Asset N/L Classes - Flip A
This page describes Flip A of the Asset N/L Classes setting in the Assets module. Please follow the links below for descriptions of the other parts of the setting:
- Introduction
- Flip A - includes Code, Comment, Tags/Objects and Asset Account fields
- Flip B - includes Depreciation Account fields
- Flip C - includes Cost Account fields
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- Code
- Enter the unique code by which the Asset Class is to be identified from elsewhere in the Assets module. You can use up to five characters.
- Tags/Objects
- Paste Special
Tag/Object register, Nominal Ledger/System module
- You can assign a Tag/Object (or several Tags/Objects, separated by commas) to each Asset Class.
- You can also assign additional Tags/Objects to individual Assets as required.
- In any Nominal Ledger Transactions representing the depreciation of Assets belonging to an Asset Class, any Tags/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.
- Asset, Asset 2
- Paste Special
Account register, Nominal Ledger/System module
- Specify here the Asset Account to which the purchase of Assets belonging to the Class will be posted.
- 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 the Account that you specify here.
- If you revalue an Asset and create a Simulation from the Revaluation using the 'NL Simulation' function on the Create menu (Windows/macOS) or + menu (iOS/Android), 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.
- 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 are no Revaluations, the Purchase Value from the Asset record) or with the total depreciation of the Asset (depending on the Post from Write-off option that you have selected in the Account Usage Assets setting).
- The Asset Account will be used if you choose to have values calculated using Depreciation Model 1, while the Asset 2 Account will be used with Depreciation Model 2. Usually you will be able to make this choice when running the relevant Maintenance function, but in the case of Disposals you should control the choice of Depreciation Model using the Model for Disposals options in the Account Usage Assets setting. Simulations created from Revaluations will always post to the Asset Account.
- Usually these Accounts will be Balance Sheet Accounts.
- Asset Tags/Objects, Asset 2 Tags/Objects
- Paste Special
Tag/Object register, Nominal Ledger/System module
- Any Tags/Objects that you specify here will be assigned to all postings to the Asset Account in ("Put In Use" and Disposal Transactions (in addition to the Tags/Objects in the Tags/Objects field above and in the Asset itself).
- The Asset Tags/Objects will be used if you choose to have values calculated using Depreciation Model 1, while the Asset 2 Tags/Objects will be used with Depreciation Model 2.
The Asset N/L Classes setting:
- Introduction
- Flip A - includes Code, Comment, Tags/Objects and Asset Account fields
- Flip B - includes Depreciation Account fields
- Flip C - includes Cost Account fields
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Go back to:
Introduction to Settings in the Assets Module
