Adding and Maintaining an Asset
|
|
|
|
|
The Asset Information window lets you add, maintain or delete an asset. The Asset Depreciation check box must be selected on the Credit Union Profile - Accounting tab to use the Asset Information window. Portico calculates the depreciation expense when the asset is added to the system and creates the Automatic Depreciation Transaction Summary Report 302. If specified, at month-end, Portico create a journal voucher entry to post the depreciation entries.
To access the Asset Information - New window and add a new asset, click General Ledger within the Accounting menu on the Portico Explorer Bar. On the General Ledger menu bar, click Asset Depreciation, then click New Asset.
To access the Asset Information window for an existing asset, click General Ledger within the Accounting menu on the Portico Explorer Bar. On the General Ledger menu bar, click Asset Depreciation, then click Asset Information.
How do I? and Field Help
To add a new asset, enter a unique asset ID in the Asset ID field, enter a unique asset ID (Length: 8 alphanumeric / Keyword: AI). Spaces, alpha characters and numeric characters may be used as part of the asset ID. The Depreciation of Assets Report 301 can be sorted by asset ID. Spaces and alpha characters are sorted prior to numeric characters. For example: ATM, ATM1, 001, 2ATM, etc. If using strictly numeric asset IDs, the asset ID must be set up with preceding zeroes to have assets appear in sequential order by asset ID. For example: 00000001, 00000002 , etc. This affects both the order online and on the Depreciation of Assets Report 301. The order in which entries are displayed depends on whether or not leading zeros are used, as shown in the following example. If you are not planning to use all eight digits, you may omit as many of the preceding zeros as desired.
| With Zeroes | Without Zeroes |
|---|---|
| 00000001 | 1 |
| 00000002 | 10 |
| 00000010 | 11 |
| 00000011 | 100 |
| 00000100 | 2 |
To maintain an asset, enter the asset ID in the Asset ID field and click the green arrow. Click the left and right arrow to scroll through the assets in asset ID order. (Reporting Analytics: Credit Union Rules » Auto Depreciation » ASSET ID)
Complete the following information to add or maintain an asset.
| Field | Description |
|---|---|
| Description |
The description of the asset that will also appear on the Automatic Depreciation of Assets Report 301. Required field. Length: 24 alphanumeric Keyword: DE Reporting Analytics: Credit Union Rules » Auto Depreciation » ASSET DESCRIPT |
| Purchase Date |
Click the down arrow to select the purchase date of the asset from the calendar or enter the date in MM/DD/YYYY format. Required field. To add an existing asset and reflect the entire depreciation, select the original purchase date. To reflect only the remaining depreciation, enter the current date. The purchase date may be in the current month, a past month or a future month. If using a past date, Portico will adjust the book value according to the difference between the purchase date and the current date, unless you enter an amount in the Book Value field. If using a future date, Portico will not depreciate the asset until the purchase date is reached. Keyword: PD Reporting Analytics: Credit Union Rules » Auto Depreciation » PURCH DATE |
| Purchase Price |
The purchase price of the asset. The purchase price will be used in the depreciation calculation. Required field. To add an existing asset and reflect the entire depreciation, enter the original purchase price. To reflect only the remaining depreciation, enter the remaining balance. The amount entered must be equal to or greater than zero. Length: 12 numeric including decimal Keyword: PP Reporting Analytics: Credit Union Rules » Auto Depreciation » PURCHASE PRICE |
| Estimated Life |
The original estimated life of the asset up to a maximum of 999 months. The estimated life will be used in the depreciation calculation. Required field. To add an existing asset and reflect the entire depreciation, enter the original estimated life. To reflect only the remaining depreciation, enter the remaining estimated life. Length: 3 numeric Keyword: EL Reporting Analytics: Credit Union Rules » Auto Depreciation » EST LIFE |
| Salvage Value |
The value of the asset after it is completely depreciated, usually $1.00 or $0.00. Required field. The salvage value is used in the depreciation calculation. If the salvage value is less than the book value, Portico makes a depreciation entry. If the salvage value is greater than or equal to the book value, Portico does not make a depreciation entry. Length: 12 numeric including decimal Keyword: SV Reporting Analytics: Credit Union Rules » Auto Depreciation » SALVAGE AMT |
| Book Value |
The system-calculated or user-defined current value of the asset. The book value is the value of the asset as it depreciates. The book value is decreased each month by the depreciation amount until the book value is equal to the salvage value. You can enter the value of the asset as it depreciates in the Book Value field or leave the field blank to have Portico calculate the value. If the purchase date is in the current month or in a future month, Portico will use the value in the Purchase Price field. If the purchase date is in a past month, Portico will adjust the book value using the asset's age. To add an existing asset and reflect the entire depreciation, enter the remaining value in the Book Value field. If the Book Value field is left blank, Portico will calculate the book value using the asset's age and the amount in the Depreciation Amount field. This value should be verified to ensure accuracy. To reflect only the remaining depreciation, allow the Book Value field to default to the remaining purchase price. To have Portico recalculate the Book Value field when changing data on the Asset Information window, you must blank out the field. Length: 12 numeric including decimal Keyword: BV Reporting Analytics: Credit Union Rules » Auto Depreciation » BOOK VALUE |
| Depreciation Amount |
The system-calculated or user-defined depreciation amount of the asset. Leave blank to instruct Portico to determine the depreciation amount automatically using the following calculation: (purchase price - salvage value)/estimated life. The Depreciation Amount field is not calculated if you enter a user-defined depreciation amount. To have Portico recalculate the Depreciation Amount field when changing data on the Asset Information window, you must blank out the field. Length: 12 numeric including decimal Keyword: CA Reporting Analytics: Credit Union Rules » Auto Depreciation » CURRENT DEPR |
| One Time Amount |
Complete the One Time Amount and One Time Date fields to specify an alternate one-time depreciation amount. The one-time depreciation amount is only used if the date in the One Time Date field is in the current month. The date you enter is the month-end Portico uses the indicated depreciation amount. Once the date is past, Portico will use the amount in the Depreciation Amount field. If the date is in the future, Portico will continue to use the amount in the Depreciation Amount field until this date is reached. Use 0.00 as a valid value to "skip" a month of depreciation. The one-time fields can be maintained as many times as necessary. Length: 12 numeric including decimal Keyword: OA Reporting Analytics: Credit Union Rules » Auto Depreciation » ONE TIME AMT |
| One Time Date |
The date that a one-time depreciation amount is applied to the asset. Click the down arrow to select the date from the calendar or enter the date in MM/DD/YYYY format. The date you enter is the month-end Portico uses the indicated depreciation amount. Once the month-end is past, Portico uses the amount in the Depreciation Amount field. A future date may be entered to set up a one-time depreciation amount for the future. If the date is in the future, Portico will continue to use the amount in the Depreciation Amount field until this date is reached. The one-time fields can be maintained as many times as necessary. Keyword: OD Reporting Analytics: Credit Union Rules » Auto Depreciation » ONE TIME DATE |
| Allowance Account |
The depreciation allowance general ledger account associated with the depreciation of the asset. This general ledger account is credited when Portico makes a depreciation entry. Required field. Length: 6 numeric Keyword: AG Reporting Analytics: Credit Union Rules » Auto Depreciation » ALLOW GL ACCT |
| Allowance Branch |
Click the down arrow to select the branch associated with the depreciation allowance general ledger account. Required field. Keyword: AB Reporting Analytics: Credit Union Rules » Auto Depreciation » ALLOW BRANCH |
| Expense Account |
The depreciation expense general ledger account associated with the depreciation of the asset. This general ledger account is debited when Portico makes a depreciation entry. Required field. Length: 6 numeric Keyword: EG Reporting Analytics: Credit Union Rules » Auto Depreciation » EXPENSE GL ACCT |
| Expense Branch |
Click the down arrow to select the branch associated with the depreciation expense general ledger account. Required field. Keyword: EB Reporting Analytics: Credit Union Rules » Auto Depreciation » EXPENSE BRANCH |
| Asset Account |
The asset general ledger account associated with this asset. System default is 000000. The Depreciation of Assets Report 301 can be sorted by asset GL. Length: 6 numeric Keyword: RG Reporting Analytics: Credit Union Rules » Auto Depreciation » ASSET GL ACCT |
| Asset Branch |
Click the down arrow to select the branch associated with the asset general ledger account. System default is 000. Keyword: RB Reporting Analytics: Credit Union Rules » Auto Depreciation » ASSET BRANCH |
| Location Code |
The location code associated with the asset. This code is credit union-defined and is not required. This field can be used to sort assets on the Depreciation of Assets Report 301. Length: 4 alphanumeric Keyword: LO Reporting Analytics: Credit Union Rules » Auto Depreciation » LOCATION |
| Asset Type |
The code identifying the type of asset. This code is credit union-defined and is not required. This field can be used to sort assets on the Depreciation of Assets Report 301. This allows the credit union flexibility in grouping similar assets together. Length: 4 alphanumeric Keyword: TP Reporting Analytics: Credit Union Rules » Auto Depreciation » TYPE |
| Tax Category |
The taxable category such as furniture/fixtures, machinery, computer, etc. Required if the Taxable check box is selected. Length: 4 alphanumeric Keyword: TC Reporting Analytics: Credit Union Rules » Auto Depreciation » TAXABLE CATEGRY |
| Taxable |
Select this check box if the asset is taxable under the category entered in the Tax Category field. Keyword: TF Reporting Analytics: Credit Union Rules » Auto Depreciation » TAXABLE FLAG |
| Department |
The department where the asset is used. This information is credit union-defined and is not required. This information does not appear on the 301 and 302 Reports. Length: 25 alphanumeric Keyword: DP Reporting Analytics: Credit Union Rules » Auto Depreciation » DEPARTMENT |
| Vendor Code |
The credit union-defined code that identifies the vendor. Click the detail icon button to display the Vendor Information window for the vendor. Length: 6 alphanumeric Reporting Analytics: Credit Union Rules » Auto Depreciation » VENDOR |
| Serial Number |
The serial number of the asset. Length: 25 alphanumeric Keyword: SR Reporting Analytics: Credit Union Rules » Auto Depreciation » SERIAL NUMBER |
| Internal ID |
The internal ID number used to identify the asset. Length: 25 alphanumeric Keyword: TG Reporting Analytics: Credit Union Rules » Auto Depreciation » TAG NBR |
| Warranty Expiration |
Click the down arrow to indicate when the item’s manufacturer warranty or insurance policy expires from the calendar or enter the date in MM/DD/YYYY format. Reporting Analytics: Credit Union Rules » Auto Depreciation » DEPR WARRANTY DATE |
Click Save to save the asset information. The Dates Group box indicates the date the asset was added.
The Removal Information group box lets you remove an asset and record the date and reason. To indicate that an asset has been removed from the credit union, select the Asset Removed check box. Then, click the Date down arrow to select the date the asset was removed. Enter the reason the asset was removed and any additional comments. Then, click Save. The removed asset will appear on the Assets window with an R indicating it has been removed and in the Removed Assets section on the Asset Depreciation Report 301.
Click Delete to delete an asset.
Click the general ledger account list icon button to open the GL Accounts – List window and view the GL account list.
Click the check disbursal icon button to open the Check Disbursal window and disburse a vendor check.
Click the basic journal voucher icon button to open the Basic Journal Voucher window and create a journal voucher entry.
To automatically post the asset depreciation general ledger entries in the month-end cycle, specify Y in the General Ledger Post Indicator field in the Additional Options section of the 301 Report Rules. The asset depreciation general ledger entries are posted at month-end using the Basic Journal Voucher window. Portico will debit the general ledger and branch specified in the Depr Expense Account and Branch fields and credit the general ledger and branch specified in the Depr Allowance Account and Branch fields on the Vendor Information window.
- Depreciation of Assets Report 301 - Portico automatically produces the 301 Report at month-end. However, you can request a copy of the 301 Report at any time. Requesting this report does not cause Portico to calculate or post the depreciation expense. You can use it to review the entries from the Asset Information window prior to the depreciation posting at each month-end.
- Automatic Depreciation Transaction Summary Report 302 - The online 302 Report is available one back-office cycle after you complete the Asset Information window. Access the online report on the Short Reports - Critical window.
Portico will not depreciate an asset when the conditions exist:
- The Purchase Date field is in the future.
- The amount in the Book Value field is less than or equal to the amount in the Salvage Value field.
Portico finishes depreciating an asset when one of the following conditions exist:
- When the asset reaches the months in the Estimated Life field.
- When the amount in the Book Value field equals the amount in the Salvage Value field or the depreciation amount will take the Book Value field below the Salvage Value field
Portico determines the final depreciation amount by calculating the difference between the amount in the Book Value field and the amount in the Salvage Value field.
- When based on the months in the Estimated Life field, the amount can be greater than the amount in the Depreciation Amount field.
- When based on the Book Value field and the Salvage Value field, the amount usually is less than the amount in the Depreciation Amount field.
Portico Host: 704
Additional Reporting Analytics Query Items:
Reporting Analytics: Credit Union Rules » Auto Depreciation » CUID
Reporting Analytics: Credit Union Rules » Auto Depreciation » ITEM TYPE
Reporting Analytics: Credit Union Rules » Auto Depreciation » BRANCH
Reporting Analytics: Credit Union Rules » Auto Depreciation » CURRENT DEPR DATE
Reporting Analytics: Credit Union Rules » Auto Depreciation » ASSET ACTIVE DATE