Set up Fixed Assets

GL2 allows for the setup of asset records to manage the calculation of depreciation, disposal of assets and reporting requirements. To use this module, the following steps should be undertaken by a user with System Administrator and COA Administrator access (email Service Desk if there are no users in your entity that have COA Administrator access and we will assist).

1 Configure the Asset Accounts tab at the Entity level
2 Review asset accounts at the Ledger level
3 Set up Categorisation Codes

Configure the Asset Accounts tab at the Entity level

Each asset account requires a Cost Account and a Depreciation Account to be linked to it for that ledger type (Union, Conference/Mission, ADRA, ADRA Project etc). This must be done by a user with the System Administrator and COA Administrator roles.

1.

Go to System and click on Administration. Select the relevant Entity (not the ledger).

2.

Click on the Asset Accounts tab. The Cost Account and Depreciation Account columns will be displayed, ready to have accounts added. You can either:

Copy the setup from an existing ledger - if another ledger type has the required asset setup, it can be copied. In the Copy From field, choose the ledger type to copy, then click Copy.
1. If accounts have already been added, this option is not displayed.
Manually set up the accounts
1. In the Cost Account column, select the required Asset account, e.g. Buildings.
2. In the Depreciation Account column on the same row, select the corresponding Accumulated Depreciation account, e.g. Buildings (acc depn & impair).
3. Click the blue + button to add the remaining Cost and Depreciation accounts.
4. Click Save.

Review asset accounts at the Ledger level

The asset cost accounts and accumulated depreciation accounts require either a Department or Entity sub-account code to be assigned. This allows for a global setup, rather than this having to be done for each asset record.

1.

Go to System and click on Administration. Select the relevant Entity (not the ledger).

2.

Click on the Accounts tab and navigate to a fixed asset account.

If a Department or Entity sub-account has already been assigned, it will show the [Assets] Object Analysis under it, as well as under the corresponding accumulated depreciation account.
If neither a Department or Entity sub-account is assigned, they need to be.
1. Click on the Assign Sub-Accounts tab and assign the relevant Department or Entity.
  1. That sub-account will automatically be assigned to the accumulated depreciation account as well.

3.

Check if an Asset clearing account exists in the accounts list. If so, you may wish to make it active for posting certain types of asset transactions to.

Set up Categorisation Codes

This is where depreciation rates are set, and asset types and asset transaction types can be viewed.

1.	Go to Asset Register > Categorisation Codes. Any existing rates will be displayed.
2.	To add a new rate, click the Add button.
3.	Complete the Description and Rate fields, then click Save.
4.	Repeat steps 2 and 3 to add more rates.

Asset records are now ready to be added to the ledger/s.

GL2

Set up Fixed Assets

Analytics

Configure the Asset Accounts tab at the Entity level

Review asset accounts at the Ledger level

Set up Categorisation Codes

Related content