Creating Asset Records Manually

In the Fixed Assets Management SuiteApp, you can enter fixed assets into the system by importing previous fixed asset data, manually creating asset records, or generating asset records from transaction records. Generating asset records from transaction records is typically done for newly acquired assets.

The asset record defines the asset and its depreciation rules, and displays the asset's net book value, depreciation life to date, last depreciation date, original cost, and residual value. After asset types are entered, details of individual assets can be entered on individual asset records. Some information are automatically populated with the default values when the asset type is selected so that details do not require re-keying.

Important:

Unlike for assets generated from transaction records, values for assets that are created manually or migrated into NetSuite using the CSV import feature are not automatically posted to the fixed asset general ledger accounts. You must create the journal entries manually to post the values for these assets.

Important:

To ensure that FAM bundle scripts are running on new assets created using CSV import, you must enable Run Server Scripts on CSV Import (Fixed Assets > Setup > System Setup) and Run Server SuiteScript and Trigger Workflows (Setup > Import/Export > CSV Import Preferences).

To create an asset record:

1. Go to Fixed Assets > Lists > Assets > New.

2. Enter values for the following fields:

   Note:

   The ID is system-generated.

   • Name – Enter a name for the asset.

   • Asset Description – Enter a brief description of the asset.

   • Asset Serial Number – Enter a serial number to track or identify the asset.

   • Alternate Asset Number – Enter an additional asset reference number.

   • Parent Asset – If this asset is part of a collection of assets, select the parent asset that this asset belongs to. Child assets are automatically depreciated when the parent asset is depreciated, and could also be affected by other operations upon the parent asset.

   • Project – Select the project that the asset is related to. You can set the Depreciation Active setting to On Project Completion for assets related to a project. This will automatically start asset depreciation when the project completes. For more information on Depreciation Active, see General Subtab.

     Note:

     If the asset record is generated from a proposal, the Project field will be populated based on the defined project on the transaction or proposal record. The project name will also be visible on the Name field in the depreciation journal entries.

   • Asset Type – Select the asset type for this asset.

     When you select an asset type, default values based on the asset type will automatically populate most of the asset record fields. The asset type also categorizes assets in reports and other processes.

   • Asset Original Cost – Enter the original (purchase) cost of the asset.

   • Asset Current Cost – Enter the current cost of the asset. This will include any write-down amounts which have been applied to the asset.

   • Residual Value Percentage – Enter the percentage value of the original cost that the asset will be worth at the end of its lifetime. For example, an asset purchased for $1,000.00 may be worth $100.00 at the end of its lifetime, so the residual value percentage would be 10% (10% of $1,000.00 is $100.00). Entering a residual value will always override the default value calculated using the percentage. The default value is set by asset type.

     For Operating Lease Asset Types, this field will be set to 0% and will not be editable.

   • Residual Value – Enter the value that the asset will be worth at the end of its lifetime. For example, an asset purchased for $1,000.00 may be worth $100.00 at the end of its lifetime.

     The Residual Value for Operating Lease will be equal to the total interest amount, but will be shown as a negative value

   • Accounting Method – Select the depreciation method (formula) to use when depreciating this asset. This accounting method will be used to calculate the values that will be entered into the accounting system. The default method is set by asset type.

   • Asset Lifetime – Enter the expected lifetime of the asset, in multiples of the depreciation period. Only months is currently supported.

     If an Asset Lifetime value is entered, the system automatically populates the Depreciation End Date field if a date is also manually entered in the Depreciation Start Date field on the General subtab (see General Subtab). If no value is entered in the Asset Lifetime field, the system automatically computes the asset lifetime if valid values are manually entered in the Depreciation Start Date and Depreciation End Date. If either the Depreciation Start Date or Depreciation End Date is changed and the new value entered is valid, the system automatically computes the new asset lifetime. The system displays a notification message whenever the asset lifetime is automatically changed.

     Note:

     The Acquisition History Record is automatically created if you defined a depreciation start date for the asset. The SuiteApp does not currently support the automatic recalculation of the Asset Lifetime value if the Depreciation End Date is changed using CSV import or by scripting.

   • Depreciation Period – Inline HTML text showing the Depreciation Period of the selected Accounting Method. For information, see Depreciation Methods.

   • Asset Lifetime Usage – If the depreciation of the asset is governed by the use made of that asset (for example, vehicle mileage), enter a lifetime usage figure that represents the total number of units available for the asset. When the total usage to date equals the lifetime usage, the asset will have reached the end of its lifetime.

   • Current Net Book Value – The current book valuation of the asset.

   • Cumulative Depreciation – The total depreciation amount applied to date to the asset.

   • Asset Status – Defaults to ‘New'. Asset Status is automatically set to ‘Disposed' when the asset is disposed of.

   • Customer Location – Select a customer or create a new customer record.

3. Enter values in the fields on each of the subtabs:

   • General Subtab

   • Accounts Subtab

   • Lease Subtab

   • Insurance Subtab

   • Maintenance Subtab

   • Asset Sale/Disposal Tab

4. Click Save. Enter values on the additional subtabs that appear:

   • Depreciation History Subtab

   • Asset Usage Subtab

   • Sub-Assets Subtab

5. Click Save.

Asset Values Record

Each asset record has a corresponding asset values record to store the values that are regularly updated when you depreciate the asset. Whenever an asset record is created, manually or from transactions, the system automatically creates the associated asset values record.

To speed up the depreciation process, only the asset values record is updated whenever an asset is depreciated. Depreciation fields on the asset record will also be updated because their values are sourced from the asset values record.

To view the asset values records, go to Customization > Lists, Records, & Fields > Record Types. On the Record Types page, click the List link next to FAM Asset Values.

Note:

Manually making changes to the asset values record is not recommended because this can cause problems with your Fixed Assets records.

Recovering Asset Values

Starting with Fixed Assets Management 19.1, all assets currently in use should already have asset values. If the assets do not have asset values, the following fields will be removed or deleted from the system:

• Current Net Book Value

• Last Depreciation Amount

• Last Depreciation Date

• Last Depreciation Period

• Prior Year NBV

If you still need these values, you can use a script to recover the asset values for the affected assets.

To recover deleted values:

1. Search for all assets that do not have asset values and get their internal IDs.

2. Go to Customization > Scripting > Script Deployment.

3. Look for the FAM Retrieve Asset Values MR script, and click the Edit link beside it.

4. On the Script Deployment page, click the Parameters subtab.

5. In the Asset ID field, enter the Internal ID of the assets, separated by a comma.

Compound Assets

Compound assets are parent or primary assets that are comprised of multiple child assets, called components. Simple assets, in comparison, are regular or single assets that do not have components. A component can be a simple asset or also a compound asset.

This feature lets you create a compound asset by attaching multiple components (child assets) to the parent asset. You can add components that have the same asset type, subsidiary, and accounting method as the compound asset. The status of each component must either be new, depreciating, or partially disposed. You cannot add fully depreciated or disposed assets as a component in a compound asset.

Note:

You should limit the compound asset to five levels, with a total of 1000 assets and 1000 tax methods. To avoid performance issues, make sure that compound assets are built within the recommended limit of the Fixed Assets Management SuiteApp.

To build a compound asset:

1. Go to Fixed Assets > Lists > Build Compound Asset.

2. Provide values for the following fields:

   • Asset Name – Enter a name for the asset.

   • Asset Type – Select the asset type for the compound asset.

   • Accounting Method – Select the accounting method to use when depreciating the compound asset.

   • Subsidiary – Select the subsidiary for the compound asset.

   • Asset Cost – This will be automatically populated, and will show the combined asset cost of all the components.

   • Current Cost – This will be automatically populated, and will show the combined current cost of all the components.

3. In the Components section, add a component to the compound asset by selecting from a list of existing assets, or by adding a new asset.

   • To add an existing asset as a component, click the arrow in the ID/Name field, and then select an asset from the list.

   • To add a new asset as a component, click the ID/Name dropdown, and then select New or click the + icon that appears next to the field. Provide information for the new asset. For more information on creating asset records, see Creating Asset Records Manually.

4. Click Build to create the compound asset. You will be redirected to the Process Status page.

General Subtab

On the General subtab, provide values for the following fields:

• Department – Enter a department for this asset.

• Class – Enter a class for this asset.

• Location – Enter a location for this asset.

  Note:

  If location, department, or class are mandatory fields for a journal entry, then these fields must be set on the asset record. For example, if your System Setup requires journal entries to be posted on department change, then you must enter a department on the asset record. For more information, see Setting Up the Fixed Assets Management System.

• Subsidiary – If a you are using a OneWorld account, select the subsidiary for this asset.

  For more information about transferring assets between subsidiaries, see Asset Transfer Accounts.

• Currency – Displays the name of the base currency of the subsidiary.

• Custodian – Select the employee responsible for the asset. The Assets subtab on the Employee record displays a list of assets that the employee is a custodian of.

• Physical Location – Enter the location of the asset.

• Include In Reports – Check to include the asset in the Asset Register and Asset Summary Report. By default, all assets are included in the report.

• Purchase Date – Enter the date when the asset was purchased.

• Depreciation Start Date – Enter the date that the asset depreciation will start. For example, an asset can be purchased but not received or put into service until a couple of months later.

• Depreciation End Date – Enter the date that the depreciation of the asset is expected to finish. This defaults to the asset's depreciation start date plus the useful lifetime.

  The system displays an error message when the depreciation end date entered is earlier than the start date. If values are entered in the Depreciation End Date and Depreciation Start Date fields, and the values are valid, the system automatically computes the Asset Lifetime value. If the end date is changed and the new value is valid, the system automatically adjusts the asset lifetime. The system displays a notification message whenever the depreciation end date is automatically changed.

  Note:

  The SuiteApp does not currently support the automatic recalculation of the Asset Lifetime value if the Depreciation End Date is changed using CSV import or by scripting.

• Last Depreciation Period – Defaults to zero.

• Last Depreciation Amount – Defaults to zero.

• Last Depreciation Date – Defaults to 1/1/1980.

• Target Depreciation Date – Enter the next depreciation date as part of the depreciation process.

• Depreciation Active – Select whether the asset is active and included in depreciation processing. An asset related to a project can be set to automatically start depreciation when the project is completed.

  Note:

  The Acquisition History record will automatically be created when the Depreciation Start Date is already defined. When Depreciation Active is set to False, no Acquisition History record is created. When Depreciation Active is set to On Project Completion, the Depreciation Start Date will automatically be populated when the project is completed.

• Depreciation Rules – Select from the following values:

  • Acquisition – Asset is depreciated in the same period as it is first made active.

  • Disposal – Asset is depreciated in the final period of its lifetime.

  • Pro-rata – Asset will depreciate in proportion to a partial month in both the period of acquisition and of disposal, based upon a standardised 30-day month. For example, if depreciation starts on June 18, 2011 and ends on September 17, 2011, then 13 days worth of depreciation is recorded in the first depreciation period, and 17 days worth of depreciation is recorded in the final depreciation period.

    The following examples illustrate depreciation computation by Pro-rata when depreciation starts on the last day of the month:

    • If depreciation starts on the last day of a 30–day month (for example, April 30) or of a 31–day month (for example, January 31), depreciation is recorded for 1 day in the acquisition period, and for 29 days in the disposal period.

    • If depreciation starts on the last day of February, depreciation in the acquisition period is calculated for 1 day plus the number of days to complete 30 days. The asset depreciates for the corresponding partial month in the disposal period. For example, if depreciation starts on February 28, three days (the 28th plus 2 days to make 30) worth of depreciation is recorded for the first depreciation period, and 27 days worth of depreciation is recorded in the final depreciation period.

  • Mid-month – If Depreciation Start Date falls within the first half of the month (for example, July 11, 2011), then depreciation starts on the same month of the asset acquisition (July). If Depreciation Start Date falls within second half of the month (for example, June 18, 2011), then depreciation starts on the month after the month of asset acquisition (July).

• Revision Rules – Controls how revisions (revaluation) affect the asset. When ‘Current Period' is selected, the depreciation of the asset to date is recalculated using the revised values, and the difference between the calculated depreciation and the previously posted depreciation is entered in the current period. When ‘Remaining Life' is selected, the revision applies to the asset from this point forward, so the revision only affects future depreciation calculations. Default set by asset type.

• Manufacturer – Enter the manufacturer of the asset.

• Date of Manufacture – If known, enter the date of manufacture of the asset.

• Supplier – Enter the supplier (vendor) the asset was purchased from.

• Purchase Order – Select the purchase order for this asset.

• Parent Transaction – Select the transaction that this asset was generated from, or otherwise represents the acquisition of this asset.

Accounts Subtab

The Accounts subtab lists the ledger accounts that will be used when posting asset transactions. These accounts are set by default when the asset type for this asset is selected, but you can edit the accounts on this subtab.

Account values must be populated if the tax method is associated to an accounting book. For more information, see Linking Accounting Books to an Asset.

Lease Subtab

Use the Lease Proposal subtab under the Lease Subtab to view details of the lease agreements for the asset.

• Lease Proposal – This field displays the link to the lease proposal record.

• Lease Company – This field displays the company the asset is leased from.

• Lease Contract Number – This field displays the contract number of the lease agreement.

• Lease Start Date – This field displays the start date for the lease.

• Lease End Date – This field displays the end date for the lease.

• Finance Lease – This check box indicates if the asset is subject to a finance lease or operating lease.

• Rental Frequency – This field displays the frequency of rental payments.

• Lease Term – This field displays the expected term of lease.

• Annual Interest Rate – This field displays the implicit interest rate to be charged on the financing of this asset.

• Total Interest - This field displays the total interest based on the lease payments.

• Total NPV – This field displays the total net present value based on the lease payments.

• Total Lease Payment – This field displays the total lease payments based on the lease payment amounts.

Insurance Subtab

Use the Insurance subtab to enter details of insurance policies and claims taken out or made for this asset. Policy dates can be recorded here.

• Insurance Company – Select the insurance company that this asset is insured with.

• Insurance Policy Number – Enter the policy number of the insurance policy covering this asset.

• Policy Start Date – Enter the insurance policy start date.

• Policy End Date – Enter the insurance policy end date.

• Insurance Value – Enter the value that the asset has been insured for.

• Payment Frequency – Enter payment frequency in months.

• Payment Amount – Enter the periodic payment amount.

Maintenance Subtab

Use the Maintenance subtab to enter details of any maintenance or warranty schedules applicable to this asset.

• Maintenance Company – Select the company that maintains this asset.

• Maintenance Contract – Enter the contract number of the maintenance contract applicable to this asset.

• Inspection Required – Check this box if inspections are required for this asset.

• Inspection Interval – If the asset requires inspection, enter the inspection interval, in months, of the asset.

• Last Inspection Date – Enter the date of the last inspection.

• Next Inspection Date – Enter the date when the next inspection is due.

• Warranty – Check this box if this asset is covered by a warranty agreement.

• Warranty Period – If the asset is under warranty, enter the warranty period for the asset.

• Warranty Start Date – Enter the start date of the warranty period.

• Warranty End Date – Enter the expiry date of the warranty period.

• Repair & Maintenance Category – Select a category of repair and maintenance.

• Repair & Maint Subcategory A – Select a subcategory of repair and maintenance.

• Repair & Maint Subcategory B – Select a subcategory of repair and maintenance.

• Quantity – Enter the quantity of this asset.

• Units of Measurement – Enter the units of measurement for this asset.

• Quantity Disposed – Enter the quantity of assets disposed.

Components Subtab

The components subtab lists the components that make up the compound asset. From the components sublist, you can modify the component’s asset record by clicking the Edit link next to the component.

In the Tax Methods sublist, you can view all the alternate method of each component. The values are grouped by accounting book, alternate method, depreciation method, and currency.

In the depreciation history sublist, you can find the depreciation history for each component of the compound asset. Values are grouped by accounting book, alternate method, depreciation method, asset type, schedule, and date.

Asset Sale/Disposal Tab

Use the Asset Sale/Disposal subtab to provide details about the sale or disposal of the asset.

Note:

Displayed values reflect the latest disposal that was processed for the asset. Previous disposal values are overwritten.

• Disposal Date – The date that the asset was disposed of, by sale or write-off.

• Disposal Type – The disposal type to indicate whether the asset was sold or written off.

• Disposal Item – The sales item used on the sales invoice generated when the asset was sold.

• Customer – The customer to whom the asset was sold.

• Sales Amount – The amount that the asset was sold for.

• Sales Invoice – The invoice relating to the sale of this asset.

Depreciation History Subtab

The Depreciation History subtab is automatically added to the asset record when a new asset record is saved.

The Depreciation History subtab shows a list of history records for both accounting and tax methods associated to the asset. You can click the Depreciation Histories link to open the Depreciation History page in a new tab or window. The Transaction Type column on the page displays the history of asset activity (acquisition, depreciation, revaluation, disposal). Where this activity relates to financial adjustments, the transaction detail can be viewed through the posting reference.

Note:

When the depreciation amount is zero, a zero-value depreciation history record with a blank Posting Reference field is generated. No journal entry is created.

The Schedule filter on the Depreciation History page provides the following options:

• Yes – Displays only transactions from Depreciation Schedule Reports (Fixed Assets > Reports > Depreciation Schedule).

• No – Displays transactions from Asset Depreciation (Fixed Assets > Transactions > Asset Depreciation).

• All – Displays all depreciation history.

You can also assign tax depreciation methods to an asset from the Depreciation History subtab. Each method can have a different asset lifetime and residual value. These assignments enable tax reporting or corporate reporting methods to be tracked on the asset. Values are calculated automatically when you run a Depreciation Schedule report for the asset type of the asset. Tax depreciation methods are used for analysis purposes and do not generate financial transactions.

FAM Alternate Depreciation Sublist

The Method sublist in the Depreciation History subtab is where you can view each alternate method defined on the asset record, and where you can also add more alternate methods.

Note:

The Store History box is already checked by default.

To add alternate methods to a new asset record:

1. Go to Fixed Assets > Lists > Assets, and then click the View link of the asset.

2. On the FAM Asset page, click the Depreciation History subtab, and then click New FAM Alternate Depreciation.

3. Select values for the fields. Most of the fields are automatically populated.

   Note:

   If the Override Flag is checked in the Alternate Method record (Fixed Assets > Setup > Alternate Methods), the Depreciation Method, Convention, Asset Life, Financial Year Start, and Period Convention fields are editable when this tax method is added to an asset record. For information about fields on the Alternate Method record, see Creating Alternate Methods (Tax Depreciation Methods).

   • Alternate Method – Select a tax method name from the dropdown, or click the Plus icon to open a New FAM Alternate Methods record and create a tax method. See Creating Alternate Methods (Tax Depreciation Methods).

     Note:

     Available alternate methods are filtered based on the value of the asset record’s Subsidiary field in the General subtab.

   • Depreciation Method – Defaults to the depreciation method defined in the selected Alternate Method.

   • Original Cost – Sourced from the Asset record.

   • Current Cost – Sourced from the Asset record.

   • Residual Value Percentage – Sourced from the Asset record.

   • Residual Value (RV) – Sourced from the Asset record.

   • Asset Life (AL) – Sourced from the Alternate Method record.

   • Book Value (NBV) – Sourced from the Asset Current Cost.

   • Cumulative Depreciation – Defaults to zero.

   • Asset Status – Select the status of this tax method.

4. Under the General subtab, specify values for the following fields:

   • Subsidiary – Sourced from the Asset record.

   • Depreciation Start Date - Shows the date when the tax method starts to depreciate.

   • Depreciation End Date - Date that the depreciation of the asset is expected to finish. This defaults to the asset’s depreciation start date plus the useful lifetime.

   • Last Depreciation Date - The date of the most recent depreciation of this tax method.

   • Last Depreciation Amount (LD) – The value of the most recent depreciation of this asset. Defaults to zero.

   • Last Depreciation Period - The period number (within the lifetime of the tax method) in which the asset was most recently depreciated.

   • Depreciation Active - Select whether the asset is active and included in depreciation processing. An asset related to a job can be set to automatically start depreciation when the job is completed. Default set by asset type.

   • Depreciation Rules - Select from the following values:

     • Acquisition – Asset is depreciated in the same period as it is first made active.

     • Disposal – Asset is depreciated in the final period of its lifetime.

     • Pro-rata – Asset will be depreciated in proportion to a partial month in both the period of acquisition and of disposal, based on a standardized 30-day month.

     • Mid-month – If the Depreciation Start Date falls within the first half of the month, then depreciation starts on the same month of the asset acquisition. Otherwise, depreciation will start on the month after the asset acquisition month.

   • Revision Rules - Select how revisions (revaluation) affect the asset.

     • Current Period - The depreciation of the asset to date is recalculated using the revised values, and the difference between the calculated depreciation, and the previously posted depreciation is entered in the current period.

     • Remaining Life - The revision applies to the asset from this point forward, so the revision only affects future depreciation calculations.

   • Financial Year Start – Sourced from the Alternate Method record.

   • Annual Method Entry - Select if the annual depreciations are posted on the Anniversary (based on the depreciation start date) or the Fiscal Year (based on the last day of the fiscal year).

   • Convention – Sourced from the Alternate Method record.

     Averaging conventions determine the treatment of depreciation during the first year of an asset's depreciation. Conventions are supported for alternate methods only, and default value is None. If the depreciation period is monthly, the supported convention is Mid-Month. If the depreciation period is annually, the supported conventions are Half Year and Mid-Quarter. If the convention is set to Mid-Quarter, the asset will start to be depreciated for half of the first quarter, regardless of when in that period the asset came into service.

     Note:

     If the Convention value is set to None, depreciation processing will follow the depreciation rule selected in the parent asset record. For details on the depreciation rules, see General Subtab.

   • Period Convention – Sourced from the Alternate Method record.

   • Depreciation Period – Sourced from the Depreciation Method record.

   • Prior Year NBV – Sourced from the Asset Original Cost on the Asset record.

     The Prior Year Net Book Value is the asset's net book value for the selected tax method at the end of the prior financial year. The start and end of the year for the method is determined by the Financial Year Start field on the Alternate Method record. The Prior Year NBV is updated when the month being depreciated for an Alternate Method (tax method) is the same as the month set as the Financial Year Start. This captures the NBV value as it was for the financial year that ended.

   • Group Depreciation – Sourced from the Alternate Method record.

   • Group Master – This box can only be checked if the Group Depreciation box is checked.

   • Allow Override - Sourced from the Alternate Method record. If this box is checked, you will be able to edit the Depreciation Method, Convention, Asset Lifetime, Financial Year Start, and Period Convention fields.

5. Click Add to add the alternate method to the asset. You can add as many tax methods as needed.

6. Check the Store History box if you want to store depreciation history records. Otherwise, clear the box.

   Important:

   Asset depreciation performance will be affected if the Store History box is checked.

7. Click Save.

   For more information on tax depreciation methods, see Using Tax Depreciation Methods.

For more information on tax depreciation methods, see Using Tax Depreciation Methods.

Asset Usage Subtab

The Asset Usage subtab is automatically added to the asset record when the asset record is saved. Details of the usage (number of units used) of an asset, for use when depreciating by units rather than by time, are recorded and displayed here. You can create new usage transactions on this subtab.

To enter asset usage from the Asset Usage subtab:

1. Click New FAM Asset Usage.

2. Provide values for the following fields:

   • Date – Enter the date of usage.

   • Period – Enter the period in which the usage took place. This could be a month, a week, an accounting period name, or any other meaningful period.

   • Units Used – Enter the number of units used.

   • Comments – Enter any comments or reference text relating to the usage.

3. Click Save.

Sub-Assets Subtab

The Sub-Assets subtab is automatically added to the asset record when a new asset record is saved.Use the Sub-Assets subtab to add child assets to an asset.

To add a sub-asset to an Asset record:

1. Go to View or Edit mode of an asset record that you want to add sub-assets to. This asset is the parent asset.

2. Click the Sub-Assets subtab.

3. Click New FAM Asset.

   On the New FAM Asset page, the Parent Asset field displays the name of the parent asset.

4. Provide values for the fields and subtabs of the new asset record.

   For more information, see Creating Asset Records Manually.

5. Click Save.

   The new asset appears on the Sub-Asset subtab of the parent asset record. The FAM Asset ID is automatically generated. You can click the sub-asset's FAM Asset ID to open the record and add or edit information.

6. Repeat steps 3 to 5 to add more sub-assets to the asset.

To create a sub-asset by selecting a parent asset on the Asset record:

An alternative way to create a sub-asset is by going to Fixed Assets > Lists > Assets > New, and then selecting a parent asset from the Parent Asset dropdown list. Enter values in the fields and subtabs and save the record. For more information, see Creating Asset Records Manually.

• Creating Asset Records from Transactions

• Creating Asset Records through CSV Import

Income/Expense Subtab

The Income/Expense subtab shows the income you have gained from the asset or the expenses you have incurred such as fuel or maintenance costs. It also shows you the journal reference for quick access.

You can manually add your transactions in this subtab to record the income and expense associated with the asset.

To record your income or expense:

1. On the Income/Expense subtab of the asset record, click New FAM Expense/Income.

2. Provide values for the following fields:

   • Expense/Income Amount — Enter the amount of income gained or expense incurred for this asset.

   • Transaction Reference — Select the associated transaction record where the expense or income originated.

   • Memo — Enter the memo from the transaction reference.

3. Click Save.

Notes Subtab

Use the Notes subtab to add notes related to this asset.

Files Subtab

Use the Files subtab to attach files related to this asset.

Related Topics

• Fixed Assets Management Overview
• Setting Up the Fixed Assets Management System
• General Ledger Accounts for Fixed Assets Management
• Asset Transfer Accounts
• Depreciation Methods
• Alternate Methods (Tax Depreciation Methods)
• Asset Types
• Creating Asset Records through CSV Import
• Updating Fixed Assets Management Records
• Creating Asset Records from Transactions
• Managing Assets

• Fixed Asset Recovery Script

• Fixed Assets Saved Searches
• Asset Reports
• Background Processing of Fixed Assets

General Notices