This article is part of the Fixed Assets Module training.  Click here for more information on the Fixed Assets Module

 

 

Creating Assets


The Asset Record is the key record in the Fixed Assets module.  Assets can be created using several different methods. 


During initial setup of the Fixed Assets module, the following methods are recommended:

  1. Manual Creation: through the Fixed Assets Sub-Menu or Setup Assistant
  2. Template Creation: through the Setup Assistant

After initial setup, when new Assets are acquired, they should be entered into R365 via the Potential Assets List


This article will discuss the contents of the Asset Record, labeling each field and setting.  For more information on how to create Assets, refer to the Creating Assets article.


Asset Status and Actions


 

1) Asset Status Indicator - The Asset Status Indicator provides a quick-glance view of the life-cycle of the Asset.  Click here for more information on Asset Status

2) Save Menu - Use this Menu to perform regular Save and Delete functions consistent throughout R365

3) Actions Menu - This menu appears after an Asset Draft has been saved for the first time.  Action options will vary depending on the Status of the Asset and include the following Actions.  Click here for more information on Asset Actions


General Tab


The General Tab of the Asset Record will contain the majority of the fields required to setup and maintain the Asset.  Additional setup fields will appear on the Books tab.


 

1) Name - Enter the Asset Name as it will be displayed throughout R365.  Asset Name will also appear on Asset Tag Printout

2) Number - Auto-generated Number for the Asset.  Prefix and Starting Number can be adjusted on the Autonumbering  page.  Value can be User defined if desired.  Asset Number will also appear on Asset Tag Printout

3) Class - Select the Asset Class

4) Qty - Enter the Quantity of the Asset.  Field is not required and is informational only

5) Acquisition Date - Enter the Acquisition Date of the Asset.  Field is not required and is informational only

6) Employee - Select the Employee that the Asset has been assigned to.  Field is not required and is informational only

7) Physical Location - Enter a description of the Physical Location of the Asset.  This is not the R365 Location.  Examples include 'Banquet Hall B', 'South Bar', 'Prep Line' etc. 

8) Serial Number - Enter the Serial Number (if any) for the Asset.  The field is not required and is informational only.  Serial number will also appear on Asset Tag Printout

9) Categories - Click to select Asset Categories.  Multiple Categories can be selected on each Asset

10) Description -  Enter a Description of the Asset.  Field is not required and is informational only

11) Original Cost - Enter the Original Cost of the Asset.  The field is not required and is information only.  

  • Note: all Depreciation calculations use the Current Cost value

12) Current Cost - Enter the Current Cost of the Asset.  This value is used in calculating Asset Depreciation

13) Non-Depreciating checkbox - Check this box if the Asset will be non-depreciating.  When checked no depreciation calculations will be performed for the Asset once Placed in Service

14) Placed in Service Date - Select the Date that the Asset is Placed in Service.  This date is used in calculating Depreciation

15) Effective Life* - Enter the Effective Life in Years and Months (as whole numbers)  *This field will be auto-updated once an Asset Class has been selected

16) Salvage Value - Enter the Salvage Value of the Asset.  This value will be used in the calculation of Depreciation (depending on the Depreciation Method)

17) Location* - Select the Location that the Asset will be associated with on all financial transactions  *This field will be auto-updated once an Asset Class has been selected

18) Accounts Section* - This section is collapsed by default but can be expanded to view the Account selections made via the Asset Class  *These fields will be auto-updated once an Asset Class has been selected

19) CIP Account - Select the Construction in Progress Account for the Asset.  CIP Information is only required if the 'Begin Construction' Action is used.  If Asset is immediately Placed in Service, CIP settings are not required

20) Project Budget - Enter the Project Budget for the CIP Project.  Budget Value is informational only and not used in any calculations

21) Project Start Date - Select the Project Start Date for the CIP Project.  This date value will be used to set the date on the 'CIP' Status when the 'Begin Construction' Action is used

22) Project End Date - Select the Project End Date.  This date is informational only

23) Upload File Button - Click to attach an uploaded file to the Asset Record

 

Books Tab


The Books tab is where the User can define the Depreciation methods and settings for each Book on the Asset.  Up to four different Books can be held for each Asset if necessary:

  1. Internal (required)
  2. Tax
  3. State
  4. Other

 

1) Dep Method - Select the Depreciation Method for the Book.  Value is set automatically, based on the selected Asset Class

2) Convention - Select the Convention for the Book.  Value is set automatically, based on the selected Asset Class

3) Calendar - The Fiscal Year that will be used for the Book. 

  • 'Internal' Book defaults to 'Operational' Fiscal Year
  • 'Tax', 'State' and 'Other' default to 'Fiscal' Fiscal Year

4) Dep Start - The Depreciation Start Date for the Book.  This is an auto-generated field and cannot be edited.  The field is set based on the Convention and Placed in Service date

5) Dep End† - The Depreciation End Date for the Book.  This field is calculated based on the Convention and Placed in Service date.  Field cannot be edited after the first Depreciation posting on the Asset 

6) YTD Depreciation† - Year to Date Depreciation.  Field cannot be edited after the first Depreciation posting on the Asset 

7) LTD Depreciation† - Life to Date Depreciation.  Field cannot be edited after the first Depreciation posting on the Asset 

  • † Note: these three fields can be updated if no Depreciation has been posted.  If changes are made to these fields, the system will generate a Beginning Balance Depreciation record in the Postings Tab to update current and future Depreciation calculations

8) NBV - the Net Book Value of the Asset (Current Cost - LTD Depreciation = NBV)

9) Tax Book - the second Book for the Asset, designated for Tax purposes

10) State Book - the third Book for the Asset, designated for State purposes

11) Other Book - the fourth Book for the Asset, designated for Other purposes

 

Service & Activity Tab


The Service & Activity tab is where Tasks, Notes, and Email / Text Alerts can be recorded for the Asset.  The Servicing Vendor can be assigned and the Employee that maintains the Asset is listed as well as the Next Service Date


1) Service Vendor - Select the Service Vendor that will handle all service related to the Asset

2) Service Employee - Select the Employee in your organization that will be responsible for the Asset Service and recording Service Log entries

3) Next Service Date - Enter the date of the Next Service for the Asset (informational only)

4) Service Log Entry Buttons - Use these button to create Service Log Entries for the Asset.  For more information on Log Entries in R365, refer to Creating Log Entries documentation

5) Service Log Entries - As Log Entries are created, they will be listed here for review and followup

 

Postings Tab


The Postings tab will contain every Book Posting (including future postings with a status of 'Unposted') that will occur throughout the life of the Asset.  When the Asset has a Status of 'Draft', the Postings tab will remain blank.  Once the Status is updated to 'CIP' or 'Active' and the User sets the Offset Account (refer to Asset Actions for more information), the Postings tab will begin to be populated with Posting Entries.

  • Note: The examples below are two different Assets with different values and uses

 

Draft to CIP Example



 

Draft to Active Example



 

Columns on the Postings Tab:


 


Type - The Type of Posting.  Types include the following:

  • CIP - Entry when Asset Status is changed from Draft to CIP
  • Place in Service from CIP - Entry when Asset Status is changed from CIP to Active
  • Place in Service - Entry when Asset Status is changed from Draft to Active
  • Depreciation - Entry for Depreciation
  • Depreciation Adjustment - Entry for manual adjustments of the Depreciation
  • Retirement - Entry for when the Asset Status is changed from Active to Retired

Book - The Book where the Entry is posted.  Refer to the Books Tab section above for more information on Books

Date - The date the Entry was/will be posted (refer to the Status column to the far right to determine if the Entry has been Posted)

Amount - The Amount of the Entry

Transaction - The Transaction that contains the Entry Posting (hyperlinked)

Accum Dep Acct - The Accumulated Depreciation Account set on the Asset Class or General Tab

Dep Expense Acct - The Depreciation Expense Account set on the Asset Class or General Tab

Asset Acct - The Asset Account set on the Asset Class or General Tab

Gain/Loss Acct - The Gain/Loss on Sale Account set on the Asset Class or General Tab

Potential Trigger Acct - The Potential Asset Trigger Account set on the Asset Class or General Tab

Status - The Status of the Posting Entry.  Status options include 'Posted' or 'Unposted'

 

Related Expenses Tab


The Related Expense Tab lists each Expense that has been linked to the Asset.  Click here for more information on how to Relate Expenses to Assets


 

Audit Trail Tab


The Audit Trail tab will contain a list of any changes that have occurred on the Asset record once the Status has changed from 'Draft'.  The field, along with the previous value and new value will be listed for each change.  The User that submitted the change and the date/time the change was submitted will also be listed.


 

Dep Adjustments Tab

 

Similar to the Audit Trail tab, anytime there is a change on the Asset Record that specifically involves the Depreciation on the Asset, an entry will be made on the 'Depreciation Adjustments' tab.  Refer to this tab to review these adjustments by field, previous value, new value and who modified them and when.