Once you have added an asset into the system (via purchasing or AP), it will be waiting to be placed into service.
Please follow the steps below to complete this process.
From the fixed assets overview menu, select Assets.
Using the View drop-down box in the upper left corner of your screen, select Assets Waiting to be Placed into Service.
There are two ways to place assets into service: in bulk or one-off.
To place multiple assets into service, you can use the check boxes next to the asset number to select certain assets, or you can use the Select drop-down box in the upper right corner of your screen to select all the records. Once you have the assets selected that you would like to place into service, use the More Actions drop-down on the left to select Bulk Place in Service. NOTE: Only bulk place in service assets that will be treated the same from an accounting standpoint, since you'll be specifying the class for all selected assets.
To place one asset into service, you can click into the asset by selecting the asset number. Once in the asset, there is a Place In Service button.
Asset Information
The required fields are name, class, date placed in service, capitalization date, cost and any dimensions you have chosen to require.
Date Placed in Service: this is an important date that cannot be changed later. This date directly impacts when depreciation starts. You can back date or forward date to get the correct effect on the depreciation schedule. This date is separate from the GL date if you choose to hit the GL. See below.
Transaction Currency: do not use this field unless you have multiple transaction currencies
AP Bills: this asset will be automatically linked to the bill and vendor invoice it came from
Dimension Details
Fill in the dimensions that you chose to require upon setup. If you do not recall, go to Fixed Asset-->Settings.
Allocation: AssetEdge now supports the use of Intacct's Allocations. This is just a method of allocating costs among sets of dimensions. For example, if you know that each month for this asset you want 50% of depreciation to be booked to the Finance Department and 50% to be booked to the HR Department, you would create an allocation for this under Company-->Open Setup-->Allocations and then assign it here.
Leasehold Improvement Details
AssetEdge supports the unique lives of leasehold improvements. Typically, you are depreciating your LHI over the remaining life of their lease when they were placed into service. Instead of having a class for every different life of your LHIs, we have built this feature so that you can relate your LHI to a parent lease from which it will inherit its remaining life.
NOTE: This only works if you have the leases in AssetEdge as depreciable assets. If you do not have your leases in as depreciable assets, you will need to continue placing the asset into service and Revalue it later, editing the Posted Periods Prior to Import section. You can use the Posted Periods Prior to Import text box to enter the number of months you need to adjust the LHI class down to the appropriate life. For example, if you have a 120 month LHI class and an LHI that was placed into service when the lease only had 13 months remaining, you do not want the LHI to depreciate over 120 month, but rather 13. So in this box (Posted Periods Prior to Import) you would put 107. This is found by taking the class life (120) less the desired remaining life (13).
Additional Information
All information here is optional.
Click Yes when you are ready to place the asset into service.
The concept of using the bulk select and bulk action drop-downs are also illustrated here.
