Asset Group
The asset group is where most of an asset's behaviour is set. It says which class the asset belongs to, how many years it lives, its reducing-balance rate, whether every unit bought becomes its own asset, and in which asset books it is kept. The general ledger accounts an asset posts to are also chosen per asset group, on the Fixed Assets posting profile.
What it is for
Every asset names one group. When an asset is acquired, the acquisition takes the life and the rate from the group and the method from the book. The group also limits which books the asset can be acquired into: only the books listed on its Asset Book tab.
The rule people get wrong: the life and the rate are copied onto the acquisition when it is made. Changing the group later does not change assets already acquired.
Every field in plain words
| Field | What it means | What to put |
|---|---|---|
| Asset Group | The code of the group | VEH-CAR. Required, and must not already exist |
| Name | What the group is | Cars. Required |
| Asset Type | A type from a delivered list | Required. Nothing reads it after save |
| Asset Class | The class the group belongs to | Pick from Asset Class. Required |
| Asset Life (in years) | How long a straight-line asset of this group depreciates | 5. A straight-line acquisition is refused without it |
| Depreciation Percentage | The yearly rate for reducing balance | 20 for 20 percent a year. Read only by reducing-balance books |
| Block | Stops the group being picked | Tick to retire the group |
| Autnumber Bar Codes | A barcode numbering choice | Nothing reads it |
| Barcode Number Sequence | A barcode numbering sequence | Nothing reads it |
| Serialized | Every unit bought is its own asset | Tick for laptops, vehicles. The asset's quantity is then fixed at 1, and a purchase of 10 becomes 10 assets on Asset In Bulk |
| GIS Layer ID | A map layer reference | Nothing reads it |
| Replacement Cost Factor | A factor for replacement cost | Nothing reads it |
| Insured Value Factor | A factor for insured value | Nothing reads it |
| Capitalization Threshold | The cost below which a purchase is not an asset | Nothing reads it. Purchases are not checked against it |
Asset Book tab
| Column | What it means |
|---|---|
| Asset Book | A book this group is kept in. The Asset Book field on Asset Acquisition offers only the books listed here |
| Name | The book's name, filled in |
How to configure it
- Make one group per kind of asset that has its own life, rate or accounts: cars, trucks, laptops, office furniture.
- Pick the class, then type the life in years and, if any book uses reducing balance, the rate.
- Tick Serialized when each unit must be tracked, tagged and retired on its own.
- On the Asset Book tab add every book the group is kept in: the accounting book, and the tax book if there is one.
- On the Fixed Assets posting profile of the general ledger, give the group its accounts (asset cost, accumulated depreciation, depreciation expense, acquisition clearing). See General ledger screens.
Scenarios
- Laptops are bought ten at a time but tagged and issued one by one. Group Laptops, Serialized ticked. Asset In Bulk makes ten assets of quantity 1 from one receipt line.
- Office chairs are bought in lots and depreciated as a lot. Group Furniture, Serialized not ticked. One asset of quantity 40.
- Accounting depreciates cars over 5 years, tax at 15 percent reducing balance. Group Cars: Asset Life 5, Depreciation Percentage 15, books Accounting and Tax on the Asset Book tab.
What it is connected to
- Asset Master names the group. The group cannot be changed on an asset made from a purchase receipt.
- Asset Acquisition copies Asset Life and Depreciation Percentage, and offers only the group's books.
- Asset Depreciation can be run for one group.
- The Fixed Assets posting profile in the general ledger chooses accounts by group and activity.
- Set up a new company - where this screen fits in the setup order.
If something looks wrong
- "Asset Group cannot be empty", "Name cannot be empty" or "Similar Asset Group already exists". The code or name is missing, or the code is used. Fill both, or open the existing group.
- The book I want is not offered on the acquisition. The book is not on this group's Asset Book tab. Add it.
- "Straight line depreciation needs Asset Life, a Monthly / Quarterly / Half-Yearly / Yearly frequency and a Depreciation On Amount". The group has no Asset Life. Type one, then make the acquisition again.