Creating initial asset entries

This page allows you to enter the initial asset details for a selected finance book, code identifying the asset and the location of the asset. You can enter details like the cost of the asset, the class and group to which it belongs and the location of the asset. You can also enter asset details like serial number, warranty number model, the manufacturer etc. You can also enter the salvage and retirement detail of the asset. Along with the asset you can also enter the tag details and the number identifying the legacy assets.

Select the “Create Initial Asset Entry” link under the “Asset Migration” business component.

The “Create Initial Asset Entry” page appears.

Enter the following fields:

Finance Book	Use the drop-down list box to select the code identifying the finance book in which the asset details have to be posted. All the finance books that have been deployed in the login organization unit will be available for selection in the ascending order.
Asset Class Code	Use the drop-down list box to select the code identifying the asset class to which asset belongs. The asset class code must have been defined in the “Create Asset Class” activity of the “Asset Type Definition” business component and must be in an “Active” status.
Asset Location Code	The code identifying the location in which the asset is present (Alphanumeric, 16). This asset location code must have been defined in the “Create Asset Location” activity of the “Asset Location” business component and must be in the “Active” status.
	Help facility available.
Asset Group Code	The code identifying the group to which the asset belongs (Alphanumeric, 25). This asset group code must have been defined in the “Create Asset Group” activity of the “Asset Type Definition” business component.
	Help facility available.

The system displays the following in the “Last Entered Information” group box:

Asset No.	The number identifying the asset that has been entered last.
Tag No.	The number identifying the tag that has been entered last.

Note: The asset number and the tag number will be displayed if the details are already available.

Enter the following fields in the “Asset Information” multiline:

Legacy Asset No.	A unique number identifying the legacy asset number (Alphanumeric, 18).
Asset No.	A unique number identifying the asset (Alphanumeric, 18). Mandatory.
Asset Description	The description of the asset (Alphanumeric, 40) Mandatory. This field must not be left blank.
Tag No.	A unique number identifying the tag (Alphanumeric, 20). Mandatory.
Tag Description	The description of the tag (Alphanumeric, 40). Mandatory.
Depreciation Category	Use the drop-down list box to select the category based on which the depreciation of the asset will be calculated. All the categories that have defined in the “Depreciation Setup” business component will be available for selection in the ascending order.
Asset Cost	The unit cost of the asset (Decimal). Mandatory. This value must be greater than or equal to zero. This field must not be left blank if a value has been entered in the “Asset No.” field.
Status	Use the drop-down list box to select the status of the asset from “Active”, “Retired” or “Fresh”.
	Active – indicates that the asset has been capitalized.
	Retired – indicates that the asset is no longer in use.
	Fresh – indicates that the asset is yet to be capitalized.

The system displays “Active” by default at the launch of the page.

Asset Class Code	The code identifying the asset class (Alphanumeric, 20).
Asset Group Code	The code identifying the group to which the asset belongs (Alphanumeric, 25). Mandatory.
	Help facility available.
Asset Location Code	The code identifying the location in which the asset is present (Alphanumeric, 16). Mandatory.
	Help facility available.
Cost Center	The code identifying the cost center that has been mapped to the “Asset Account” (Alphanumeric, 10). The cost center must have been defined in the “Create Cost Center Element” activity of the “Cost Setup” business component.
Analysis #	The code identifying the analysis number mapped to the “Asset Account. The Analysis # must have been defined in the “Create Analysis Code” activity of the “Account Based Budget” business component.
Sub Analysis #	The code identifying the sub analysis number mapped to the “Asset Account. The sub analysis # must have been defined in the “Create Analysis Code” activity of the “Account Based Budget” business component
Inventory Cycle	Use the drop-down list box to select the time period frequency in which the assets must be verified from “Yearly”, “Half-yearly”, “Quarterly”, “Monthly” and “Not required”.
	Yearly – indicates that the assets must be verified once in a financial year.
	Half yearly – indicates that the assets must be verified twice in a financial year.
	Quarterly – indicates that the asset must be verified every quarter of the financial year.
	Monthly – indicates that the asset must be verified every month of the financial year.
	Not required – indicates that there is no need for the assets to be verified.
In Service Date	The date on which the asset is put to effective use (Date Format). This date is used for calculating the depreciation value of the asset. This date must be before the date on which the “Fixed Assets” was installed in the system.
Capitalization Date	The date on which the asset is capitalized (Date Format). Mandatory.
Barcode No.	A unique number identifying the bar code (Alphanumeric, 18).
Serial No.	A unique serial number of the asset (Integer).
Warranty No.	A unique number identifying the warranty issued for the asset (Alphanumeric, 18).
Model	The model of the asset (Alphanumeric, 40).
Manufacturer	The name of the manufacturer (Alphanumeric, 60 ).
Custodian	The employee in whose custody the asset is present (Alphanumeric, 77).
Business Use %	The percentage of use the asset is made of (Integer).
Salvage Value	The value of the asset after salvage (Decimal)
Retirement Type	Use the drop-down list box to select the method in which the asset can be retired from “Sale” or “Write-off”.
	Sale – indicates that the value of the asset can be got back by selling it.
	Write-off – indicates that the value of the asset can be written off from the books of account.
	The system displays “Blank” by default at the launch of the page.
Retirement Date	The date on which the asset was retired (Date Format). This field must not be left blank if “Sale” has been selected in the “Retirement Type” field. This date must be the same or later than the in-service date.
Sale Value	The sale price of the asset (Decimal). This field must not be left blank if “Sale” has been selected as the “Retirement Type”.

Click the “Create Assets” pushbutton to create the asset details.

The system saves the initial asset entries.

To proceed, carry out the following

Select the “Acquisition Information” link at the bottom of the page to enter the purchase details of the assets.

Prerequisites

“Asset Class” must have been defined and the “Inventory Cycle” set for it in the “Asset Type Definition” business component.
“Asset Group” must have been defined in the “Asset Type Definition” business component.
“Asset Location” must have been defined in the “Asset Location” business component.
“Depreciation Calendar” must have been defined in the “Asset Depreciation Setup” business component.
“Depreciation Book” must have been defined in the “Asset Depreciation Setup” business component.

What you can do in this page

Define the asset status

Set the inventory cycle

Define the Retirement method

Define the asset status

Some of the assets for which the initial entries are made would have been retired. You can define the status of the assets while entering the asset details.

Set the “Status” field to “Active” to indicate that the asset entered in the row is still in use.
Set the “Status” field to “Retired” to indicate that the asset entered in the row is retired that is it is no longer in use.
Set the “Status” field to “Fresh” to indicate that the asset entered in the row is not yet capitalized.

Set the inventory cycle

The assets that are entered can have a different inventory cycle. Inventory cycle must be defined since it is a statutory requirement that all assets must be verified at least once a year. You can define the inventory cycle for the assets while entering the asset details.

Set the “Inventory Cycle” field to “Yearly” if you want the assets to be verified at least once in financial year.
Set the “Inventory Cycle” field to “Half yearly” if you want the assets to be verified twice in a financial year.
Set the “Inventory Cycle” field to “Quarterly” if you want the assets to be verified every quarter of the financial year.
Set the “Inventory Cycle” field to “Monthly” if you want the assets to be verified every month of the financial year.
Set the “Inventory Cycle” field to “Not Required” if you do not want the assets to be verified.

Define the Retirement method

An asset can be retired from active use after a considerable period of time. You can define the method in which the asset is retired while entering the asset details.

Set the “Retirement Type” field to “Sale” to indicate that the asset is sold as a way of retirement.
Set the “Retirement Type” field to “Write-off” to indicate that the value of the asset is written off from the books of account as a way of retirement.