Asset N/L Classes - Flip A
- Code
- Specify a unique code, by which the Asset Class may be identified from the various registers and reports in the Assets module. You can use up to five characters.
- Obj.
- Paste Special
Object register, Nominal Ledger/System module
- You can assign an Object (or several Objects, separated by commas) to each Asset Class.
- You can also assign additional Objects to individual Assets as required.
- In any Nominal Ledger Transactions representing the depreciation of Assets belonging to this Class, any Objects specified here and in the Asset itself will be assigned both to the credit posting to the Depreciation Account and to the debit posting to the Cost Account.
- Comment
- The comment or Asset Class name that you enter here will be shown in the 'Paste Special' list: it should therefore be descriptive enough to make the selection of the correct Asset Class easy for all users.
- Accounts
- Paste Special
Account register, Nominal Ledger/System module
- Three Accounts are used to account for the members of the Asset Class and their depreciation. Use these three fields to determine which Accounts are to be used.
- Asset
- The Asset Account to which the purchase of Assets belonging to this Class will be posted.
- If you choose to have a Nominal Ledger Transaction created when an Asset is sold or written off, this Account will be credited with the last value of the Asset (i.e. the Starting Value from the latest Revaluation or, if there aren't any, the Purchase Value from the Asset record).
- If you will be creating ("Put In Use" Transactions to record the implementation of your Assets in the Nominal Ledger, the Purchase Value of each Asset will be debited to this Account.
- If you revalue an Asset and create a Simulation from the Revaluation using the 'Create NL Simulation' Operations menu function, an increase in value will be debited to this Account, while a decrease will be credited to this Account.
- If you revalue an Asset using the 'Revaluate Asset Acquisition Value' Maintenance function and create a Simulation using the Russian model, an increase in value will be debited to this Account, while a decrease in value will be credited to this Account.
- Depr
- Specify here the Account to be credited with the cost of depreciation of members of the Asset Class. You can choose to credit depreciation directly against the Asset Account or against a separate accumulated depreciation Account set up for the purpose.
- On disposal, the total depreciation of the Asset over its lifetime will be debited to this Account and credited to the Cost Account specified in the Disposal record.
- If you revalue an Asset using the 'Revaluate Asset Acquisition Value' Maintenance function and create a Simulation using the Russian model, the change in depreciation resulting from the Revaluation will be credited to this Account if the value of the Asset has increased, or debited to this Account if the value of the Asset has decreased.
- Cost
- This is the expense Account that will be debited with the cost of depreciation of members of the Asset Class.
- Asset and Depr are Balance Sheet Accounts and Cost is a Profit & Loss Account.
- These Accounts are used if you depreciate an Asset belonging to this Class using its first Depreciation Model. If you depreciate an Asset using its second Depreciation Model, the Accounts specified on flip B are used. Bear in mind that the flip A Accounts are always used in (Put In Use Transactions and in Nominal Ledger Transactions created from Disposal and Revaluation records.
- Asset 1 Obj
- Paste Special
Object register, Nominal Ledger/System module
- Any Objects specified here will be assigned to all postings to the Asset 1 Account in ("Put In Use" and Disposal Transactions (in addition to the Objects in the Obj. field above and in the Asset itself).
- Depr 1 Obj
- Paste Special
Object register, Nominal Ledger/System module
- Any Objects specified here will be assigned to all postings to the Depr 1 Account in Depreciation and Disposal Transactions (in addition to the Objects in the Obj. field above and in the Asset itself).
- Cost 1 Obj
- Paste Special
Object register, Nominal Ledger/System module
- Any Objects specified here will be assigned to all postings to the Cost 1 Account in Depreciation Transactions (in addition to the Objects in the Obj. field above and in the Asset itself).
Introduction to Settings in the Assets Module
