This article is part of the Fixed Assets Module training.  Click here for more information on the Fixed Assets Module and here for more information on the Asset Record (where the Actions can be performed)

 

Asset 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:

  • Duplicate - Available on all Statuses.  The 'Duplicate' Action creates a modified copy of the Asset in a new tab (the generated Number value will be aggregated just as if the User had selected to create a new Asset).  The User can then make any necessary changes and save the new Asset under an updated name

 

  • Split - Available on 'Draft' and 'CIP' Assets.  The 'Split' Action can be used to split a  single Asset into two separate Assets. 
    • Upon selecting the 'Split' Action, the Split prompt will open where the User can review Expenses related to the Asset, then enter the second Asset's Name and Cost
      • Clicking 'Split' will save the Split, update the 'Current Cost' of the first Asset, and close the prompt
      • Clicking 'Split And Open' will save the Split, update the 'Current Cost' of the first Asset and open the second Asset record where the 'Cost' amount will be the 'Current Cost'
      • 'Cancel' will close the Split prompt without performing any Actions

 

  • Begin Construction - Available on 'Draft' Assets.  The 'Begin Construction' Action can be used to update the Status of an Asset from 'Draft' to 'CIP'
    • When selected, the 'Construction in Progress' prompt will appear where the User must select the Credit Accounts to offset the Debit to the CIP Account.  Refer to CIP & Active Offset Accounts for more information on which Account to Select
    • Once the selection has been made, click 'OK' and the Asset Status will be changed to 'CIP'

 

  • Place in Service - Available on 'Draft' and 'CIP' Assets.  The 'Place in Service' Action can be used to update the Status of an Asset from 'Draft' or 'CIP' to 'Active'
    • If moving from 'Draft' directly to 'Active', the 'Place in Service' prompt will appear where the User must select the Credit Accounts to offset the Debit to the Asset Account.  Refer to CIP & Active Offset Accounts for more information on which Account to Select
    • If moving from 'CIP' to 'Active', the Credit Account was selected when moving the 'Draft' to 'CIP'
    • Once the selection has been made, click 'OK' and the Asset Status will be changed to 'Active'

 

  • Depreciate - Available on 'Active' Assets.  The 'Depreciate' Action can be used to open the Depreciation Form and post (or preview) Depreciation for the Asset.

 

  • Asset Disposal - Available on 'Active' and 'Active Fully Dep.' Assets.  The 'Asset Disposal' Action can be used to record the disposal (and Sale) of an Asset and move the Asset to the 'Retired' Status.
    • When selected, the 'Asset Disposal' prompt will appear where the User must select the 'Disposal Date'
      • If the Asset was Sold, click the 'Yes' toggle to enter the 'Amount' and 'Account' of the Sale
        • The Amount value will be recorded in the Account on the final Depreciation Journal Entry used to Retire the Asset
    • When each required field has been updated click 'Process Disposal' to open the Confirmation prompt



 

  • Partially Retire - Available on 'Active' and 'Active Fully Dep.' Assets.  The 'Partially Retire' Action can be used to record the partial retirement (and Sale) of an Asset and move the Asset to 'Retired' Status.
    • When selected, the 'Partial Retirement' prompt will appear where the User must select the 'Partial Retirement Date', and enter the Amount (of the remaining Current Cost) that will be partially retired.
      • If the Asset was Sold, click the 'Yes' toggle to enter the 'Amount' and 'Account' of the Sale
        • The Amount value will be recorded in the Account on the Depreciation Journal Entry used to partially retire the Asset
    • When each required field has been updated click 'Partially Retire' to open the Confirmation prompt



 

  • Location Transfer - Available on 'Active' and 'Active Fully Dep.' Assets.  The 'Location Transfer' Action can be used to transfer the Asset record from one Location to another.
    • When selected, the 'Asset Location Transfer' prompt will appear where the User must select the 'New Location', and enter the 'Transfer Date'.  Click 'Process Transfer' to open the Confirmation prompt and finalize the Asset Transfer


 

  • Depreciation Report - Available on 'Active', 'Active Fully Dep.' and 'Retired' Assets.  The 'Depreciation Report' Action can be used to open the Depreciation Report for the Asset.
    • When selected, the 'Depreciation Posting' report will open in a new tab.  This is the same report that loads from the Depreciation Form.  The Report breaks out Depreciation totals by Asset Class and Assets within the Class.  When ran from the Action menu, only this Asset will be included in the report.  To view the Report with multiple Assets, run it from the Depreciation Form
      • Users can update the report parameters to view either the 'Unposted' depreciation or 'Posted' depreciation


 

  • Undo Retirement - Available on 'Retired' Assets only.  The 'Undo Retirement' Action can be used to reverse the 'Asset Disposal' Action (If you need to undo a Partial Retirement, you must first fully retire the Asset, then you can 'Undo Retirement' for the full amount)
    • When selected, the 'Undo Retirement Confirmation' prompt will appear where the User can select 'Yes' or 'Cancel'. 
    • When 'Yes' is clicked, the Asset Retirement will be undone and the Asset Status will change from 'Retired' to 'Active'.  Any remaining Depreciation postings will be regenerated in the 'Postings' tab


 

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