Chapter 19 – Fixed Assets Setting up Fixed Assets
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Asset Types
You link each asset to an asset type, which is a key element in processing:
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You link an asset type to depreciation methods for book and tax depreciation.
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You link an asset type to a ledger depreciation account for the ledger debit entry.
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You optionally link an asset type to a ledger expense account for the ledger credit.
To access this function, choose the Maintenance...Fixed Assets...Asset Types menu option. On the
System tree, choose the Fixed Assets...Maintenance...Asset Types function:
Ensure the description is meaningful.
In the Depreciation Ledger Accounts frame, enter the depreciation ledger account, and optionally the depreciation expense account. If you do not enter the expense account here, you enter it per cost centre.
In the Depreciation Methods frame, choose depreciation methods for the book and tax depreciation.
Departments
Departments are optional analysis codes. They are a further level of analysis of cost centres. To access this function, choose the Maintenance...Fixed Assets...Departments menu option. On the System tree, choose the Fixed Assets...Maintenance...Departments function: