The Asset records form is displayed when the following options are selected from the ASSET REGISTER menu:
The Asset Records form consists of the following fields described below:
Asset Class: Each Asset Record is defined as belonging to a particular Asset Class, which must be one of those set up with the Classifications option.
The Asset Class code field may be eight characters in length, and is usually an abbreviated form of the full Class Description; for example, L/Mach for Large Machines, Motor for Motor Vehicles and so on.
Asset Item: This is the identifying, four-digit Item Number of the asset within its Class. Each asset has an Item Number unique to its Asset Class that distinguishes it from all others within the same Class.
Asset Label: This is an additional information field that is system generated and hence can't be edited by the user.
Asset NL Account: This is the Balance Sheet Account Code of the asset on the Nominal Ledger. It is set up with the Classifications option and applies to all Asset Records within the Asset Class. This field is found on the Description tab page.
Eight tabs may be viewed with Add or modify assets. Asset Record pages are made up of data fields, each one of which stores a single item of detail about the asset. Description, Model Number and Date Purchased are examples of data field names.
The eight Tabs displayed on the Asset Records form include:
Description Tab: This tab holds basic information about the asset, including Nominal Ledger Charge Account and Reserve Account details.
Valuation Tab: This tab contains financial information about the asset, including depreciation details. Page three and four are almost identical to the Valuation page and are called Tax and Management respectively.
Tax Tab: See Valuation Tab.
Management Tab: See Valuation Tab.
Purchase Tab: This tab shows how and from whom the asset was acquired; also included are details of any Hire Purchase or Maintenance Contract agreements.
Audit Tab This 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 Tab: This tab contains disposal information if the asset was sold in the current financial year. Records sold in previous financial years are not retained on the Register.
Transfer Tab: This tab details transfers performed between Classes in the current financial year and splits since the Register was created.
Tip: To display or amend an asset you must specify the Asset
Class and Asset Item Number of its Asset Record. Alternatively, enter
the assets Label Number if it is known. It is possible to use the
button
to aid the search.
To create a new Asset Record:
Warning: When asset records are created or amended and then saved, the system will prompt for an NL Posting Date. It is not possible to cancel this process when you have reached this point.
Ensure you are in the Add/Modify Assets option, not in Display Assets, because the form is identical.
Click on the Create push button, then allocate the Record an Asset Class and give it an Item Number unique to that Class.[if the number is not automatically generated for you]. If creating a brand new record, the radio button beside the Create button should be set to "Blank", and if you want to use an existing asset as a template, you can select the "Copy" radio button.
The Label number is then assigned automatically when you click on the Create button.
Default or pre-set 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. The result of this is that, when you create a new Asset Record, some of its data fields will contain the pre-set values.
The default values are of two types:
Those which are purely for convenience of minimizing data input, and which you may overwrite on any individual Record.
Those which cannot be altered, but which link all Asset Records within a given Asset Class.
The two options for setting up default values are as follows:
The Asset defaults option on the AR System Maintenance Menu enables you to assign default values to every field on the Record. This feature is purely for your convenience; you may overwrite the defaults on any Asset Record.
The Classifications option enables you to set default values for five fields, for every Record within a particular Class. These are the Lifetime, Depreciation Method, NL Charge Account and NL Reserve Account data fields and NL Nominal Account code (see below). You may overwrite four of these default fields, on any Asset Record.
Note: The Classifications option is also used to specify the Asset NL Account shown on the Record Header. This account applies to all assets within a Class and may not be altered in the case of any one Asset Record.
The NL suspense accounts that will posted by the Disposals and Add or modify assets options, for all assets within the Class, are also specified with the Classifications option. Neither of these two fields actually appear on the individual Asset Records. However the Classifications option also provides some values that are used along with certain depreciation methods.
Warning: When asset records are created or amended and then saved, the system will prompt for an NL Posting Date. It is not possible to cancel this process when you have reached this point.
To access a particular Asset Record for display purposes:
You need to type in enough information to differentiate it from the other assets.
The fields used to do this are either Asset Class and Item or Asset label number.
Type in the Class and Item number if you know them.
Always enter Asset Class first. This is because the Item
is checked to see if it is present in that Class. There are
button searches for these two fields.
If you wish to do something other than display an asset, then you will need to click on one of the push buttons: Create, Amend or Delete. You will need to choose an asset first in each case except for the Create button. Ensure you are within the Add/Modify Assets function when attempting to Create, Amend or Delete an asset.
Critical Fields: When creating or editing an Asset Record, there are certain data fields that cannot be left blank. They must be filled with valid information. If you attempt to save an incompletely filled record, the system will not allow you to proceed. This also happens if you enter incorrect data and try to save the record. In both cases a message with information about the error will be displayed.
If you have chosen to Create, you need to enter the Asset Class and new Item Number for the Record.[Unless a system parameter auto-allocates the item number- refer to System Parameters Otherwise, you are asked to input the Class and Item Number of an existing Asset Record to display or edit it.
Search Facility: When creating, you may click on the
button search facility to identify a suitable category for
the asset.
The first tab of any Asset Record is the Asset Description tab. This tab holds basic information about the asset, including Nominal Ledger Charge Account and Reserve Account details.
At the top of the screen is displayed fields used to distinguish between Asset records, these are Asset Class, Asset Item and Asset label. These three fields are always visible at the top of the screen
Further information is shown in the following data fields:
Description: The full, descriptive title of the asset, which may be up to thirty alphanumeric characters in length.
Short name: The Short Name of the asset, which may be up to the eight alphanumeric characters in length. This must be in upper case.
Project code: The project code of the asset.
Related to class:Enter a valid class to which the Asset is related.
Related to item: Enter a valid item to which the Asset is related.
Model number: This is the Model Number, if any, of the asset. It may be up to eight alphanumeric characters in length.
Serial number: This is the Serial Number, if any, of the asset. It may be up to sixteen alphanumeric characters in length.
Location The Location at which the asset is currently held. It may be up to eight alphanumeric characters in length.
Keeper / owner: The initials or User ID of the person who is currently responsible for the asset. In the case of motor vehicles, for example, this field identifies the usual driver. It may be up to four alphanumeric characters in length.
B / S cost centre: This cost centre code is used for any balance sheet postings to the Nominal Ledger, such as original cost and depreciation reserve. If the balance sheet is not departmentalized then this will normally be zero.
Cost centre: This second cost centre is used for any Profit & Loss postings to the Nominal Ledger, such as depreciation charges.
Charge account: This is the Profit & Loss Charge Account Code of the asset on the Nominal Ledger. It is the account charged with each run of the Depreciation option.
A default value for this field, which will apply to all Records within the same Asset Class, may be set up with the Classifications option; this pre-set value may be overwritten for any particular asset.
Reserve account: This is the Balance Sheet Reserve Account Code of the asset on the Nominal Ledger. It is the account that is credited with each run of the Depreciation option, to complete the double entry.
A default value for this field, which will apply to all Records within the same Asset Class, may be set up with the Classifications option; this pre-set value may be overwritten for any particular asset.
Every data field on this page may be accessed and edited with the Add or modify assets option, except for the Asset NL code field.
Tab two of the Asset Record contains financial information about the asset, including depreciation details.
At the top of the page is displayed the Asset Class, Asset Item and the Asset label. These fields are used to choose an asset.
Further information is shown in the following data fields:
Date purchased: The date on which the asset was acquired for
depreciation purposes. A 
box is available to select the date.
Lifetime (periods): This is the projected Lifetime of the asset, expressed in accounting periods. A default value for this field, which will apply to all Records within the same Asset Class, may be set up with the Classifications option; this pre-set value may be overwritten for any particular asset.
Depreciation method: The Method assigned to calculate the depreciation on the asset.
The range of Depreciation Methods available, each represented by a single-digit number, will vary according to company and installation. Typical Methods are as follows:
1 - Straight Line
2 - Linear with Year
3 - Reducing Balance
4 - Constant Amount
9 - Maximum in Year
An
button is available to aid in searching and selecting the relevant method.
The calculation of Asset depreciation is described in greater detail elsewhere.
A default value for this field, which will apply to all Records within the same Asset Class may be set up with the Classifications option. You may change it for any particular asset - provided that the new entry corresponds with one of the Methods defined with the Depreciation methods option on the AR System Maintenance Menu.
Asset suspended: Enter a Y to suspend the asset from depreciation [a field that holds the number of periods you wish to suspend for will be made available upon amending the suspended field to Y] or alternatively a N to free the asset from suspension. An S indicates that the asset is currently suspended. In order to determine the number of periods that an asset has already been suspended for [i.e so far] , refer to the text at the foot of the form, that explains "Number of periods suspended so far"
Initial cost: This is the Initial Cost of the asset, excluding any Additional Costs that may have arisen in the current financial year. If the asset was acquired in the current year, this figure is also the purchase price.
Any Additional Costs incurred in previous years are included in this figure, as a result of the annual running of the End of year process option on the AR System Maintenance Menu.
Additional cost: This is any Additional Costs that may have arisen for the asset in the current financial year. Those which may have arisen in previous years are included in the Initial Cost figure.
Net book value: This is the current worth of the asset to the company, allowing for the Cumulative Depreciation to date.
Residual value: This is the final Net Book Value of the asset, to which it will fall at the end of its Lifetime, after all depreciation has been calculated and subtracted.
Fixed dep'n amount: If the Depreciation Method applied to the asset is such that a constant amount is subtracted from its Net Book Value annually, the field shows the amount.
Last dep'n amount: The last calculated amount of depreciation.
YTD depreciation: The Year to Date Depreciation of the asset, as calculated by the Depreciation option in the current financial year.
This figure is reset to zero on running the End of year process option on the AR System Maintenance Menu.
Disposal proceeds: If the asset has been sold in the current financial year, this field shows the proceeds. It is reproduced from page five of the Record, the Asset Disposals page, and may be edited only with the Disposals option.
The Records of assets that were sold in previous years are deleted from the Register as part of the End of year process option.
The Tax Tab consists of the following fields:
Date purchased: Enter date purchased.
Lifetime (periods): The lifetime of the asset (in periods). This period can be different from the one in the Valuation tab. It is for calculation purposes only and does not generate any financial postings.
Depreciation method: The depreciation method for tax.
Asset suspended: Input either of the three options.[more information can be found on the Valuation tab.
Y to suspend asset
N to free from suspension.
S indicates a suspended asset.
Initial cost: The initial cost of the asset.
Additional cost: Any Additional Costs which may have arisen for the asset in the current financial year. Those which may have arisen in previous years are included in the Initial Cost figure.
Net book value: The current worth of the asset to the company, allowing for the Cumulative Depreciation to date.
Residual value: The final Net Book Value of the asset, to which it will fall at the end of its Lifetime, after all depreciation has been calculated and subtracted.
Periods suspended: Set this field when an asset is suspended.
Fixed dep'n amount:The fixed depreciation amount.
Last dep'n amount: The last depreciation amount.
YTD depreciation: The year to date depreciation.
Origin of depreciation: This field is not mandatory but can be edited by KCC users to effectively set the first depreciation period and year, [perhaps to relate to the purchase date] if they did not want it to start depreciating immediately. It will otherwise be populated automatically once a depreciation run has taken place, and any "catch up" depreciation will be calculated- hence the field will be populated with the relevant period date. As this field is only editable by KCC users, it is worth contacting software support if you require it to be populated prior to running the depreciation process.
The Management Tab consists of the following fields.
Date purchased: Enter date purchased.
Lifetime (periods): The lifetime of the asset (in periods). This period can be different from the one in the Valuation tab. It is for calculation purposes only and does not generate any financial postings.
Depreciation method: The depreciation method.
Asset suspended: Input either of the three options.Input either of the three options.[more information can be found on the Valuation tab.
Y to suspend asset
N to free from suspension.
S indicates a suspended asset.
Initial cost: The initial cost of the asset.
Additional cost: Any Additional Costs which may have arisen for the asset in the current financial year. Those which may have arisen in previous years are included in the Initial Cost figure.
Net book value: The Net Book Value of the asset; its worth to the company.
Residual value: The final Net Book Value of the asset, to which it will fall at the end of its Lifetime, after all depreciation has been calculated and subtracted.
Periods suspended: Set this field when an asset is suspended.
Fixed dep'n amount:The fixed depreciation amount.
Last dep'n amount: The last depreciation amount.
YTD depreciation: The year to date depreciation.
Origin of depreciation: This field is not mandatory but can be edited by KCC users to effectively set the first depreciation period and year, [perhaps to relate to the purchase date] if they did not want it to start depreciating immediately. It will otherwise be populated automatically once a depreciation run has taken place, and any "catch up" depreciation will be calculated- hence the field will be populated with the relevant period date. As this field is only editable by KCC users, it is worth contacting software support if you require it to be populated prior to running the depreciation process.
Tab five of the Asset Record contains purchasing information, which describes how and from whom the asset was acquired; also included are details of any Hire purchase or Maintenance Contract agreements.
Supplier Account: The Purchase Ledger Account Code of the
company from which you acquired the asset. If no Purchase Ledger
account with this code exists, the system gives the message: Account
not on file. An button is available here to aid the search.
Asset transfer codes: A code which is user defined by the company.
A can be used here to aid the search.
Asset transfer dates: This field indicates the date the asset
was transferred between departments.
A button can be used here to aid the search.
Capital investment auth: Authorization initials of the person who authorized the transfer.
Capital no:User defined code by the company.
Invoice date: The date on which the purchase invoice for the
asset was issued.
A button can be used here to aid the search.
Supplier's reference: Any supplementary information, such as the supplier's sales invoice number.
Our purchase ref'nce: Any supplementary information, such as that held in the Reference field on your company's purchase invoice.
Daybook number: This field shows the number of the Daybook on which the asset purchase invoice was printed.
Note: The Purchase Ledger module does not update this or any other field on the Asset Record automatically.
There are also fields for the user to enter the Purchase VAT value and the VAT Reclaimed, if any.
Hire purchase: This field contains a checked box if the asset was purchased via an HP agreement; otherwise, blank signifies it was not via an agreement.
HP Reference: If the asset was acquired on Hire Purchase, this field may be used to contain information such as the Hire Purchase Agreement Number or the name of the HP finance company.
HP Expiry date: If the asset was purchased via a HP deal, this
field contains the date on which the Hire Purchase Agreement expires.
There is a
button here to aid the date search.
Maintenance contract: If the asset is subject to a Maintenance Contract, this field contains a Y; otherwise, N is shown.
MC Reference: If the asset is subject to a Maintenance Contract, this field contains supplementary information, such as the identify of the contractor.
MC Expiry date: If the asset is subject to a Maintenance
Contract, this field shows the date on which the Contract is due for renewal.
A button here
aids the searching of dates.
All the data fields on this page may be edited with the Add or modify assets option.
Insurance: Enter the insurance reference and expiry date.
A button is available to aid the search.
Tab six of the Asset Record page shows information on the last audit that was performed on this Asset Record.
Further information is shown in the following data fields:
Auditor: According to your company's practice, this field contains either the initials or you ID of the person responsible for carrying out the audit.
Audit date: The date on which the asset audit was performed.
A button is available to aid the search.
Condition code: This represents the state of the asset as it
was found on the last audit. Condition Codes are set up on the system
with the Audit conditions option on the AR System Maintenance Menu.
Conditions Codes are two alphanumeric characters in length. Their
number and meaning are defined according to your company's requirements.
To search for the available codes, use the search button.
User verification fields: These fields are used if a company requires it's employees and users to verify that the assets they have in their possession are correct , especially when there have been transfers of assets [e.g computers moving from one department to another]
Status: This has only 4 valid options- blank for default or no action, C for confirmed [the asset is correct] , T for transferred and S for sold.
Verification date: When the verification took place. An
is available here to aid the search.
Verification userid and New userid: These fields can be
selected by using the search button, and will be the user who verified and has taken on the asset , respectively.
Verification text: User definable text to accompany the other fields can be input here.
Tab seven of the Asset Record contains any disposal information relating to the sale of the asset in the current financial year.This only applies when users are in Add/Modify assets- not Create [as obviously the asset will not have been created yet]
Note: The Records of assets that were sold in previous financial years are cleared from the Register on the annual run of the End of year process option on the AR System Maintenance Menu.
Further information is shown in the following data fields:
Disposed: This Check box contains a tick if it has been sold; otherwise, it shows a blank. At the end of the financial year when the End of year process option is run, the system checks this field to see whether the asset has been sold. If it finds that the asset has been disposed of, Autoline deletes the Asset Record from the Register.
Date Sold: The date on which the asset was disposed. An
button is available to search on.
Sales Reference: Any supplementary information relating to the sale of the asset, such as the sales invoice number of the disposal transaction or the Sales Ledger Account Code of the asset purchaser.
Disposal Proceeds: The selling price of the asset. This data field is reproduced on page two of the Record, the Asset Valuation page.
Asset Transfer codes and Dates:These two fields do not actually appear as part of the disposal process, nor are they editable by the user.
The contents of the Asset Disposal page may be viewed at any stage by using the Add or modify assets option. However, the data fields on the page may be edited with the Disposals option only.
Tab eight of the Asset Record shows details relating to two categories of asset movements; transfers between Asset Classes; and asset splits within an Asset Class. Only transfers and splits that have taken place within the current financial year are displayed.
Note: If an asset is transferred between Classes, the original Asset Record is not retained beyond the current financial year, but is cleared from the Register by the End of year process option . Similarly, asset split details are erased from the Register at each financial year-end.
Further information is shown in the following data fields:
Transferred Out: If the asset has been moved out of this Class
in the current financial year, this field contains a checked box;if not,the field is blank. Displayed in the associated three fields are the new
Asset Class and Item Number, and the date on which the outward
transfer took place. A button is available to help search.
Transferred In: If the asset has been moved into this Class in the current financial year, this field contains a checked box;if not,the field is blank. Displayed in the associated three fields are the original Asset Class and Item Number, and the date on which the inward transfer took place.
Child: If the asset is a child that has been created as a result of a split from a parent asset, this field contains a checked box;if not,the field is blank. Displayed in the associated two fields are the Item Number of the parent asset and the date on which the split was performed.
Parent: If the asset is the parent of a child asset, following an asset split, this field contains a checked box;if not,the field is blank
The contents of the Asset Transfer History page may be viewed at any stage by using the Add or modify assets option. However, the data fields on the page may be edited with the Asset movement option only.
Warning: When asset records are created or amended and then saved, the system will prompt for an NL Posting Date. It is not possible to cancel this process when you have reached this point.
The field shown will default to the last day of the current financial period; you may overwrite this displayed date with another one in a previous or future period, if required.
Depending on the system parameters, daybooks may either be printed on exit from the option or later from the Nominal Ledger or End of Day process.
Postings are made between the Asset Purchase Suspense Account (on the Class record) and the Asset Account. For example, if an asset had its additional costs and net book value increased the postings would be: debit Asset NL account (additional costs); debit NL Reserve account (net book increase); credit Asset Purchase Suspense account with balance. The creation of an asset would debit Asset NL account (cost including additional costs); credit Asset Purchase Suspense account.
If you have used Add or modify assets to create a new Record or to amend accounts-related fields on an existing one, and exited with the Save-record command, a daybook is printed showing the creation or amendment details.
When in a divisional company set-up (the related Nominal company is a divisional pseudo company) and the 'Force divisional period close' Nominal system parameter is switched on, Autoline will use the divisional period/year to drive the posting dates in Asset Register rather than the global Nominal system parameter period/year. Users should be aware of this.
For each posting, information is given under the following headings:
Item Number: The Nominal Ledger daybook item number.
Cost Centre: The code of the Nominal Ledger department(s) associated with the asset creation or amendment.
Expense Code: The code of the Nominal Ledger account(s) associated with the asset creation or amendment.
Suffix: The Suffix that will be placed against the asset transaction on the Nominal Ledger; made up as the 2 characters of the item number.
Description: The full title the Nominal Ledger account(s) associated with the asset creation or amendment.
Amount: The amount for posting, debit or credit, to the Nominal ledger account shown.
Narrative: The class and the asset number of the asset.
Every asset has a single Asset Record on the Register. Each one is allocated to an Asset Class and has an identifying Item Number that is unique to its Class. The Asset Record shares an Asset NL Account code with the other Records in its Class. The option for creating, amending and displaying Asset Records is Add or modify assets.
Asset Records are composed of eight tabs, each storing a particular category of information.
All eight Asset Record pages may be viewed with Add or modify assets; but only the first five may be edited with the option.
To display or amend details of an asset, you must specify the Asset Class and the Item Number[or Label Number] of its Asset Record. When creating a new Asset Record, allocate it to an Asset Class and give it an Item Number that no other Record within that Class possesses,Auto linen will not allow a duplicate within the same class.
Default field values may be set up for Asset Records, either for all Records on the Register or for those within a particular Asset Class. The options for doing so are Classifications and, on the AR System Maintenance Menu, Asset defaults. Default values are of two types: those which may be overwritten and those which cannot be altered, but which link all Asset Records within a given Asset Class.
When used to create a Record, or to edit accounts-related data fields on an existing one, the Add or modify assets option prompts for an NL Posting Date. It then prints out a daybook showing the changes that have been made to the Record.
Depending on how your system is set up, postings will be made to the Nominal Ledger immediately on exiting Add or modify assets, or on the next run of the Print all daybooks option within the Accounts system. This is normally at the end of the day.
BUTTONS
Exit: Returns you to the ASSET REGISTER menu.
Help: Displays help on the current application using the default browser.
Create: This button allows you to create a new asset record.
Amend: This button allows you to edit the asset record.
Mail: Enables users to send an internal e-mail to colleagues detailing the value and other details of the selected asset as necessary.
Ad-Hoc: The ad-hoc function allows enquiries to be performed on the Asset header file.
Set-up: High priority users can edit the asset in a grid format- this should be used with extreme care.
