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.

 

The Asset 'Actions' 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:

 

  • 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'

 

 

 

 


  • 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 run 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
      • Note: 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

 

Click here to return to the Asset record training page.