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Fixed Assets Manual

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16 views23 pages

Fixed Assets Manual

Uploaded by

Syam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 23

2024

Presented By: Mekhael Medhat


Content
Page Num

Adding assets

➢ Adding assets manually


➢ Adding using spread sheets
➢ Having an asset invoice

Adjusting assets

➢ Adjusting using the manual way


➢ Adjusting using spread sheets
➢ Adding costs for an existing asset

Asset Transfer

➢ Adjust units
➢ Transfer location

Retiring & reinstating assets

CIP Asset

Mekhael Medhat [email protected] 1


What we will discuss today

Fixed Assets transactions


and how the application can handle
it

Roles needed to complete this tutorial


➢ Asset administrator
➢ Asset Accountant
both assigned to your Assets book name
Also, you need an Access to your Payables Module

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Adding Assets Manually
Select add asset from the task menu

Start filling the required data and click Next

Keep in mind that The cost here refers for the total amount not
per unit

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Category combination entry example:

Location combination entry example:

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here u can notice that u can change the in-service date if needed

also if you wanted to edit even further information just click on


financial details and there you will be able to edit life in years,
salvage value and the used calendar for the depreciation

after u make sure that u registered the accurate date feel free to
submit

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wait for the request to be completed and you can inquire about
the asset

from the task list select inquire assets

search for the asset using your


preferred method

from here you can check many details


for the asset such as:

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Financial :

➢ Costs and changes happened


➢ Its life in years \ months

Source lines :

Refers to the source of the asset how it got added for example
( Payables Module \ spread sheet)

If it has been added manually u will find the source line empty

Assignments :

Shows the total amount of units, the locations and the assigned
employee

Cost history :

Shows changes in cost

Depreciation :

Shows the depreciation transaction for the asset

Transactions :

Shows all other Dr/Cr events for the asset

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Adding asset in spread sheet
From the task menu select add asset in spreadsheet

Start filling the required data

You can never submit a spread sheet without these mandatory


info:

➢ Line number
➢ A Description
➢ A Category
➢ A location
➢ Depreciation expense account
➢ Pick The Queue name as post

After filling the required data click on submit

Select all you entries and from the left panel and click post all

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Adding asset from an invoice

Start creating your invoice and make sure of the following :

➢ The invoice date MATCHES the opened period at fixed assets


➢ You MUST enter the asset clearing account at the line
➢ You MUST check the track as asset box
➢ Your invoice MUST be validated and POSTED
➢ After confirming the invoice is posted
➢ Run Create Mass Addition request

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Head to fixed assets once the request is done

As it should be an asset

You should assign it to a category and a location

Also assign to it the right depreciation expense account that’s


why it’s giving a yellow sign saying something is not completed

Select your asset and from actions menu click edit

From the queue menu select post

Assign the right category, Depreciation expense account and


location then click save and close

Now it should be ready for posting to your asset book

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Adjusting assets
➢ From the task menu click on adjust asset
➢ search for the desired asset using your own method
➢ you have the option to change the category
➢ click on change financial details

as you can see here I can do many things I can change the cost
life in years , salvage value , service date

make sure to click submit once you are done

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Adjusting assets in spreadsheets
➢ From the task list click on adjust asset in spreadsheet
➢ Select the needed action for your task
➢ Name that task group as you like

Here I will assign the costs for 10M

Once you are done click on Post

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Now if you inquire about the asset

Adding cost to to an existing asset


First you will be starting with creating an invoice

Keep in mind the previous conditions

And the create mass addition request as usual

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Move to the fixed asset section once the request is done

Select the wanted asset to add the invoice to it

Post the change and that’s it

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Asset transfer
➢ From the task menu select asset transfer
➢ Transfer asset

In this example I had 5 units what I did is

➢ Added a new line


➢ Deducting 3 units from the old line and added 2 to the
newly created one ( keep the total amount as it was )
➢ Choosing a new location for it ( Gouna 2 )
➢ Once you are done click on submit
➢ Post the change

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Unit Adjustment
➢ From the task list select asset transfer
➢ Select the asset and then to adjust unit

Here I did change the amount at the first line from 3 units to 2
units .

The application only changes the total number of the units


without changing the total cost !

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Retire asset
➢ From the task list select Retire asset
➢ You can pick either cost retire or units

Cost retire :

Units retire :

I will go for a full retire so we can reinstate the asset

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Now to reinstate the asset

➢ From the task list select reinstate asset


➢ Search for the desired asset
➢ Select the asset and click on reinstate

➢ And if we inquire about the asset

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CIP Asset addition
First make sure that your category is assigned to CIP cost and
clearing account (consultant task )

Now let’s create a CIP asset and add costs to it from the
payables module..
select add asset from the task list and at asset type select CIP

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Now i will create an invoice to be treated as costs to make the
CIP asset capitalized
keep in mind all the previous steps in order for the invoice to be
transferred to assets after posting
This time the distribution should be Aimed for CIP clearing
Account

after posting and creating mass additions


select the transaction entry from the Asset book (highlight it)
and click add to asset

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select your CIP Asset from the menu and select Preview add to Asset

now press add to asset

Note that This specific entry is a cost adjustment

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Now to capitalize the CIP Asset:

From the task list


select capitalize CIP assets

Select the wanted CIP asset and


click capitalize

Note THAT:
You can only uncapitalize your CIP Asset in the same period
that u did capitalize in it and if u close that period u can’t
uncapitalize it again.
With that we should have covered most of the FA transactions
Thanks for your time.

Mekhael Medhat [email protected] 22

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