Major and minor asset groups create classifications for your fixed assets. You can also use them to assign the correct GL distribution for a fixed asset. The major asset group is the larger classification and the minor asset group is the smaller classification.
Major Asset Groups
Add a Major Asset Group
- Click the Major Asset Groups link from the Main Menu. The Major Asset Groups screen opens.
- Click the Add button. The Add Major Asset Group screen opens.
- Enter the necessary information:
- Description - Name of the asset group.
- Prefix - If this is filled, the prefix will be prepopulated when a new asset is created
- Status - Active asset groups are available for selection from drop-downs.
- Code - Unique alphanumeric value.
- Select the GL Distributions for Major Groups if using major asset groups for GL distribution. If not, proceed to step 8.
- Click the Insert Row hyperlink. A new row is inserted into the GL Distributions for Major Groups tab.
- Enter the necessary information:
- Sequence - Order used to determine which GL distribution line to use if there are multiple options available.
- Type - Type of GL distribution.
- Cr Accumulated Depreciation - GL account for the accumulated depreciation.
- Cr Asset Cost Clearing - Asset clearing GL account to balance the purchase order/voucher entry.
- Cr CIP Cost Clearing - Work in progress/construction in progress clearing GL Account to balance the purchase order/voucher entry.
- Cr Gain/Loss - Profit or Loss on disposal of assets.
- Dr Asset Cost - GL account for when assets are added.
- Dr CIP Cost- GL account for when work in progress/ construction in progress assets are added.
- Dr Depreciation Expense - GL account for depreciation expenses.
- Dr Proceeds - Cash account used when money is received upon sale of an asset.
- GL Account - GL account code for the distribution. Defaults to the GL account code if a GL account is selected from the GL Account Name drop-down.
- GL Account Name - GL account for the distribution. Defaults to the GL account description if the GL account code is entered in the GL Account field.
- Percent - Percentage posted to the GL account. Defaults to 100.00.
- Repeat steps 5 and 6 for each additional GL distribution option.
- Click OK.
Copy a Major Asset Group
If you are creating similar major asset groups, you can use the copy process to create the new asset group more quickly.
- Click the Major Asset Groups link from the Main Menu. The Major Asset Groups screen opens.
- Select the asset group to copy.
- Right-click and select Copy. The Copy Asset Major screen opens.
- Enter a code for the new asset group into the New Code field.
- Enter a description for the new asset group into the New Description field.
- Click Copy. The Edit Major Asset Group screen for the newly created asset group opens.
Change a Major Asset Group
You can change the information for a major asset group after you have already created it. When you change the GL distribution for a major asset group, only new asset transactions use the updated GL distribution; existing asset transactions use the original GL distribution.
- Click the Major Asset Groups link from the Main Menu. The Major Asset Groups screen opens.
- Select the asset group to edit.
- Right-click and select Edit.
- Make the desired change.
- Click OK.
Inactivate a Major Asset Group
If you no longer use a major asset group but want to keep record of it for reporting or other purposes, you can make it inactive. When you make a major asset group inactive, it is no longer available for selection in drop-downs.
- Click the Major Asset Groups link from the Main Menu. The Major Asset Groups screen opens.
- Select the asset group to make inactive.
- Right-click and select Edit. The Edit Major Asset Group screen opens.
- Select Inactive from the Status drop-down.
- Click OK.
Delete a Major Asset Group
If you no longer use a major asset group and don't want to keep a record of it, you can delete it. When you delete a major asset group that is used, you receive a prompt to select a major asset group to replace the major asset group you are deleting. You cannot undo the delete or delete and replace process.
- Click the Major Asset Groups link from the Main Menu. The Major Asset Groups screen opens.
- Right-click on the asset group to delete.
- Select Mark for Delete.
- Click the Save button. If the asset group is used, the Replace screen opens.
- Select the asset group from the drop-down to replace the deleted asset group.
- Click OK.
Minor Asset Groups
Add a Minor Asset Group
- Click the Minor Asset Groups link from the Main Menu. The Minor Asset Groups screen opens.
- Click the Add button. The Add Minor Asset Group screen opens.
- Enter the necessary information:
- Description - Name of the asset group.
- Major Group - Major asset group the minor asset group belongs to.
- Status - Active asset groups are available for selection from drop-downs.
- Code - Unique alphanumeric value.
- Issue Type - User defined fields (UDF) available for a fixed asset if it is assigned to the minor asset group. See Configure Custom Fields/User Defined Fields (UDFs) and Assign User Defined Fields (UDFs) to Fixed Assets for more information.
- Select the GL Distribution for Minor Groups tab if using minor asset groups for GL distribution. If not, proceed to step 8.
- Click the Insert Row hyperlink. A new row is inserted into the GL Distribution for Minor Groups tab.
- Enter the necessary information:
- Sequence - Order used to determine which GL distribution line to use if there are multiple options available.
- Type - Type of GL distribution.
- Cr Accumulated Depreciation - GL account for the accumulated depreciation.
- Cr Asset Cost Clearing - Asset clearing GL account to balance the purchase order/voucher entry.
- Cr CIP Cost Clearing - Work in progress/construction in progress clearing GL Account to balance the purchase order/voucher entry.
- Cr Gain/Loss - Profit or Loss on disposal of assets.
- Dr Asset Cost - GL account for when assets are added.
- Dr CIP Cost- GL account for when work in progress/ construction in progress assets are added.
- Dr Depreciation Expense - GL account for depreciation expenses.
- Dr Proceeds - Cash account used when money is received upon sale of an asset.
- GL Account - GL account code for the distribution. Defaults to the GL account code if a GL account is selected from the GL Account Name drop-down.
- GL Account Name - GL account for the distribution. Defaults to the GL account description if the GL account code is entered in the GL Account field.
- Percent - Percentage posted to the GL account. Defaults to 100.00.
- Repeat steps 5 and 6 for each additional GL distribution option.
- Click OK.
Copy a Minor Asset Group
If you are creating similar minor asset groups, you can use the copy process to create the new asset group more quickly.
- Click the Minor Asset Groups link from the Main Menu. The Minor Asset Groups screen opens.
- Select the asset group to copy.
- Right-click and select Copy. The Copy Minor Asset Groups screen opens.
- Enter a code for the new asset group into the New Code field.
- Enter a description for the new asset group into the New Description field.
- Click Copy. The Edit Minor Asset Group screen for the newly created asset group opens.
Change a Minor Asset Group
You can change the information for a minor asset group after you have already created it. When you change the GL distribution for a minor asset group, only new asset transactions use the updated GL distribution; existing asset transactions use the original GL distribution.
- Click the Minor Asset Groups link from the Main Menu. The Minor Asset Groups screen opens.
- Select the asset group to edit.
- Right-click and select Edit.
- Make the desired change.
- Click OK.
Inactivate a Minor Asset Group
If you no longer use a minor asset group but want to keep record of it for reporting or other purposes, you can make it inactive. When you make a minor asset group inactive, it is no longer available for selection in drop-downs.
- Click the Minor Asset Groups link from the Main Menu. The Minor Asset Groups screen opens.
- Select the asset group to make inactive.
- Right-click and select Edit. The Edit Minor Asset Group screen opens.
- Select Inactive from the Status drop-down.
- Click OK.
Delete a Minor Asset Group
If you no longer use a minor asset group and don't want to keep a record of it, you can delete it. When you delete a minor asset group that is used, you receive a prompt to select a minor asset group to replace the minor asset group you are deleting. You cannot undo the delete or delete and replace process.
- Click the Minor Asset Groups link from the Main Menu. The Minor Asset Groups screen opens.
- Right-click on the asset group to delete.
- Select Mark for Delete.
- Click the Save button. If the asset group is used, the Replace screen opens.
- Select the asset group from the drop-down to replace the deleted asset group.
- Click OK.
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