Asset Class
An asset class is the broadest heading an asset sits under: land and buildings, vehicles, computers. Every Asset Group belongs to one class, so the class is what the lists and the depreciation run use to pick a whole family of assets at once.
What it is for
The class is a heading for reporting and for running depreciation by family. It carries no rate, no life and no account. Those live on the asset group and its asset books.
Every field in plain words
| Field | What it means | What to put |
|---|---|---|
| Asset Class | The code of the class | BLD, VEH, IT. Required, and must not already exist |
| Name | What the class is | Vehicles. Required |
The screen's layout also places a Block tick, but the configuration does not deliver that field for this screen, so it never shows.
How to configure it
Make one class per line of the fixed asset note in the financial statements: land, buildings, plant and machinery, vehicles, furniture, computers. The movement schedule and the lists group by class, so a class that matches the note saves work at year end.
Scenarios
- The auditors want a movement schedule per class. Make the classes match the note's lines. Every group under a class then rolls up into that line.
- Depreciation is run for vehicles only. Pick the class on Asset Depreciation; the run takes every asset whose group is in that class.
What it is connected to
- Asset Group names its class. The class is required there.
- Asset Depreciation takes Asset Class as a criteria for which assets to depreciate.
- Fixed asset lists and reports show the class beside every asset.
- Set up a new company - where this screen fits in the setup order.
If something looks wrong
- The save is refused because the code exists. Each class code can be used once. Open the existing class instead.