dFixed Assets represent anything of value that has a life
of more than 1 year, that is used to produce income, and
is not intended for sale. Fixed Assets include such
items as buildings, machinery, land and natural resources.
1Enter the amount that was paid for this asset. This should include all amounts required to
obtain the asset and place it in service.
-Enter the Description for this asset.
The description can be up to 30 characters in length.
.Enter the ending date for the calculation
of depreciation for this asset. The system will calculate this date for you by taking
the starting date and adding the number of
months entered for the life of the asset.
0Enter the date that this asset was acquired
or first placed in service. This should be
the date that ownership of the asset was
transferred to you, or for some leased items, the date that you received the asset.
<Enter the estimated useful life of this asset in months.
Certain IRS rules apply to the life that you can use for
certain assets. Please check with the IRS for current
rules and regulations regarding the useful life of assets for depreciation purposes, or with your CPA.
,Enter the location describing where this
asset is located. The location field can be up to 20 characters in length.
,Enter the depreciation method.
= Straight Line
150DB = 150% Declining Balance
200DB = 200% Declining Balance
or enter your own description.
6The system will calculate the monthly
depreciation for the first three methods, although you can change the monthly
depreciation amount if you so desire.
;Enter the monthly depreciation amount. For assets with
a method of SL (Straight Line) the system will calculate this amount for you automatically. For accelerated
depreciation methods, you can enter the depreciation
amount here manually.
=This menu option causes the system to make changes to the
asset master file based on information contained in the
master file. The Post Monthly function should only be run once a month, and the Post Year End Updates should only be run at year end.
Since these post functions can not be reversed, make a
BACKUP of the data files ASSET.DAT and ASSET.K01 before
you run this menu selection.
>Enter the number of remaining periods that this item should be depreciated. You do not need to enter a number if the
method is SL (Straight Line), as this is only used for the
accelerated methods of 150DB and 200DB. Please note that
the system will recalculate the monthly depreciation amount each month for these two methods, and that you should print a Monthly Depreciation Report immediately after you Post
Monthly Depreciation if you use either of these accelerated methods.
=If this asset has a serial number, enter the serial number here. The serial number can be up to 20 characters in
length. If the item does not have a serial number, you
can enter more descriptive information about the asset on
this line.
7Enter the starting date for depreciating this asset.
8In most cases, this will be the same as the date the asset was acquired.
YThe system will automatically use the starting date
and the life in months and calculate the ending date for you.
0Enter a "A" if this asset is Active, or
enter a "R" if this asset has been retired,
either by being sold, donated, lost, etc.
5The Post Year End function will remove all
assets that have a status code of "R".
8Do not assign a asset a status of "R" unless
it has been sold or transferred to someone
else. Assets that have been fully depreciated should stay with a status of "A" until they
are sold or disposed of.
>This field shows the total amount of depreciation that has
been charged to this asset since the date that it was first placed into service.
fThis field is automatically updated on a monthly basis when the Post Monthly Depreciation menu option is selected.
5Enter Todays Work Date for the Fixed Asset System.
6This date is printed on the reports, and it can be different than the system date.
?This field shows the Year-To-Date Depreciation. The system
will update this field each month when the Post Monthly
Depreciation step is run.
cWhen you are setting up the system, you should enter in this field the amount of depreciation that has been charged to
this asset so far this fiscal year.
,Enter the Name of your company. This name will be printed out at the top of the
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