decrease the Value Select the Asset to revalue and enter a negative amount in for the Re-valuation. 1. In the Asset Entry tab select the Asset to re-value. 2. Enter the amount the Asset is to be devalued by. 3. Click Save/Clear. Commercial in Confidence 27/39

28 This amount will only be calculated with the next depreciation run, if you want any depreciation to be calculated in the current period; Simply run the depreciation to the last depreciation date Use the same method for calculating and finalising. Print the reports; Drill Down. Finalise the depreciation. Commercial in Confidence 28/39

29 The impact this has on the Asset can be viewed in the Assets depreciation tab. 1. The Depreciation Year to Date is: Increased by the amount if a negative is applied 2. The Depreciation Total is; Increased by the amount if a negative is applied 3. The Written Down value of the asset is; Reduced by the amount if a negative is applied 4. The Profit or Loss on Re-Valuation will be a negative amount. The journal Entry will be created and needs to be finalised; A negative amount will reduce the Accumulated Depreciation And increase the Profit and Loss Account Commercial in Confidence 29/39

30 Increase the Value Select the Asset to revalue and enter a positive amount in for the Re-valuation. 1. In the Asset Entry tab select the Asset to re-value. 2. Enter the amount the Asset is to be re-valued by. 3. Click Save/Clear. This amount will only be calculated with the next depreciation run, if you want any depreciation to be calculated in the current period; Simply run the depreciation to the last depreciation date Use the same method for calculating and finalising. Print the Reports Commercial in Confidence 30/39

31 Drill Down is available. The impact this has on the Asset can be viewed in the Assets depreciation tab. 1. The Depreciation Year to Date is: Increased by the amount if a positive is applied 2. The Depreciation Total is; Increased by the amount if a positive is applied 3. The Written Down value of the asset is; Increased by the amount if a negative is applied 4. The Profit or Loss on Re-Valuation will be a positive amount. The journal Entry will be created and needs to be finalised; A negative amount will increase the Accumulated Depreciation And reduce the Profit and Loss Account Commercial in Confidence 31/39

32 Status Options There are several Status Options that can be selected; Currently in Use Disposed Of Missing Pending Temporarily out of Scrapped Will not Depreciate Service Transferred to Alternate Ledger Transferred In Pending Account Currently in Use This is the Default when entering an Asset; The Asset is in the Asset register The Asset will Depreciate when Depreciation is finalised and remain in the Asset Register Disposing Of This is selected when selling, trading in or receiving a payment for an Asset; The Asset will be removed from the Asset register upon finalisation of the depreciation A journal will be created and the Asset will no longer be available to view or access in the Asset Register. 1. Select the Asset. 2. Select the Status of. 3. Click OK to continue. Commercial in Confidence 32/39

33 With the Disposal of an Asset it is assumed you will be receiving a payment for the Asset. 1. Select the Disposal Date. 2. Enter the Disposal Value. 3. Click Save/Clear. Depreciation; If the Asset is disposed of in the current period the effect will not take place until the next depreciation schedule is finalised. If the Asset is disposed of in the previous period you can rerun the depreciation to the previous date using the same method and dates for the depreciation. Make sure you print the report as this Asset will no longer be available in the Asset Register and this will be your only record of its disposal apart from the Journal in the Ledger. A Journal will be created and needs to be finalised. The Asset is removed from the Asset register and is no longer available for selection. Commercial in Confidence 33/39

34 Pending will not depreciate This Status can be used when work may be in progress and the depreciation is not to be started until the work is finished; Depreciation will start from the first date entered If this is not to be the case you must change the date to the correct date Scrapping an Asset A journal will be created and the Asset will no longer be available to view or access in the Asset Register. 1. Select the Asset. 2. Select the Status of Scrapped. 3. Click OK to continue. Commercial in Confidence 34/39

35 When Scrapping an Asset it is assumed no payment is received for the Asset, this may not be the case and a value can be entered. 1. Select the Scrapped Date. 2. Enter the Scrapped Value, for a Scrapped Asset this would normally be zero. 3. Click Save/Clear. Depreciation; If the Asset is disposed of in the current period the effect will not take place until the next depreciation schedule is finalised. If the Asset is disposed of in the previous period you can rerun the depreciation to the previous date using the same method and dates for the depreciation. Make sure you print the report as this Asset will no longer be available in the Asset Register and this will be your only record of its disposal apart from the Journal in the Ledger. A Journal will be created and needs to be finalised. The Asset is removed from the Asset register and is no longer available for selection. Commercial in Confidence 35/39

36 Temporarily out of Service This status is used when an Asset is not available for use such as in the case where equipment may be being serviced or repaired; The Asset remains in the Asset Register The Asset depreciates when depreciation is Finalised Transferred In (Pending)? Transfer To Alternate Ledger Acc The Transfer To Alternate Ledger Acc is used to transfer a single Asset to a different Account, if transferring all from one Ledger Account to another use the Housekeeping tab; The Asset remains in the Asset register under the new Ledger Code The Barcode does not change This does not change past Depreciation Journals If the ledger is to be changed a manual journal will be necessary 1. Select the Status Transferred To Alternate ledger Account. 2. Select the New Ledger Code; This must b a Ledger Code entered in the Ledger Codes tab 3. Click Save/Clear to complete the change. Commercial in Confidence 36/39

37 House Keeping The House-Keeping tab is used to make Global changes to Model Accounts within the Asset Register; this includes the ability to Globally; Change Department Change Ledger Code Change Depreciation Code Globally; Change Ledger Code If you wish to change the Ledger Codes of individual Assets this can be done through the Asset Entry tab by selecting the Status of Transfer To Alternate Ledger Acc. Running this routine will change all assets with a particular ledger code to another ledger code. For example; If you erecting a building and wished to keep all assets associated on a different ledger code When completed you could then transfer all these assets to another code Once finished all the Assets of the Code will belong to a different Ledger Code You cannot change them back as a group if other Assets are already in this Code 1. Select Change Ledger Code. 2. Select the Account to change From. 3. Select the Account to change To. Click Begin Change.; 4. Once done you will need to go into the Ledger Codes tab and check the Next Item Number is correct Commercial in Confidence 37/39

38 Change Department Code To change the Department Code of individual Assets go the Asset Entry tab and select the correct Department and click Save/Clear. This will change all assets with a particular department code to another department code. For example; Move All Assets with department code GR Grounds to department code BH Buildings 1. Select Change Department Code. 2. Select the Department Code you wish to Change from. 3. Select the department Code You are changing to. 4. Click begin Change; Upon completion all assets would move from GR to BH Commercial in Confidence 38/39

39 Change Depreciation For Assets under one ledger Code this function will Globally change; The Depreciation Type The Depreciation Rate The depreciation Type and Rate 1. Select Change Depreciation. 2. Select the Ledger Code. Select the Type; D Value = Diminishing Value; the percentage is taken from the written down value 3. S Line = Straight Line; the percentage is taken from the purchase price Year = The Asset is depreciated 100% with the first depreciation finalised. Commercial in Confidence 39/39