See also: Frequently Asked Questions for this module.
This topic introduces, and briefly describes, the Asset Records and Asset Classes that form the centre of the Asset Register module. All intending users of the Asset Register should read this topic.
The Asset Register contains information on company assets, and records details of transactions involving those assets. The Register may contain information on the assets of up to ninety-nine companies, with asset information relating to each company held separately from that relating to others.
Asset Records: Every asset that a company possesses has an individual Asset Record on the Register. The option for creating new Asset Records, and for displaying and amending existing ones, is Add, or modify, assets. If you solely want to view an asset's information, use the option Display Assets.
Transactions may be conducted on Asset Records through options such as: Depreciation; Asset movement; Enter audit details; Disposals.
Various methods of reporting on Asset Records are available through options such as: List of assets and Opening balances; Additions report and Disposals report; Asset transfers and Family tree; the Ad hoc enquiries program and the Report generator.
Asset Classes: Before creating any Asset Records, however, first set up the Asset Classes, as each Record must be assigned to a particular Class. Common examples of Asset Classes are: Land & Buildings; Plant & Machinery; Motor Vehicles, and so on.
The purpose of an Asset Class is to enable you to bring together individual assets of a common type into a single category. This enables you to assign certain features to the category, which will determine how Autoline handles individual assets within it.
The option for creating, amending, and deleting, Asset Classes is Classifications.
Note: Classes may only be erased if they have no records currently assigned to them.
Asset Records are divided into eight main screen tabs. The Valuation tab is very similar to two others: one entitled Tax, and the other, Management. They will be described together under the title Valuation. Each tab page is described as follows:
TABS:
Description: The Description tab holds basic information about the asset, including Nominal Ledger Charge Account and Reserve Account details.
Valuation, Tax, and Management: The Valuation, Tax, and Management tabs contain financial information about the asset, including depreciation details.
Purchase: The Purchase tab shows how, and from whom, the asset was acquired; also included are details of any Hire Purchase or Maintenance Contract agreements.
Audit: The Audit tab shows the results of the last audit performed on this Asset Record, the identity of the auditor, and the date on which it took place.
Disposal: The Disposal tab contains disposal information if the asset was sold in the current financial year. Records of assets sold in previous financial years are not retained on the Register.
Transfer: The Transfer tab details any asset transfers and splits performed during the current financial year with the Asset movement option.
All eight tab's may be viewed with Add or modify assets, but, typically, only the first three may be edited with the option.
Use the Enter audit details option to access the Audit and Disposals tab. The Transfer tab shows the results of the running of the Asset movement option within the current financial year.
Three data fields are used to differentiate between assets and can be seen at the top of the assets form:
Asset Class: The Asset Class to which the particular Asset Record belongs
Asset Item: The Asset item is the identifying, four-digit number assigned by you to each Asset Record on the Register. The Asset item must be unique to the Asset Class in which the Asset Record is located. Records in different Classes may, however, have the same Asset item.
Asset label: The Asset label number is a unique number assigned to each and every asset. No two assets will have the same number. Assets can be called up more quickly using the label number.
The three fields above are used to choose asset records from the database.
Two of the fields above and the Asset NL Account field described below form what is termed the Asset Record Header. The three fields are: Asset class, Asset item, and Asset NL account. The Asset NL account field is situated on the Description tab page. They are known as the Asset Header because they are important fields and should be distinguished from the rest.
Asset NL Account: The Balance Sheet Account Code of the Asset Record on the Nominal Ledger; all Records within the same Class share a common Nominal Account Code.
Default values may be set up for data fields on Asset Records, either for all Records on the Register or for those within a particular Asset Class. As a result, when you create a new Asset Record, some of its data fields will contain the pre-set values.
These may be of the type that you may overwrite on any individual Record; or which must always apply to all Asset Records within a particular Asset Class. Default values are defined with the Classifications and the Asset defaults options.
For a fuller description, see Asset Records.
As stated in the Introduction, an Asset Class brings together various Asset Records of a common type into a single category. It is possible then to assign certain features to the category, which will determine how Autoline handles the individual Records within it.
For each Asset Class, you can:
Specify the Nominal Ledger Balance Sheet Account Code for the assets
Specify the respective Nominal Ledger accounts to which financial information will be posted following usage of the Depreciation and Add, or modify, assets options
Specify the Annual Percentage Rate and the Annual Reduction Rate to be used, where required, in the calculation of depreciation
Create, amend, and delete, Asset Classes (Classifications option). Classes may be erased only if they have no records currently assigned to them.
The Asset Register contains information on company assets, and records details of transactions involving those assets, for up to 99, separate companies.
Assets that a company possesses have individual Asset Records on the Register, which are created, displayed and amended with the Add or modify assets option. Asset Records are divided into eight tab pages, and each page has a title that describes the category of information held on that page.
Each Record is assigned to an Asset Class and has an identifying Asset Item Number, which must be unique to its Class. Also, each Record within a particular Class is assigned the same Nominal Ledger Account Code.
Default values may be set up for data fields on Asset Records, using the Classifications and the Asset defaults options.
After an Asset Record is set up on the Register, transactions may be conducted on the Record through options such as: Depreciation; Asset movement; Enter audit details; Disposals. Records and transactions may be reported on through options such as List of assets and Asset transfers and Family tree; the Ad hoc enquiries program and the Report Generator.
Note: Before creating any Asset Records, however, first set up the Asset Classes, as each Record must be assigned to a particular Class.
An Asset Class enables you to bring together individual assets of a common type into a single category. You can then assign certain features to the category, which will determine how Autoline handles individual assets within it. The option for creating, amending, and deleting, Asset Classes is Classifications. Classes may only be erased if they have no Records currently assigned to them.
