Assets and projects questions
The questions clients actually ask about fixed assets and projects. Each answer is short and ends with the page that goes further. Every message the screens show is in the table at the end.
Fixed assets
Which depreciation methods are there?
Straight line and reducing balance (written down value). An acquisition into a book whose profile carries any other method is refused. Depreciation by use (hours, kilometres, units produced) is not calculated. See Depreciation Profile.
Where do the life and the rate come from?
The life in years and the reducing-balance percentage are on the Asset Group; the method and frequency on the book's profile. All four are copied onto the acquisition when it is made. Changing the group afterwards does not change assets already acquired.
How is the first month worked out when an asset is bought mid-month?
Straight line counts part months by days, from Run Depreciation From Date. An asset depreciated from 16 March charges about half of March in the March line. See Asset Depreciation.
Can depreciation run quarterly or yearly?
Yes: Monthly, Quarterly, Half-Yearly or Yearly on the profile. A period is charged only in a run whose Till Date reaches its last day.
What is the salvage value and does it stop depreciation?
Salvage % on the acquisition keeps that share of the cost undepreciated. Depreciation stops at the salvage value plus the book's Leave Net Book Value At. When units are retired, the salvage of the remaining units shrinks to match.
Can I keep a tax book beside the accounting book?
The setup allows several books, each with its own profile. As delivered, an asset acquired in one book is no longer offered for an acquisition in another, so the same asset cannot yet be kept in two books. See How do I keep tax depreciation beside the accounting depreciation?
Does a book that does not post to the general ledger stay out of the ledger completely?
Its acquisitions make no voucher. Its depreciation runs and retirements do: those screens do not read Post To General Ledger.
Can an asset be in a foreign currency?
No. The currency fields of the acquisition are hidden; every fixed asset document is in the company's own currency.
How do I bring in assets with depreciation already charged?
Acquire them into an Opening book with the original cost and Initial Depreciation Amount. See How do I bring in assets we already owned before going live?
Can I sell part of an asset?
Yes, by units. Retire a quantity less than the asset holds; cost, depreciation and book value are taken per unit. See Asset Retirement.
Can I back-date an adjustment into a month already depreciated?
The screen warns, and if you go on, only depreciation still to come changes; the months already run are not worked out again. To change them, reverse the later runs first.
Can I revalue an asset upward or write it down for impairment?
There is no revaluation or impairment document. An increase can be posted as an Acquisition Adjustment. A write-down has no document of its own.
Can I move an asset to another branch, or from one company to another?
There is no transfer document. The Location and Functional Area on the Asset Master can be changed for a move inside the company. Between legal entities: retire in one, acquire in the other.
Is anything below a minimum cost kept off the asset register?
No. The group's Capitalization Threshold is stored, but nothing checks purchases against it.
Project accounting
Does a billing proposal make the customer invoice?
No. It records what is billed against the contract and posts nothing. The invoice is made on Customer Invoice in receivables. See Billing Proposal.
Do projects post to the general ledger?
No Project Accounting document posts. Project cost is in the accounts through the stock, purchase and expense documents that name the project. Project Ledger Posting is stored only.
Where does a project's actual cost come from?
From stock issues and movements, purchase receipts for direct cost, and posted expense submissions that name the project. See Project lists and reports.
Can hours on time sheets be costed to the project?
No. Time sheets record hours only. As delivered their lines cannot even name a project: the Project column is hidden by the configuration.
Does the estimation turn into the contract, or the quotation into the estimation?
No. Each is typed on its own. A project can name its quotation for reference.
Does the project stage move by itself?
No. Project Stage is typed by hand. The board's Open projects tiles read it.
Can one project have two contracts, or one contract several projects?
A project can be on one contract only. A contract can hold several projects of the same customer.
Can I bill part of a milestone?
Yes. Lower the quantity on the billing proposal; the rest stays open for the next proposal.
Messages
| Message | Cause | Fix |
|---|---|---|
| Asset Book cannot be empty | No book on the acquisition or the book screen | Pick or type the book |
| Asset cannot be empty | No asset on the acquisition or retirement | Pick the asset before Create |
| Name cannot be empty | No name on an asset book or group | Type the name |
| Similar Asset Book already exists | The book code is used | Open the existing book |
| Asset Group cannot be empty | No code on the group | Type the code |
| Similar Asset Group already exists | The group code is used | Open the existing group |
| Acquisition Amount must be greater than zero | An Acquisition with no cost | Type the cost |
| Depreciation Method: ... is not calculated yet; use Straight Line (SLM) or Reducing Balance (RBM) | The book's profile carries another method | Fix the profile |
| Asset: ... is already acquired in Asset Book: ... by ... | A live acquisition exists for this asset and book | Use Acquisition Adjustment, or reverse the first |
| Acquisition Adjustment Amount cannot be greater than Acquisition Amount | Initial Depreciation Amount above the cost | Lower it |
| Run Depreciation From Date cannot be less than Acquisition Date | Start date before acquisition date | Move it |
| Salvage Percentage cannot be greater than 100 | Salvage % over 100 | Lower it |
| Financial Year cannot be empty / Financial Period cannot be empty | The posting date is outside the fiscal calendar, in a book that posts | Fix the date or the calendar |
| Straight line depreciation needs Asset Life, a Monthly / Quarterly / Half-Yearly / Yearly frequency and a Depreciation On Amount | No life on the group, or no usable frequency | Fix the group or profile |
| Asset: ... not found | The asset card is missing in this company | Check the asset |
| You Cannot Create Asset Acquisition before this ... | An adjustment dated before the asset's last entry | Move the posting date on |
| You Cannot Create Asset Acquisition After this ... | A straight-line asset's life has ended | No adjustment possible |
| No Asset Found. You cannot create Transation. | An adjustment on an asset with no acquisition in the book | Acquire it first |
| Back-dated adjustment (a question) | Depreciation already ran up to or past the adjustment's date | Save anyway, or reverse the later runs first |
| Asset cannot be reversed, following depreciations have been run against it : ... | Depreciation after the acquisition | Reverse the runs first |
| Asset cannot be reversed, following adjustments have been run against it : ... | Adjustments after the acquisition | Reverse them first |
| Asset cannot be reversed, it has been Disposed through Sale : ... | The asset was sold | Reverse the sale first |
| Asset cannot be reversed, it has been Retired : ... | The asset was retired | Reverse the retirement first |
| Reverse Date: ... cannot be less than Posting Date: ... | Reverse date before posting date | Use a later date |
| Only Posted Vouchers can be reversed | The document is parked | Delete it instead |
| Posted transaction cannot be delete | A posted acquisition or run | Reverse it instead |
| There is no Asset Depriciation on Asset ... | Nothing due for the criteria and Till Date | Check the Till Date and criteria |
| There are some Asset Adjustment in Park mode | A parked adjustment up to the Till Date | Post or delete it |
| Asset: ... has an unknown Depreciation Frequency: ... | The acquisition's frequency is unreadable | Fix the profile and the acquisition |
| Asset: ... has no Asset Life | A straight-line acquisition with no life | Fix the group, reverse and acquire again |
| No Fiscal Period found in Calendar: ... for Asset: ... between ... and ... | The calendar lacks periods | Add the fiscal year |
| No Fiscal Year found in Calendar: ... for Asset: ... on ... | The calendar lacks the year | Add the fiscal year |
| Depreciation of Asset: ... for ... is already posted | Another run charged that date | Leave it, or reverse the other run |
| Depreciation cannot be reversed, reverse the later transactions of its assets first : ... | A later run or retirement | Reverse those first |
| Net book value of the Asset could not be read. / There is no remaining Asset net book value found | No posted acquisition | Acquire the asset first |
| There is only ... quantity is left for Retirement | More units than left | Lower the quantity |
| Please check there is any transaction in between that is preventing this transaction from being saved. ... | Something posted on the asset since it was picked | Start the retirement again |
| Transaction Already exists | The retirement number is used | Let the screen number it |
| Posted invoice cannot be deleted | Deleting a retirement | Reverse it instead |
| You cannot Reverse this Transaction, Next Depreciation or Retirement already process | A later depreciation or retirement | Reverse it first |
| There is no Asset to create | The receipt has no asset lines | Check the purchase order lines |
| Every Asset needs an Asset Group, a Description and a Quantity | A receipt line lacks one | Fix the purchase line |
| ... of ... is already converted to Assets in ... | The receipt line was converted before | Use the existing cards |
| Cannot be ... - Because Refered in Asset Master | Reversing or deleting a receipt an asset card names | Keep the receipt |
| Back date not allowed | The journal limits back-dating | Use a later date, or change the journal |
| Journal Cannot be Empty. | No Transaction Journal | Pick it |
| Journal: ... does not exists. | The journal is not in this company | Pick another |
| Financial Year not found. | No fiscal year for the posting date | Add the fiscal year |
| Header text is marked required on Journal : .... Header text cannot be empty | The journal requires Notes | Fill Notes |
| Movement Lines - Line ID: ... - Required Order Journal | A Movement line without an order journal, on Project or Project Accounting Setting | Fill or delete the line |
| Project cannot be Duplicate | The project code is used | Pick another |
| Project '...' cannot be deleted because it is already associated with your dimensions. | A sales document or voucher carries the project | Keep it |
| Project '...' cannot be deleted because an estimation, quotation, contract, time sheet or billing proposal uses it. | Project documents exist | Delete them first, or keep it |
| Requirement - Unit Cannot be empty | A requirement line with an item and no unit | Add the unit |
| Required date cannot be less than Posting date | Quotation Required Date before its date | Move it |
| 'Project Quotation' lines cannot be empty | No lines | Add a line |
| Line ...: quantity ... is more than the ... still open on the contract. | Billing more than is open | Lower the quantity |
| Difference between Field: Date From & Field: Date to should be less than 48 | A time sheet over 48 days | Split it |
| Field: Time To cannot be less than Field: Time From | Times reversed | Swap them |
| Difference between Field: Time From & Field: Time to should be less than 48 | Over 48 slots | Widen the interval |
| There can not be more than 24 hours in a day | A day cell over 24 | Fix the cell |
| There can not be more than ... minutes | A slot cell over the interval | Fix the cell |