This article is part of the Fixed Assets Module training. Click here for more information on the Fixed Assets Module
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:
- Manual Creation: through the Fixed Assets Sub-Menu or Setup Assistant
- 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
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) Description - Enter a Description of the Asset. Field is not required and is informational only
4) Categories - Click to select Asset Categories. Multiple Categories can be selected on each Asset
5) Class - Select the Asset Class
6) 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.
7) Employee - Select the Employee that the Asset has been assigned to. Field is not required and is informational only
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) Acquisition Date - Enter the Acquisition Date of the Asset. This value will be used to set/update the initial 'Placed in Service Date' on the Internal Book. After being Placed in Service, any updates to this field will not update the Internal Book 'Placed in Service Date'.
10) Acquisition Cost - Enter the Current Cost of the Asset. This value is used in calculating Asset Depreciation
11) 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
12) Qty - Enter the Quantity of the Asset. Field is not required and is informational only
13) Accounts Section* - The Account selections made via the Asset Class *These fields will be auto-updated once an Asset Class has been selected
14) 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
15) Project Budget - Enter the Project Budget for the CIP Project. Budget Value is informational only and not used in any calculations
16) 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
17) Project End Date - Select the Project End Date. This date is informational only
18) Upload File Button - Click to attach an uploaded file to the Asset Record
The Books tab is where the User can define the Depreciation method and settings for the Internal Book of the Asset.
3) Calendar - The Fiscal Year that is set for the Book
4) Placed in Service Date - The Date that the Asset is Placed in Service. This date is used in calculating Depreciation
5) Acquisition Cost - The Acquisition Cost of the Asset. This value is set on the General tab
6) Salvage Value - The Salvage Value of the Asset. This value will be used in the calculation of Depreciation (depending on the Depreciation Method)
7) Cost Basis - This calculated value is the difference between the Acquisition Cost and Salvage Value
8) Effective Life - Whole Years / Partial Years (Months) - This value is pulled from the Asset Class, but can be updated as needed
9) Life to Date Depreciation - This field cannot be edited after the first Depreciation posting on the Asset
10) Net Book Value - The Net Book Value of the Asset (Current Cost - LTD Depreciation = NBV)
11) Effective Date of Change - The date that the edits made to the Asset will be implemented. The options include:
- Original Place in Service Date
- User Entered Date
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
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
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.