F I X E D   A S S E T S

Fixed Assets maintains asset records and provide depreciation schedules. Three depreciation methods can be set up for each asset.

ASSETS

Asset cards store information on your assets. When you select [Assets] from the Fixed Assets or Lookup menus, the first asset in your file will be displayed.

Using Card Files

You can find a more detailed description of how ProBooks Card Files work and the various features available in all card files in the Using ProBooks chapter of your manual.

Lookup mode and Edit Mode

Card files have two modes, lookup mode and edit mode.

When the first asset card is displayed, you will initially be in lookup mode.

When you want to add a new card or change an existing card, activate Add or Edit mode by selecting [Add] or [Edit] or clicking on one of the fields in the card screen.

Finding the card you want

Think of your ProBooks card files as rotating card files.

UpArrow/DownArrow

You can flip through the cards by using the [UpArrow]/[DownArrow] keys on your keyboard, or selecting one of the arrow buttons on the control panel, much like turning the wheel on a rotating card file.

You can also lookup up a particular Asset several other ways:

Lookup Buttons

Select one of the lookup buttons to lookup an Asset by Asset number or Asset name by selecting the appropriate button in the Asset card.

Home/End

You quickly skip to the first or last card by pressing [Home] or [End] on your keyboard, or by double-clicking on one of the arrow buttons on the control panel and holding it down until the first or last record is found.

PgUp/PgDn

You can skip through several cards at a time by pressing [PgUp] or [PgDn] on your keyboard, or by double-clicking on one of the arrow buttons on the control panel and holding it down.

Find

Select [Find] to locate Assets on additional fields in the Asset record.

Filter

Select [=Filter] to select an Asset(s) using an expression or search string.

Multi-screen cards

Some card files keep more information than will fit in one screen . The files use tabbed multi-screen cards to provide several screens for each record in the card file.

To access the hidden screens click on the tabs for each screen , or select [Screen]

Adding New Assets

Select [Add] to create a blank asset card to add a new Asset.

Asset Codes

Asset codes are assigned manually when the asset information is entered into the asset master file. The coding system is user defined and may be any alphanumeric combination up to 8 (i.e., 12345678, ACME1234, 697ACME1).

There are many different methods used to assign asset codes. If you’re starting a new system and aren’t sure how you should assign assets codes here are a few commonly used systems.

Part of name plus a number - You might use a system that takes part of the name plus a number, like PCAC0001.

Record number - The record number for this asset record. A number representing the number of cards in your file plus one, will be displayed when you select [Add] to add a new asset record.

Changing Asset Information

Select [E]dit or click on one of the fields in the card screen to activate Edit mode.

When you’re in edit mode, pressing [Tab]/[Shift]+[Tab] will move the cursor through the various fields and buttons in the card screen.

Enter the appropriate changes in the desired field or fields.

To save the changes you’ve made and return to lookup mode select [Edit] again, or [PgDn], you will be prompted to confirm or cancel changes, or [Ctrl]+[W] will automatically save changes made.

Deleting Assets

Select [Delete] to delete a Asset.

Normally you will not be allowed to delete cards if there are open receivables invoices for the selected Asset.

Field Definitions

AssetNo

The asset number you assign to an asset.

Description

Asset name or description.

Book/Tax/Other

You can keep three depreciation setups for each asset, if you use different methods for book or taxes, or for other purposes. The setups are called Book, Tax and Other. Select Book, Tax, or Other to display the setup for each method.

Acquired

Date acquired or purchased.

Placed In Service

The date the asset was placed in service.

Fisc Per

The fiscal period during which the asset was placed in service.

Fisc Yr

The fiscal year the asset was placed in service.

DateDisp

The date the asset was disposed of.

MethDisp        

The method the asset was disposed.

Vendor

The vendor or supplier’s name or vendor code.

Serial Number

The serial number or ID number of the asset.

AssAcct

The general ledger fixed asset account for this asset.

ExpAcct

The general ledger depreciation expense account for this asset.

ResAcct

The general ledger accumulated depreciation account.

The defaults for these account numbers are stored in the company setup information file, and can be set by selecting [Asset Accounts] from the Fixed Assets Setup & Utilities menu.

New/Used

Whether the asset was (N)ew or (U)sed when purchased or aquired.

Cost

The total purchase price of asset including the value of any goods traded, plus the amount paid with cash or notes.

Boot

The amount of the purchase price paid with cash or notes.

Check with your accountant or tax advisor as to whether or not the non-depreciated balance of the traded asset should be added to cost or continued to be depreciated separately.

Salvage

The expected salvage value of the asset.

BusPcnt

The percentage the asset is used in business.

Depreciation Basis

The depreciable basis of the asset adjusted by any Additional 1st year depreciation, Section 179 expensing, salvage, business use % and ITC.

Section 179 Amt

The amount to be expensed under Section 179.

ITC Amount

Displays the default calculation of ITC from previously entered data.

ITC Type

The system will calculate the Investment Tax Credit based on one of several types:

• 1 - None - You may elect to not take any ITC.
• 2 - Regular - Other than Rehabilitation or Energy.
• 3 - Rehabilitation - Real Estate qualifying for the special rehabilitation credit.
• 4 - Energy - Assets qualifying for the special energy credit.

Reduce Basis

If [Y]es the depreciable basis of the asset will be reduced by 50% of the ITC.

Method

The following nine methods of depreciating an asset are available:

Assets purchased before 1987

Assets purchased from 1981 through  1986 are generally depreciated according to the Accelerated Cost Recovery System (ACRS)

• 0 - None (Zero) - Usually land and fully depreciated assets you simply want to maintain on your      records.
• 1 - Regular ACRS for most property purchased after 1980.
• 2 - Alternate ACRS for property purchased after 1980 you want to depreciate on a straight line      basis.
• 3 - Straight Line
• 4 - Sum of the Years Digits

Fixed Assets     11-5

• 5 - Declining Balance 200%
• 6 - Declining Balance 175%
• 7 - Declining Balance 150%
• 8 - Declining Balance 125%
• 
  

Assets purchased from 1987 on




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Assets purchased after 1986 are generally depreciated according to the Modified Accelerated Cost Recovery System (MACRS)


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• 0 - None (Zero) - Usually land and fully depreciated assets you simply want to maintain on your records.
• 1 - Regular MACRS for most property purchased after 1986.
• 2 - Alternate MACRS for property purchased after 1986 you want to depreciate on a straight line basis. This method generally applies for assets used less than 50% for business.
• 3 - 1st Quarter
• 4 - 2nd Quarter
• 5 - 3rd Quarter
• 6 - 4th Quarter
• 7 - Decl. Bal. 200%
• 8 - Decl. Bal. 150%
• 
  

Type

Select one of the following types used to classify the asset for calculation of depreciation.

• 0 - Non-special is default, it is the type into which everything that is NOT one of the special types (1 through 3), including non-depreciable assets.
• 1 - Real Estate - If it is depreciable realty it is type ‘1’.
• 2 - Luxury Auto - If the asset falls in the class of ‘listed property’ and it is a luxury auto, it is a type ‘2’.
• 3 - Other Listed - If the asset is ‘listed property’ and it is NOT a luxury auto, it is a type ‘3’.
• Life

Enter the life in years for pre-ACRS property or the Class for ACRS or MACRS property (3, 5, 10 etc.).

DepYears

Will default to Life/Class.  If you use Alternate ACRS you can enter a number of years if different from default.







11-6     Fixed Assets

Depreciation Schedule

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Depr Schedule

Select [Depr Schedule] to display the Depreciation Schedule window for this asset.

If a schedule has already been created for this item, the existing schedule will be displayed, otherwise a new schedule will be created.

Add

Select [Add] to add a year to the depreciation schedule.

Edit

Select [Edit] to edit the schedule. You need enter changes only to the Current amount for any year. The Accumulated and Total amounts will be recalculated automatically when you’ve finished editing.
While editing, press [Ctrl]+[N] to add a blank line to the schedule.

Recalculate

Select [Recalculate] to recalculate the depreciation schedule according to the currently selected methods.

Clear

Select [Clear] to clear the depreciation schedule.

Restore

Select [Restore] to restore the schedule as it was before you entered any changes.







Fixed Assets     11-7

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ASSETS REPORTS

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Asset Report Types

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One Year Depreciation Schedule

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Depreciation schedules for a single year.




Six Year Depreciation Projection

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Provides a depreciation report showing the selected year, plus five years forward.




ITC Recapture Report

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ITC recapture report showing the year ITC was taken, the original amount, the new amount and the recapture amount.




11-8     Fixed Assets

Asset Detail

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This report shows all of the information in each Asset card.




Accounts

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Prints a listing of assets with their respective Asset, Depreciation Reserve, and Depreciation Expense account numbers.




Asset Cost

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Prints a listing of fixed assets showing Cost, Percentage of Business Use, and Business Cost based on that percentage.




Asset Report Options

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Report Order

Select the order in which assets are listed in the report.

Book/Tax/Other

When running Fixed Assets Report a Book/Tax/Other option will be displayed. Select the method to be used for the current report.

Fixed Assets     11-9

From/To

Select the beginning and ending asset to be included in the report.

Asset Setup

Select which asset setup to use... book, tax or other.

Fiscal Year

For depreciation schedules, select the year, or beginning year for the report.

Form

Select [Form] to load a report writer setup for the selected report. The [Form] option is not available for all report types.




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ASSET SETUP & UTILITIES

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11-10     Fixed Assets

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Change Asset Number

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From time to time you may find you want to change an asset number. To change an asset number, select [Change Asset Number] from the Fixed Assets, Setup & Utilities menu .

Changing an asset number creates a copy of an existing asset record with a new asset number, and updates all historical records for the original asset number with the new asset number.




What Happens When You Change an Asset Number

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• A notation is placed in the Memo field of the original number noting the date the asset number was changed and the new asset number, and the new asset number Memo field will have a notation of the original number and date of change.
• The asset name of the original asset will be changed so it has “>” as the first character. This will show you this is an inactive record.
• If the new asset number is not an existing asset number, a new asset record will be created. The information in the new record will be same as in the old record, except for the asset number.
• In all files that store an asset number, the old asset number will be replaced with a new asset number.



Fixed Assets     11-11

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Global Updating

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Global Updating allows you to quickly change a field in all or a selected group of records.

For example, let’s say you want to change the Asset Account for all assets.

One way to do it would be to edit each asset card one by one. Even if you had only ten assets, that would take a few minutes. But what if you had ten thousand assets? That would take quite a while. But with global updating you can change any field in ten or ten thousand asset records very quickly with a minimum of effort.

Global updating provides a way to update a specific field in the active file for all records, or for records selected according to the criteria specified in the selection screen.

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Always backup your data files before using Global Updating. You might make unintentional or accidental changes and want to restore from your backup.


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For more information on using Global Updating please refer to the System chapter of your manual.




11-12     Fixed Assets

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Asset Accounts

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Default Asset Account - General Ledger Fixed Asset Account you carry the asset under in the G/L.

Default Expense Account - General Ledger Depreciation Expense Account you will debit with the asset’s depreciation.

Default Reserve Account - General Ledger Depreciation Reserve Account you will credit with the asset’s accumulated depreciation.




Fixed Assets     11-13