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- Depreciation (Display Only) – The Depreciation Type for this asset is determined from the property group. Depreciation types may be Item Rate or Pooled Rate.
- Register (Required) – Enter a Register code, or double-click the Register field in the grid to search.
The Current Sub-Tab
The Current sub-tab on the Depreciation tab is used to specify the depreciation Method, Life, and Salvage Value for the asset. These parameters are specified for each register.
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- Method (Optional) – Enter the Method code or double-click the Method field in the grid to search.
- Life (Required) - Enter the life in years. Use decimals to represent partial years. For example, use 1.25 to represent 15 months.
- Salvage Value (Optional) – Enter the salvage value for the asset for the corresponding register.
- Current Month (Display Only) – This field displays the amount most recently calculated for the current month depreciation.
- Year to Date (Display Only) – This field displays the amount of depreciation calculated year to date based on finalized depreciation runs.
- Accumulated (Optional) – This field displays the amount of accumulated depreciation taken. Change the balance in this field to adjust the accumulated amount, if desired..
The Depreciation Sub-Tab – Detail
The Depreciation sub-tab allows users to specify an amount for the beginning accumulated depreciation. The Detail contains a sub-tab for each register.
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- Prorate Convention –The values in this column indicate the prorate convention to be applied to this asset. The following system codes may appear:
- MM – Mid Month convention
- HY – Half Year convention
- Acq/Disp – This column indicates that the asset has been acquired (A) or disposed (D) during the period. Assets acquired or disposed invoke the prorate convention and appear on the Acquisition or Disposal reports.
- Error – This column provides information regarding processing exceptions. Messages that may appear in this column include:
- No Remaining Balance
- No Depreciation Method
- No Life Specified
- Group Depreciation Amount Prorated
- Prepared by, Reviewed by and Approved by – These fields have been added to the footer of the report.
Depreciation Journal Entry Report
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- Company – Enter the desired company, or use the spyglass button to search. If only one company is defined, it will display automatically.
- Asset No – Enter the Asset Number, or use the spyglass button to search.
- Description – Once the Asset Number is selected, the Description will display automatically. In a dual-language system, there will be two Description fields—one for the primary language and one for the secondary language.
- Long Description – Once the Asset Number is selected, the Long Description will display automatically. In a dual-language system, there will be two Long Description fields—one for the primary language and one for the secondary language.
Master Tab
The Master tab contains the most commonly used information pertaining to Fixed Assets and is displayed when the Asset Tracking Maintenance screen is selected. This tab contains both editable fields and display-only fields.
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- Mfg/Vendor (Optional) – Enter the name of the manufacturer or supplier of this item.
- Serial No. (Optional) – Enter the serial number recorded on the asset by the manufacturer.
- Model/Part No (Optional) – Enter the manufacturer or supplier model number or part number.
- Tag No (Optional) – Enter the tag number assigned to this asset.
- Status/Status Date (Display Only) – The status of the asset and the date the status became effective will display.
- Location (Display Only) – The physical location of the asset displays in this field.
- Sub Location (Display Only) – More specific information regarding the physical location of the asset displays in this field.
- Custodian (Optional) – Enter the name of the individual responsible for the asset, or use the spyglass button to search.
- Department – This field displays the department code of the department responsible for the asset.
- Condition (Optional) – Enter the code to describe the condition of this asset, or use the spyglass button to search.
- Comments (Display Only) – The most recent comment from the Asset Master record displays in this field.
Location Tab
The Location tab is used to track the physical location and movement of the asset. Entries in this tab are optional, but if entries are made, Date and Location Code are required.
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- User-Defined Prompt(s) – Field labels for the user-defined field(s) on this tab are defined in the Asset Maintenance screen. Values entered in these fields will vary by installation.
Asset Tracking Inquiry
Use Asset Tracking Inquiry to inquire on any asset set up in the system. The Asset Tracking Inquiry screen is a read-only version of the Asset Tracking Maintenance screen.
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- Company – Enter the desired company, or use the spyglass button to search. If only one company is defined, it will display automatically.
- Asset No – Enter the Asset Number, or use the spyglass button to search.
- Description – Once the Asset Number is selected, the Description will display automatically. In a dual-language system, there will be two Description fields—one for the primary language and one for the secondary language.
- Long Description – Once the Asset Number is selected, the Long Description will display automatically. In a dual-language system, there will be two Long Description fields—one for the primary language and one for the secondary language.
Master Tab
The Master tab contains the most commonly used information pertaining to Fixed Assets and is displayed when the Asset Tracking Maintenance screen is selected.
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- Full Month Convention: Take a full month depreciation in the month of acquisition and nothing in the month of disposal (FM).
- Next Month Convention: Take a full month depreciation following acquisition, but take nothing in the month of acquisition or the month of disposal (NM).
- No Convention: Do not invoke any prorate convention on acquisition or disposal (NA).
Depreciation Formula Examples
The following example illustrates the use of the depreciation formula:
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Allocation of depreciation expense calculated using Composite Rate depreciation is based on information associated with each item within the group. Generally this would be asset department/cost center or location information.
Allocation of Depreciation Expense
Depreciation expense is allocated based on the cost center to which the individual item is assigned.
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- Code (Required) – To review an existing code, enter the desired code, or use the spyglass button to search. For new codes, enter an alphanumeric code. Codes can be up to 20 characters long.
- Description (Required) – When reviewing an existing code, the description will populate automatically. For new codes, enter a description for the code. Descriptions can be up to 40 characters long.
Units of Production
The Units of Production table is used to store units produced for Units of Production depreciation. The table is referenced by depreciation logic to calculate the Units of Production depreciation. To calculate Units of Production depreciation, the following steps should be taken:
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- Code (Required) – To review an existing code, enter the desired code, or use the spyglass button to search. For new codes, enter an alphanumeric code. Codes can be up to 20 characters long.
- Description (Required) – When reviewing an existing code, the description will populate automatically. For new codes, enter a description for the code. Descriptions can be up to 40 characters long.
- Life (Required) – Enter a value for the expected life of the asset to be used in the UoP calculation.
- Current Month (Required) – Enter a value for the current month usage to be used in the UoP calculation.
User Defined Fields Definition
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- Code (Required) – To review an existing code, enter the desired code, or use the spyglass button to search. For new codes, enter an alphanumeric code. Codes can be up to 20 characters long.
- Description (Required) – When reviewing an existing code, the description will populate automatically. For new codes, enter a description for the code. Descriptions can be up to 40 characters long.
System Parameters
The System Parameters window captures global parameters for Fixed Assets processing. The effect of the significant parameters is outlined below.
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- Default Currency (Required) – Enter the desired currency, or use the spyglass button to search.
- Validation (Required) – Use the drop-down list to select the validation for use in validating department codes. Note that using FA as the Validation will require that Department codes be created in the Fixed Assets module.
- Department Element (Required) – If P2 IDEAS was selected in the validation field, enter the P2 IDEAS element name for the Department Element (for example: Cost Center).
- Account Element (Required) – Enter a number (1-5) to indicate which element of the FQA is the Natural account element. This is used with P2 IDEAS validation.
- Current Year (Required) – Enter the four-digit year. This is the year for which depreciation history is recorded.
- Fiscal Year Begins (Required) – Enter the start date for the fiscal year.
- Fiscal Year Ends (Required) – Enter the end date for the fiscal year.
User Defined List Maintenance
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- List – Use the drop-down arrow to select an existing user-defined list or enter a new code to create a new list.
- Name – Enter a name to describe the list.
- Item – Enter each item to be included in the list.
- Description – Enter a description for each item entered.
Disposition Type Maintenance
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- Company – Enter the company for which to run the year end process, or use the spyglass button to search. To run the year-end process for all companies, select the All Companies check box.
- Register – Enter the register for which to run the year-end process, or use the spyglass button to search. To run the process for all registers associated with the selected company, select the All Registers check box.
- Update Current Year Parameter – Check this box to update the current year in System Parameters.
- Fiscal Year Begins – Enter the beginning date of the fiscal year.
- Fiscal Year Ends – Enter the ending date of the fiscal year.
User Defined Field Maintenance
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- Screen Name – ASSETTRACKING will display by default.
- Description – The description will populate automatically.
- Tabs Tab – Enter the name for the desired tab. The Tab No. field will populate automatically.
- Fields Tab – Select a Tab No from the drop-down and make entries in the grid for all fields that should exist on the tab selected.
- Name – Enter a name for the field.
- Data Type – Enter the desired data type for the field. Examples are VARCHAR and DATETIME.
- List Name – Enter the desired list name for items that should appear in a list.
- Required – Enter YES to make the field required or NO to make the field optional.
- Log Changes – Enter YES to prompt the system to log changes made to the field. This field will then appear in the audit trail report. Enter NO to exclude the field from the change log.
Next Disposition Control
The Next Disposition Control screen allows a user to define any numeric integer to become the next disposition number. The next disposition number is used when New is selected in the disposition number field of the Asset Disposal-Asset Disposition screen. When New is selected, the Next Disposition No. will update automatically.
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