fixed assets - team softwarehelp.teamsoftware.com/.../pdf/courseguides/fixedassets.pdf · 2019. 11....

Copyright 2018 TEAM Software, Inc.

Fixed Assets WINTEAM

Education Department | TEAM Software [email protected]

December 2018 | Version 2018.12

Copyright 2013 TEAM Software, Inc. 1 | Page

CONTENTS Fixed Assets ........................................................................................................................... 0

Winteam ........................................................................................................................................................ 0

Objectives .............................................................................................................................. 2

Fixed Asset Defaults ............................................................................................................... 2

First Period Depreciation .............................................................................................................................. 3

Asset Categories ..................................................................................................................... 4

General Ledger Accounts .............................................................................................................................. 4

Asset Master File .................................................................................................................... 5

General Tab ................................................................................................................................................... 6

Depreciation Book .......................................................................................................................................... 8

Multiple Job Allocation .................................................................................................................................. 8

Depreciation Detail ........................................................................................................................................ 8

Custom Fields Tab ........................................................................................................................................ 9

Repairs/Maintenance Tab .......................................................................................................................... 10

General Ledger Update .......................................................................................................... 11

Fixed Asset Reports ............................................................................................................... 13

Assets Acquired and Disposed ................................................................................................................... 13

Depreciation Detail Report ......................................................................................................................... 14

Equipment Inventory Reports .................................................................................................................... 15

Fixed Assets Master Report ........................................................................................................................ 16

Personal Property Tax Report .................................................................................................................... 17

Repair/Maintenance Report ....................................................................................................................... 18

Schedule of Depreciation ........................................................................................................................... 19

WinTeam


Objectives 1. Learn how to setup Fixed Assets Defaults.

2. Learn how to setup Fixed Assets Categories.

3. Learn how to setup Fixed Assets Master File.

4. Learn how to post Assets to the General Ledger.

5. Discuss and Review Fixed Assets Reports.

Fixed Asset Defaults

You can access the Fixed Assets Defaults screen from the Defaults menu.


Use the Fixed Assets Defaults to designate the defaults settings to use throughout the Fixed Asset module for

depreciable items.

FIRST PERIOD DEPRECIATION Designate the first fiscal periods (month) you want to begin depreciating Fixed Assets.

Half Period Rounding [1/15 = 1/31; 1/16 = 2/28]

Current Fiscal Period [1/16 = 1/31]

Next Fiscal Period [1/15 = 2/28]

Require Vendor and Invoice Information- Select this check box to require Users to enter a Vendor Name and

Invoice Number on the Fixed Assets Master File screen when adding new records. This is not selected by default.

Minimum Asset Cost- Enter the minimum amount an item must cost to be set up as a Fixed Asset and

depreciated in the system.

Threshold Amount- Enter the amount to use in handling differences (or adjustments) in accumulated

depreciation.

Threshold Type- Designate the method to use in correcting differences (or adjustments) in accumulated

depreciation.

• Select All in First Period if you want the system to correct differences in accumulated depreciation

during the first fiscal period (or month) that the fixed asset is depreciated on the system.

• Select Evenly over Remaining Periods if you want the system to correct the differences in

accumulated depreciation by allocating an even amount over the remaining fiscal periods the fixed

asset is depreciated on the system.

Last Depreciation Update to GL- Enter the last day of the fiscal period (or month) that the fixed asset activity

(from a previously used system) was recorded in the GL.

Depreciation Methods Grid-Select the depreciation calculation methods your company will be using to

depreciated fixed assets.


Asset Categories

Security- You must belong to the FA Categories AND SYS Drop Down Lists in order to access this screen.

ID- The system assigns an ID Number to the Asset Category.

Category Description- Enter a description of the New Asset.

GENERAL LEDGER ACCOUNTS Depreciation Expense- (always a debit) Select the G/L account number to use when posting depreciation

expenses to the G/L during the Fixed Assets General Ledger Update process.

Depreciation Accumulated- (a credit in the case of depreciation, a debit in the case of disposal) Select the G/L

account number to use when posting depreciation accumulated to the G/L during the Fixed Assets General

Ledger Update process.

Disposals Gain/Loss- (always a debit) Select the G/L account number to use when posting disposed (sold or

discarded) Fixed Assets to the G/L during the Fixed Assets General Ledger Update process.

Disposals Asset- (always a credit) Select the G/L account number to use when posting disposed (sold or

discarded) Fixed Assets to the G/L during the Fixed Assets General Ledger Update process.

Lifetime Range

Min- Enter the shortest possible life span in fiscal periods (or months) for a Fixed Asset in this Category.

Max- Enter the maximum possible life span in fiscal periods (or months) for a Fixed Asset in this Category.

Default- Enter the most common life span in fiscal periods or months for a Fixed Asset in this Category. (You

may leave this field blank)


Asset Master File

Use the Asset Master File to enter data and information related to Fixed Assets (both new assets, and existing

assets converted from a previously used Fixed Assets system).

The General tab has fields available for entering dates (acquired and effective), type, depreciation method,

expected life, cost, category, salvage value, job number and other common Fixed Asset details.

Use the Custom Fields tab to set up fields for your own use.

The Repairs/Maintenance tab is used to track repairs and maintenance to Fixed Assets.

You may enter personal property and federal tax information.

As Fixed Asset activity occurs, this screen also displays the accumulated depreciation, the periods completed

and remaining, and the date of the last activity update to the G/L. The Depreciation Details button allows you to

see the depreciation for each period of a Fixed Asset’s life. The Multiple Job Allocation Button allows you to

depreciate a Fixed Asset to more than one Job.


GENERAL TAB

Asset ID- Assign a unique number to identify the asset record. You may use the Lookup field to find an existing

asset.

Description- This is a description of the Fixed Asset. The system will display a warning if you attempt to enter a

description that already exists.

Type- Use the Type field to group similar type assets for sorting and reports.

Vendor Number- Enter the Vendor Number of the Vendor used to acquire this Fixed Asset, or use the Quick

Lookup feature to locate the Vendor Number. You can double click in the Vendor Number field to open the

corresponding Accounts Payable Master File record. (You may make this a required field in Fixed Asset Defaults)

Invoice Number- Enter the Vendor Invoice Number from the purchase of this Fixed Asset. (You may make this a

required field in Fixed Asset Defaults)

Cost-Original Cost of Asset.

Parent Asset ID- The Parent ID allows you to assign one Fixed Asset (known as a Sub Asset) to another Fixed

Asset (known as a Parent Asset).

Depreciable check box- Select the Depreciable check box for all assets that you want to depreciate. This check

box is not selected by default when adding new asset records. If this check box is selected, the Depreciation and

Taxes sections display for entry. In addition, the Depreciation Details and the Multiple job Allocation buttons are

visible. Once an asset record is saved, you cannot change the Depreciation check box.


(Note: For clients who have updated from WinTeam 4.x to WinTeam 5.x, during the auto update process,

WinTeam will automatically select (checks) this check box for existing records.)

Company- (multi-company) Select the company that this Asset is assigned to.

Date Acquired- Enter the Date your company acquired this Fixed Asset. This date cannot be greater than the

Fixed Assets “TO” date found in the Valid Dates for Data Entry section of the Fiscal Year Setup screen. Although

you may enter a Date Acquired greater than the Date Effective, the system displays a warning message if you

attempt to do so.

Date Retired- The date retired is used to take an asset out of circulation. This indicates that the asset is no

longer assigned to a job site. You may decide to retire the asset and change the Job Assignment to and internal

Job. If you dispose of an asset and it does not already have a Date Retired, the Date Retired will default to the

date used for the Date Disposed once the record is saved. The Retired Date can never be greater than the Date

Disposed.

Date Disposed- Enter the Date that the Fixed Asset was disposed or discarded.

• Cannot be less than the Date Acquired.

• Must be greater than the Last Updated to G/L field.

• Cannot be greater than the Fixed Asset “TO” date found in the Fiscal Year Setup screen.

Manufacturer-Use to group similar type assets for sorting and reports.

Serial Number- Record the Serial number of the Fixed Asset, if applicable. The System prints information from

this field on various Fixed Asset Reports.

Bar Code-Enter a unique Bar Code that identifies the Fixed Asset for Inventory or cataloging purposes. This field

is also used for the Tracking Fixed Assets within eHub Mobile.


Change History- The Change History button is visible only on a Fixed Assets record when you make a change to

any of the following Fixed Asset Master File fields: Date Disposed, Category, Method, Primary Job, Expected Life,

Cost, or Salvage. The system also displays this button if you click the Reset Remaining Periods button found in

the Fixed Asset Depreciation Details screen. Click the Change History button to display the Asset Change History

screen.

Depreciation Book Depreciation Book- The Depreciation section displays only for depreciable assets.

Category- Use the Category field to group similar type assets for sorting and reports.

Method- Use the Depreciation Method field to select the appropriate Depreciation method to use for this Fixed

Asset. Click the arrow to view the list of available Depreciation Methods.

Primary Depr. Job- Use the Primary Depreciable Job field to enter the Job number you want to assign to this

Fixed Asset.

Date Effective. Use the Date Effective field to enter the first period of depreciation for this Fixed Asset. The

system automatically populates this field based on the First Period Depreciation option selected in the Fixed

Asset Defaults screen, and based on the date entered in the Date Acquired field. You may modify this date, if

desired.

Expected Life- The Expected Life of a Fixed Asset is an estimate of how many fiscal periods, or months, your

company plans to use this Fixed Asset. When you purchase a Fixed Asset, you must estimate its Expected Life so

that the system can allocate depreciation over the number of periods the item is in use.

Periods Completed- Periods Completed refers to the number of fiscal periods, or months, that this Fixed Asset

has been depreciated. The system automatically updates this number during Fixed Assets activity updates to

the General Ledger. This field is calculated based on the Date Effective, the Expected Life, and the Last Update

to G/L fields.

Periods Remaining- Periods Remaining is the remaining number of fiscal periods, or months, between the

Expected Life and the Periods Completed fields. The system automatically fills in this field by looking at the Date

Effective, Expected Life, and Periods Completed fields. You may not modify this field.

Multiple Job Allocation Depreciation Detail Taxes Class Life- Use the Tax Class life field to group similar type assets for sorting and reports.


Personal Property Tax- Select this check box if personal property taxes apply to this Fixed Asset.

PP Type- This field only displays if you have selected the Personal Property check box. Use the PP Type field to

group similar type assets for sorting and reports.

Jurisdiction- This field only displays if you have selected the Personal Property check box. Use this field to enter

the name of the taxing authority (such as city name, county name, state name, etc.) collecting the personal

property tax.

Job Assigned To- The Job Assignment grid is not visible when adding a new asset. This grid is used to track

where a piece of equipment is moving without having to change the Primary Depreciation Job. This grid

displays in descending Date Assigned order.

CUSTOM FIELDS TAB

Custom Fields tab- Custom fields allow you to set up fields for you own use. You may choose to use none of the

custom fields or all of the fields. You may customize each field to have a Drop Down list, Test entry, Numeric or

Date field.

The first six Custom Fields may be shown as a Tier selection when running any tiered report.


Example for Fixed Assets - Track the state in which the asset is located for tax purposes.

REPAIRS/MAINTENANCE TAB

Repairs/Maintenance tab- You are now able to track repairs and maintenance on each Fixed Asset. (oil change,

engine repair, equipment repair, etc.).

Out of Service Check Box- Use the Out of Service check box to indicate that an asset was temporarily removed

from service (being repaired, etc.).

You can decide exactly how you want to use this check box based on your business processes. It can be used for

sorting, filtering, and reporting when running the Fixed Asset Repair/Maintenance Report.

This check box is NOT selected by default.

Using Repairs/Maintenance tab- You can track routine maintenance, track repairs or both. Use the reports

screen to determine what maintenance is required each month. Log completion of routine maintenance. Log

individual circumstances to keep running record of all repairs/maintenance on selected asset. Use of the

Repairs/Maintenance can be customized to your business processes.

Start Date- The Start Date can be used to enter the date the asset came in for repair or when repairs were

started. You can also enter future dates for ongoing routine maintenance. The Start Date can be used for filtering

on the Repairs/Maintenance Report.

End Date- The End Date can be used to enter the date the repairs or maintenance are completed. The End Date

can be used for filtering on the Repairs/Maintenance Report.


Type- Use the Type field to group similar type repair records for sorting and reports.

Notes- Enter any Notes you want to store with the Repair/Maintenance record. You can select to print these

Notes on the Repair/Maintenance Report.

General Ledger Update

Last Update- The Last Update field displays the last fiscal period (or month) the system updated Fixed Assets to

the General Ledger. You cannot change this field. The system fills the Last Update field with the date that

appears in the Last Depreciation Update to GL field from the Fixed Asset Defaults screen.

Enter Thru Date- The system automatically populates the Enter Thru Date field to the fiscal period following the

fiscal period shown in the Last Update field. If the date shown in the Enter Thru Date field is incorrect, you may

change it. If your company does not plan to update Fixed Assets to the General Ledger every fiscal period, you

may enter an Enter Thru Date that is more than one fiscal period past the date appearing in the Last Update

field.

If you enter a date that is not the last date for a fiscal period, the system displays a warning message. If you

continue, the system still updates Fixed Assets to the General Ledger through the end of the fiscal period. This

date appears as the Posting Date on the Journal of Depreciation report. If you enter a previously updated date in

the Enter Thru Date field, the system updates any Fixed Assets details as necessary.


Example: You may update Fixed Assets to the General Ledger for a particular fiscal period, and later add

to the FA: Master File new records with activity for the previously updated fiscal period. After the system

completes the Fixed Assets General Ledger Update process, it displays the Enter Thru Date in the Last

Depreciation Update to GL field in FA: Defaults screen.

Preview Button- Click the Preview button to display a preview of the Journal of Depreciation report. When you

perform the actual update to the General Ledger, only the activities listed on this report will update.

Update Button- Click the Update button to update the Fixed Assets activity to the General Ledger, without

generating a Journal of Depreciation report.

You will see a General Ledger Posting Status dialog box.

Click Commit if you are ready to perform the update.

Click Cancel if you are not ready to Post.

Update/Print button- Click the Update/Print button to update the Fixed Assets activity to the General Ledger,

and print a Journal of Depreciation report.


Fixed Asset Reports ASSETS ACQUIRED AND DISPOSED The Assets Acquired Report is helpful for budgeting purposes. Use this to keep track of how much you spend on

Fixed Assets in a given period (monthly or quarterly,) and compare this to the amount you have budgeted. Use

the Assets Acquired and Disposed report to print the acquired and disposed fixed assets for a specified date

range. You can include either depreciable or non-depreciable assets in the report. You may elect to print a

summary or detail report, and select from various report criteria options.

You can include either depreciable or non-depreciable assets by selecting the appropriate check box in the

upper-right area of the report setup window. However, you cannot include both depreciable and non-

depreciable assets in a single report. When you run the report for depreciable assets, the Tier Parameter is

determined by the Primary Depr. Job. When you run the report for non-depreciable assets, the Tier Parameter is

determined by the Job to which the asset is currently assigned.


DEPRECIATION DETAIL REPORT Use the Depreciation Detail report to print the depreciation expense and cumulative depreciation for each asset

based upon the report criteria specified. The Depreciation Details can be suppressed for a less detailed report.

This report does not include non-depreciable assets. The Tier Parameter is determined by the Primary Depr. Job

to which the asset is assigned..

NOTE:

It is recommended that you limit the Period Dates to a range of dates. The report can be quite lengthy if the

report includes All Period Dates.


EQUIPMENT INVENTORY REPORTS Use the Equipment Inventory report to print an inventory listing of selected Fixed Assets as of a specified date.

You can include depreciable, non-depreciable, or both in the report.

The Tier Parameter is determined by the Job to which the asset is assigned on the As of Date indicated.


FIXED ASSETS MASTER REPORT Use the Fixed Assets Master report to print a listing of all of the available information entered in the Asset Master

File screen for selected Fixed Assets. You may elect to print a summary or detail report, and select from various

report criteria options.

The Tier Parameter is determined by the Job to which the asset is currently assigned.


PERSONAL PROPERTY TAX REPORT Use the Personal Property Tax report to help prepare your company’s Personal Property Tax return (if filing is

required). This report prints selected Fixed Assets by year acquired, by Jurisdiction, by Personal Property Type,

and by Recovery Period. You may select from various report criteria options for this report.


REPAIR/MAINTENANCE REPORT Use the Repair/Maintenance report to print a listing of all Repair/Maintenance items for the criteria specified.

The Job to which the asset is assigned is determined by the As Of Date specified. This Job also determine the

Tier Parameter.


SCHEDULE OF DEPRECIATION Use the Schedule of Depreciation report to print the details from the last fiscal period (or month) that Fixed

Assets from the FA: Master File were updated to the General Ledger. This report prints Fixed Assets by Job and

Category. You may select from various Tier Parameters for this report.

fixed assets - team softwarehelp.teamsoftware.com/.../pdf/courseguides/fixedassets.pdf · 2019. 11....

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