Asset Classes

Asset classes help you organize fixed assets into groups of similar asset records. When you add a new asset class, you define the depreciation method, debit and credit accounts, accumulated depreciation account and depreciation expense account. These asset class defaults can save you time when you add new asset records.

The Asset classes list displays all the asset classes you have in the system. To access the Asset classes list, select Fixed assets, Settings.

  1. On the Asset classes page, select Add asset class from the action bar. The Add an asset class screen appears.

  2. Enter the Description for the new asset class.

  3. Select the depreciation method. If you select "Straight line," you must enter the convention, useful life, and salvage value.

  4. Enter the default debit and credit accounts for asset acquisition and improvement transactions.

  5. Define starting and ending dates for each period in the Start date and End date columns. The Start date field will auto populate for all new future years and is not editable.

  6. Under Distributions, enter the debit and credit accounts for the asset class.

    Tip: To apply an account distribution set, select Apply account distribution set.

  7. In the Interfund entry set field, select a set to balance the accounts if the debit and credit accounts aren't in the same fund.

    Tip: You define interfund entry sets in the database view.

  8. Select Save.

You can edit an asset from the Asset classes list in Fixed assets settings. To edit an asset classes, select Edit from the menu that appears next to the asset class in the list.

When you edit an asset class, you can update the depreciation method, default accounts and description.

You can delete an asset class from the Asset classes list in Fixed assets settings. To delete an asset class, select Delete from the menu that appears next to the asset class in the list.

Note: You cannot delete asset classes currently in use.

When you add a new asset class, it may be helpful to simply copy the information from an existing class into a new one.

To copy an asset class, select Copy into new from the menu that appears next to the asset class you want to copy.