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Fastbase Accounting System - Online Manual

Asset Processing

 Document 103026/1

Entered Fri, 28 Mar 2003 11:58 by Peter Campbell
Updated Tue, 22 Aug 2006 09:13
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FastBase contains a fully integrated Fixed Assets module.

Set-up

In order to start using this module you will need to ensure that FastBase is configured correctly, this includes:
  • Creating the necessary General Ledger accounts: Asset Control Account, Accumulated Depreciation, Depreciation Expense, Gain/Loss on Depreciation and Asset Proceeds. All (fixed) asset control accounts must be set with the "Control Flag" set to "A" for Asset - this means the Fixed Asset accounts only.

  • Maintaining the Fixed Asset module details (Utilities - Modules) and entering the above control account details.

  • Specifying the different types of assets, this is done in the Utilities - Utilities - Types menu. The various asset control and depreciation accounts can also be specified by type.

  • Optionally specifying the asset categories (sub-types), this is done in Utilities - Utilities - Codes menu.

Once the necessary configuration has been done you can start entering the initial assets into FastBase. Load all your initial assets via Asset Maintenance.

The asset depreciation figures that are entered into FastBase should be either as at the start of the current financial year, or any period within the current financial year (as determined by the current GL period end date).

Once this has been done you will be able to run a Depreciation Schedule to compare results and confirm everything has been loaded correctly.

Adding new Assets

Assets can be entered into FastBase manually (via Asset Maintenance) or via some transaction entry, including Supplier Invoice entry and GL Cash Payments. When entering these transactions the user posts to an asset control account, FastBase will then automatically prompt for the asset details and these will be saved when the transaction is saved.

This integration occurs when the asset control account has been set-up correctly with the GL control flag set to "A" for asset.

If adjustments need to be made to assets manually then use Asset Maintenance.

If assets need to be deleted then they should be disposed of (see below), assets can only be deleted prior to any depreciation being posted. See General Ledger Period End.

If an asset needs to be added to the system after depreciation has already been run for the relevant period you can still add the asset in manually via Asset Maintenance. The next General Ledger period end process will automatically accumulate any previous months depreciation and post it into the new period.

Disposing of Assets

When an asset is sold or disposed of in some form or another using the Processing - Fixed Assets - Asset Disposal option. This option will flag selected assets as disposed/sold and create the necessary general ledger journal to process the depreciation, gain/loss on sale and asset proceeds accounts.

Processing Depreciation

The Depreciation Schedule can be run at any time, this option produces a report for the specified period detailing all assets, including the opening book value, accumulated depreciation figures and closing values.

The General Ledger Period End will automatically process all assets and create the neccessary depreciation journals.

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