Exact Financials (v3)

Fixed Assets Manual - Creating assets

Creating assets

After creating asset groups and asset sets you can register your asset units in [Master data, Maintenance, Assets, Assets]. At the most detailed level, the third, you enter the data concerning the actual assets. See Assets accounting system. The asset you are now creating is the actual fixed asset you are going to depreciate.

Once all asset master data has been entered, you may want to view all important master data without to starting different functions. Reports can be used to view the most important master data and financial data per asset. By using the report functions it is possible to view data such as depreciation and transaction data, but also notes entered per asset. Use [Master data, Reports, Assets] and [Master data, Reports, General] to check if the assets master data is entered correctly.

Troubleshooting

• How do I enter partly depreciated assets?

  If you have registered your assets in another system than Exact Finance C/S so far, you can enter the already depreciated amount of the asset, during registration of your assets. This amount can be used as a field in your depreciation formula.

  Enter the already depreciated amount of the asset manually in the right field, during the registration of the asset. Also you enter the historical amount of purchase, the salvage value and the remaining life span of the asset. (Make sure you enter the number of periods to be depreciated (given the linked calendar) and not the historical life span). After collecting this data, you can enter the relevant fields with the correct data in the 'Depreciation' tab in [Master data, Maintenance, Assets, Assets].

  Customers that have used the Assets module within Exact Finance C/S so far, can convert their data to the new Assets module by starting the necessary conversions.

• I have purchased a new asset. How do I record it in my financial and fixed assets accounting system?

  Assets you want to record the transactions of in your financial journals in Exact Finance C/S, should be registered in the purchase journal. If you have marked your purchase account as an assets account in [Ledger, Master data, Maintenance, General ledger accounts], an input screen appears after finishing the purchase entry. See Entering invoices for debtors and creditors.

  Here you should enter the asset set and the unique asset code. Besides that you can enter the description of the asset a quantity for the bulk asset, if the general ledger account is marked as a 'quantity' account. The fields creditor and receipt number are filled according to the data in the purchase journal. After the initialization phase of the asset, the assets administrator has to complete the asset data for the newly purchased asset by entering for example the estimated life and amount of the first depreciation in [Master data, Maintenance, Assets, Assets]. At this stage the asset can be activated in [Management, Activate assets] to be included in the depreciation process.

  Take care, the assets can also be initialized and registered within Exact Fixed Assets C/S directly. You can do this by registering the asset directly in [Master data, Maintenance, Assets, Assets]. No financial transaction is created in Exact Finance C/S if you use this procedure!

Finance Manual C/S > Contents > Working with fixed assets > Creating assets