Asset Detail Information Page

Menu Path: Fixed Assets > Entry & Processing > Fixed Assets > Asset Information > choose the record to update > click OK

Use this page to update assets and to add and update improvement records.

Changes to an asset do not affect its improvements, except for changes in the Depreciable, Depreciation Method, and Depreciation Life fields.
When you update a record, the system tracks the old and new field values and saves comments describing the changes.
If you change an asset's location, department, function, activity, depreciation organization, or depreciation account, you must also update these values for its improvements so that data is correct in the GASB table.
You cannot change field values for a retired asset (a record with a date in the Disposal Date field).

Page Sections and Tabs

The Asset Detail Information page includes the following section and tabs:

Item	Description
Asset Section	Identifies the asset, including its asset ID, description, category, department, and location.
General Tab	Provides information on the asset, including its fund type, date acquired, vendor, manufacturer, and user-defined fields. Select Defined Windows to access user-defined pages tied to the asset.
Financial Information Tab	Displays purchasing and depreciation information on the asset. Select G/L Distribution to display a page for entering the asset's accounting distributions.
Other Tab	Stores additional information on the asset, such as its condition, inventory and maintenance dates, insurance value, and sales amount.
Improvements	Displays improvements that have been entered for an asset. This information displays when you click View Improvements on the page's Action Bar.

Action Bar Items

The Asset Detail Information page's Action Bar displays the following items:

Item	Description
View Improvements	Displays any improvement records that have been entered for an asset. After clicking the item, you can select a record in the Improvements section for updating.
Add Improve	Adds an improvement record for an asset. After clicking the item, you can use all the fields in the Asset Detail Information page to record the improvement.

GASB Table

The GASB table contains records describing your assets in terms of how much money you spend annually for assets based on the combination of the following information:

Data	Source	Location
Fiscal Year	Date Acquired	General tab
Fund Type	Fund Type	General tab
Function	Function	G/L Distribution Information page
Activity	Activity	G/L Distribution Information page
Major Class	Category	Asset section cross-referenced with Category table

The system uses the Date Acquired field to determine the appropriate fiscal year to update in the GASB table. This happens automatically unless you enter an asset with an acquisition date falling after the 15th day of the prior fiscal year's final month.

In this case, the system prompts you to assign the asset's financial information either to the prior or the current fiscal year. If you choose the prior year, the system does the following:

Updates the Additions and Ending Balance fields in the prior year GASB record.
Adds to the Beginning and Ending Balance fields for the current year GASB record.
Updates the Amount field for both the prior and current year in the appropriate Funding Source Table record.

For additional information on GASB data, refer to the applicable reports in Fixed Assets Reports.

Depreciation Life

When you add an improvement record, the system prompts you to enter the number of years the improvement adds to the asset's depreciable life. The system asks how many years remain in the main asset's depreciable life so that you can better assess the improvement's impact.

The asset's remaining depreciable life differs from the value in the asset record's Depreciation Life field for an asset that has been depreciated through Fixed Assets processing. When you post depreciation for an asset record, the system does not reduce the value in the asset record's Depreciation Life field.

However, the system does calculate the asset's remaining depreciable life when you add an improvement. It does so by calculating the difference between the asset's Last Posted Date and Date Acquired. The difference is then subtracted from the asset's Depreciation Life. The result is the value displayed as the remaining depreciable life during the improvement procedure.

For related information, refer to Depreciate Assets.

Add Asset Records

Choose the Asset Information page.
Click Add New.
In the Asset Detail Information page, complete the fields in the Asset section and then in the General, Financial Information, and Other tabs.
- Leave the Asset section's Continuous Add field selected if you want to add another asset after you enter the current record. If you are only entering one record, clear the field.
After completing the page's fields, click OK in the Other tab to display the G/L Distribution Information page.
The distribution page does not display if you used the GL/Distribution button while completing the Financial Information tab. In that case proceed to Step 6.
Complete the fields in the G/L Distribution Information page, and then click OK.
For field descriptions and the procedure, refer to Enter General Ledger Distributions.
If the asset's Date Acquired falls after the 15th day of the prior fiscal year's final month, the system displays the Choice Fiscal Year dialog.
- Click Yes to apply the asset's financial information to the prior fiscal year.
- Click No to update the current fiscal year's GASB information.
  For details on how prior and current fiscal year fixed asset records update your system's GASB table, refer to the GASB Table section above.
If your system has any required user-defined pages, the first one displays automatically.
Complete the page's fields, and then click OK to save the page. Repeat this for each additional required page that displays.
If your system has any non-required user-defined pages, a dialog displays. Click Yes to display the Defined Windows selector.
Select one of the pages listed, and then click OK to display the page. Complete the page's fields, and click OK to save the page and return to the Defined Windows selector. Repeat these steps for each additional non-required page.
If the Continuous Add field is selected, you can enter another record in the Asset Detail Information page. Otherwise, you return to the Asset Information page.

Update Asset Records

Changing values in system-calculated fields may adversely affect other data that is being tracked. For example, changing the Initial Cost will affect Accumulated Depreciation.

Choose the Asset Information page.
Enter criteria identifying the records to list, then click Find. To run an advanced search, select Advanced.
Select the asset to update, then click OK.
Change field values as needed, keeping in mind the following:
- Changing the fund type will affect GASB and CAFR reports.
- The Date Acquired field is unavailable for any record with depreciation posted against it.
To change data in a related user-defined page, select Defined Windows. Choose a page, then click OK. Enter your changes, then click OK. Repeat this for each user-defined page you want to update. Click Back when you finish updating these pages.
To change general ledger distribution information, select the Financial Information tab, select G/L Distribution. Add to or change the information displayed, then click OK.
- On the G/L Distribution Information page, you must save at least one distribution row.
- Use the Insert Row and Delete Row items on the page's Action Bar to add and remove rows.
- The total of the values in the Percent column must equal 1.00 (100%).
Click OK.
Enter notes regarding your changes, then click OK. You can later view these comments using the Transaction History option.

Add Asset Improvements

Choose the Asset Information page.
Enter criteria identifying the records to list, then click Find. To run an advanced search, select Advanced.
Select the asset to update, then click OK.
Click Add Improve.
Enter the number of years that the improvement is expected to add to the asset's estimated life.
Click OK.
Document the improvement by completing the detail page's fields.
Click OK.
Enter your distribution information, then click OK.
On the Question dialog:
- Click Yes if you want to update any user-defined pages. Select a user-defined page, then click OK. Add to or change the page's values, then click OK. Repeat this for each additional user-defined page. Click Back to complete the procedure and return to the Asset Information page.
- Click No to complete the procedure.

Update Asset Improvements

Choose the Asset Information page.
Enter criteria identifying the records to list, then click Find. To run an advanced search, select Advanced.
Select the asset to update, then click OK.
Click View Improvements. Select the improvement to update, then click OK.
Follow Steps 4-6 of the Add Asset Improvements procedure to update the improvement.
Click OK.

Delete Asset Improvements

Before you can delete an asset record, you must delete its improvements.

Choose the Asset Information page.
Enter criteria identifying the records to list, and then click Find. To run an advanced search, select Advanced.
Select the asset to update, then click OK.
Click View Improvements. Select the improvement to delete, then click Delete.
Click Yes.

Fields

To add an asset record or improvement, complete fields in the Asset Detail Information page's Asset section, General tab, Financial Information tab, and Other tab. You also can use the following buttons when adding and updating records:

Defined Windows for entering information in user-defined pages associated with an asset.
G/L Distribution for entering the accounting distribution for the asset.

Asset Section

Use the fields to identify the asset, categorize it, and assign it to the correct department and location:

Field	Description
Asset ID	Unique code that combines with an improvement number to identify an individual asset or improvement to an asset. Asset IDs can be manually entered or system assigned, as specified by the Fixed Asset profile User Assigned Asset ID field.
Improvement Number (unlabeled)	Three-digit improvement number that combines with the Asset ID field to identify each asset and improvement. This field is not labeled and displays with the Asset ID. The system assigns an improvement number of '000' when you add a new asset record. When you improve an existing asset record, the system assigns a value of 001 for the first improvement, incrementing by one for each subsequent improvement.
Description	Description of the asset.
Category	Validated against Fixed Assets' Category Codes table.
Department	Validated against Fixed Assets' Department Codes table.
Location	Validated against Fixed Assets' Location Codes table.
Capital Asset	Select this checkbox if the asset qualifies as a capital asset.
Status	Indicates the asset status, such as ACTIVE or RETIRED. The entry is not table-verified, but if you wish to query on this field, we recommend that you use consistent naming conventions.

General Tab

Use this tab to identify whether the asset is business or government-related, to record purchase information, and to enter manufacturing details. This tab displays Defined Windows for accessing user-defined pages.

Field	Description
Fund Type	Select: B - Business G - Government This indicates whether the asset pertains to business-type activities (revenue-generating) or is used for government activities. Changes to this field after depreciating an asset affects the GASB and CAFR reports.
Date Acquired	The system uses this date to calculate depreciation for depreciable assets. You cannot change this date after you have depreciated the asset. If the date is in an earlier fiscal year, the system displays the following warning message in the Asset Detail Information page: Acquisition date is in prior year. If depreciable, you must retro-depreciate the asset If the date falls after the 15th day of the prior fiscal year's final month, the system prompts you to assign the asset's financial information to either the prior or current fiscal year. For details about this scenario, refer to the GASB Table section.
Vendor	Name of the person or company that sold the asset.
Manufacturer	Name of the asset's manufacturer.
Model	Model of the asset, such as the model of a computer.
Serial Number	The asset's serial number, which enables you to differentiate between multiple items of the same type. For example, three computers of the same model will have different serial numbers.
*User Field* 1-5	Five fields that allow you to enter site-specific information for the asset. The titles for these fields are defined in the Fixed Assets Profile.

Financial Information Tab

Use this tab to enter payment, cost, and depreciation information for the asset. The tab has two sections,

Purchasing
Depreciation

It also displays the G/L Distribution button for entering the asset's accounting distribution.

Purchasing Section

Field	Description
Purchase Order	The Purchase Order number, if any, associated with the asset. Each asset or improvement may have a unique purchase order number, but the same number also can be used for multiple assets and improvements.
Check Number	The number of the check used to purchase the fixed asset, if applicable. If you interfaced an asset from the Acquisition System, the Check Number field updates in the Acquisition Interface table when you process vendor checks in Fund Accounting. This table also updates when you process vendor checks in Fund Accounting for No-PO Payments flagged as Fixed Assets during payable entry.
Units	The number of fixed asset units purchased. If you purchase an asset with more than one individual unit (for example, a set of 25 office chairs), enter the number of individual units.
Unit Cost	The per-unit cost of the fixed asset. The system uses this number when calculating the following field values: Initial Cost Depreciation Basis Remaining Book Value
Initial Cost	The total initial cost for the asset. The system calculates this cost by multiplying units by unit cost, but you can override the calculation by entering an amount if, for example, you get a discount.
Salvage Value	The amount you can reasonably expect to sell the asset for after it has been retired. The salvage value is used when the system is calculating depreciation, although you can leave the field at its default value of zero. The system calculates the depreciation basis for the asset by subtracting the salvage value from the initial cost.
Fund Source	Code identifying the source of funds used to purchase an asset. Validated against the Fund Source Codes table.
Grant	Description of the grant used to acquire the asset if the asset was purchased with funds from a grant.

Depreciation Section

Field	Description
Depreciable	Select this checkbox to indicate the asset should be depreciated. You cannot depreciate the asset if it is not a capital asset.
Post to G/L	Select this checkbox to indicate whether the asset's depreciation amount posts to the General Ledger during the Post Depreciation process. A batch journal entry for the posting is created in the batch file FXASSET. Leave it blank if: Depreciation is calculated for purposes of GASB but is not posted to the General Ledger. The asset is not depreciable. To access the batch file created when depreciation is posted, use Fund Accounting's Batch Journal Entries option.
Estimated Life	The expected useful life of the asset in terms of years. Enter the decimal if the number includes a partial year, for example, 5.25 for five-and-a-quarter years.
Depreciation Life	The number of years you expect the asset to depreciate. This is not necessarily the same as estimated life. Enter the decimal if the number includes a partial year. For example, enter 3.5 for three-and-one-half years. You cannot enter 0.00 if the asset is depreciable.
Depreciation Method	Method of depreciation to use for the asset. Select: SL - Straight Line DDB - Double-Declining Balance 150 - 150% Basis You must select one of the above options if the asset is depreciable. If you are entering a fixed asset acquired in the past and you want to depreciate it retroactively, the method must be SL - Straight Line.
Accumulated Depreciation	Amount of depreciation accumulated for the asset based on the depreciation method. If the Depreciable field for this asset is selected, the system updates the accumulated depreciation when you post depreciation for an asset. If you enter a new amount, the system will accumulate depreciation based on this amount.
Depreciation Basis	Initial cost minus the salvage value. This value is used as the basis for calculating depreciation.
Last Post Date	The date when depreciation was last posted. The value in this field is updated each time you post depreciation for this asset. This field only displays existing asset records. You will not see it when adding a new record.
Remaining Book Value	Book value remaining on the asset, taking into account the age of the asset and the number of years over which it is depreciating.

Other Tab

Use this tab to enter insurance and maintenance information for the asset.

Field	Description
Condition	The physical condition of the asset, such as NEW or POOR. The entry is not table-verified. If you wish to query on the field, we recommend that you use consistent naming conventions.
Inventory Date	The date when an asset was entered into inventory or the last time it was included in an inventory check.
Maintenance Date	Most recent or next maintenance date for an asset.
Insurer	Name of the company insuring the asset, if applicable.
Insurance Value	The insurance value of the asset; this value does not affect depreciation. Leave the field at its 0.00 default if there is no insurance value.
Disposal Date	The date the asset is retired from your organization's books. When you retire the asset using the Asset Information page Retire item, you enter a disposal date which the system inserts in this field. You can retire an improvement without retiring the full asset by entering a disposal date for the improvement only. An entry in this field affects the depreciation process.
Important	After you enter a date in this field, you can no longer make changes to the asset record.
Sales Amount	The amount received for the sale of the asset. You can record this amount when retiring an asset. If you sell an asset, you need to use the Asset Information page Retire item to retire it; otherwise, it will continue to depreciate.

Improvements Section

To display any improvements tied to the asset, select View Improvements.

To display the Asset Detail Information page for an existing improvement, select the improvement, then click OK.
To add an improvement, click Add Improve.

Field	Description
Improvement	ID number that combines with the Asset ID to identify the improvement.
Description	Text identifying or describing the improvement.
Date Acquired	The system uses this date to calculate depreciation.
Initial Cost	The total initial cost for the asset. The system calculates this cost by multiplying units by unit cost, but you can override the calculation by entering an amount if, for example, you get a discount.