Fixed Assets File Maintenance - Field Descriptions
Use the table below for assistance when entering fields on this screen.
| Fields | Descriptions |
|---|---|
| Search | You can search by asset number, asset description, G/L control code,
Department code or Equipment code. Note: Only a partial
entry is needed and the software will return any relative results. This
allows you to filter your asset list. |
| G/L control code | Enter the G/L control code being assigned to this asset, or press F4 to select from a list of valid control codes. This must be a valid control code previously assigned in G/L Control Code Maintenance. Following entry of a code, the full corresponding description will display. |
| Asset number | Enter a unique code/number to be used in identifying this asset, or press F4 to select from a list of valid asset numbers. |
| Sequence # | Enter a sequence number from 1 to 9. Enter 1 for assets being entered for the first time. Sequence
numbers are changed only when the depreciation method changes. Press
F4 to select from a list of valid sequence
numbers. If a depreciation method should happen to change, the new sequence information should be a duplicate of the old, showing a different depreciation method and sequence. Also, when changing depreciation methods, change the Status field to Inactive for the older, obsolete depreciation method. |
| Status | Select an option to assign a status to this asset. |
| Properties | |
| Equipment code | If an equipment code is entered, then the Update Depreciation to Master will
post the entries to Equipment Control depreciation transaction file (DLI
Entry), not the General Ledger, for depreciation. Enter an equipment code,
or press F4 to select from a list of valid equipment
codes. Note: If the equipment code status is set to
Retired, data entry is prevented. If the equipment
code status is set to Inactive, a warning message
displays. Cost center information: Spectrum allows entry of an equipment code only if you have permission to assign that code. Spectrum compares the equipment code's cost center with cost centers in your operator's assigned cost center scheme, and if the cost center is not present, then that equipment cannot be assigned. Spectrum also validates that the equipment cost center matches the cost center assigned to the fixed asset. The fixed asset cost center may be left blank, in which case any equipment that is valid for your operator may be assigned to the fixed asset. |
| Department | Enter the department to which this asset is assigned, or press F4 to select from a list of valid department codes. The full department description will display next to the department code. This must be a valid department previously defined in Department Code File Maintenance. |
| Serial number | Enter the serial number of this asset. |
| Description | Enter the description of this asset. |
| Location | Enter the location of this asset. |
| Vendor | Enter the vendor from whom this asset was purchased, or press
F4 to select from a list of valid vendor codes. If
the Accounts Payable module is installed, this must be a valid vendor code
previously defined in Vendor Maintenance. The full
vendor name will display following the vendor code. Note: If the vendor code status is set to Not
Used, data entry is prevented. If the vendor code status is
set to Inactive, a warning message displays. Cost center information: Spectrum allows entry of a vendor code only if you have permission to assign that code. Spectrum compares the vendor's list of shared cost centers with cost centers in your operator's assigned cost center scheme, and if there are no common cost centers, then that vendor code cannot be assigned. Note: The vendor cost center
doesn't have to match the cost center assigned to the fixed asset because
the Vendor field is simply a memo field. |
| Property type | Enter this asset's property type. |
| Capitalization | |
| Date capitalized | Enter the date that the asset was put into service, or, if depreciation methods are being changed for this asset, enter the date on which the new depreciation method takes effect. The date display provides a four-digit year in order to assure the proper century of capitalization is recorded. |
| Date retired | Enter the date on which this asset was taken out of service. |
| Original value | Enter the original dollar value of this asset. Entry in this field is required. |
| Sales price | Enter the price for which this asset was sold, if applicable. |
| Bonus depreciation | |
| Book bonus depreciation | Enter the amount of extra depreciation taken for the book figures. |
| Tax bonus depreciation | Enter the amount of extra depreciation taken for the tax figures, if applicable. |
| Other bonus depreciation | Enter the amount of extra depreciation taken for the other figures. |
| Section 179 | If a lump sum deduction is being taken per IRS section 179, enter the deduction amount. |
| Investment tax credit | If MACRS tables will be used, enter 0. Otherwise, enter the amount of the investment tax credit for this asset. |
| Depreciation | |
| Method | Enter the number corresponding to the depreciation method to be used for this asset:
|
| Life | Enter the life of the asset in months. |
| Table | The cursor stops in this column only if method #4 (MACRS) was entered in the Depreciation method field. Enter the code of the MACRS table to be used for this asset, or press F4 to select from a list of valid MACRS codes. This must be a valid MACRS code as defined in MACRS Table Maintenance. |
| Db% | The cursor stops in this column only if method #2 (Declining Balance) was entered in the Depreciation method field. If declining balance is the depreciation method for this asset, enter the percentage to be used in calculating the depreciation. Double Declining Balance Example: The user purchases an asset at a cost of $10,000, with a salvage value of $1,000. It is to be depreciated over the 60 months (five years), using the double declining method. The percentage to be entered is 20% times 200%, which equals 40% and is the rate that should be entered in the table. This formula is: 1/5 = 20%, which is the annual straight time rate for an asset with a five-year life. Since double declining depreciation was chosen, this means we will use the straight line rate times 200%. The user may also choose a 150% declining balance, so that the calculation in this example would be 1/5 X 150%, or 30%. This calculated percentage is then applied to the asset value, as follows: Remaining value of asset = purchase cost lest salvage value less accumulated depreciation Depreciation amount = remaining value of asset X the % entered in this field. |
| Salvage | Enter the salvage value of the asset, if more than zero. This value must be added at the time the fixed asset is added; once depreciation has been calculated, access to this field is no longer permitted. |
| LTD depreciation | The total accumulated depreciation of the asset since it was acquired displays in the life-to-date column. |
