1. Access Leased Asset Quick Addition (AM21.1) .
2. DeÞne an asset. Consider the following Þelds.
Template Type or select the template you want to use for the asset. For more information, see"DeÞning Asset Addition Templates" on page 66.
IMPORTANT If the asset you want to add belongs to an asset class, you should use a template deÞned speciÞcally for that asset class, with a type and default accounting unit or accounting unit group that points to a unique set of asset, accumulated depreciation, and depreciation expense accounts. The template should also associate the assets with a Part 32 (asset class) book. You should not override the template's type and accounting unit or accounting unit group.
Company If a company is speciÞed on the template, you can accept it as the default. Otherwise, you must type or select the company that the asset is assigned to.
Main tab Any values entered on the template for the corresponding Þelds are displayed. You can accept the values or provide your own values.
Consider the following points:
• If you do not provide an asset description, the template description defaults.
• If the asset is to be part of a group of assets to be processed and reported on together, you can type the name of a new asset group or select an existing asset group.
• If you want to make this asset part of the physical inventory but are not adding it through a handheld terminal, you must select a location. You can also type the name or ID of the “Owner” of the asset, that is the person responsible for tracking the asset in inventory.
• If you want to make this asset part of the physical inventory, you must select a location.
You can also type the name or ID of the
“Owner” of the asset, that is the person responsible for tracking the asset in inventory.
• Select Y (Yes) in the Compute Option Þeld if the asset was put in service in a previous period and you want the catch-up depreciation to be calculated.
• If the template does not provide an
accounting unit group or a default accounting unit, you must select either an accounting unit group or a default accounting unit, or both an accounting unit group and a default accounting unit.
NOTE If you select an accounting unit group that does not have accounting units selected for all the required accounts, you will be prompted for a default accounting unit.
Items tab You must enter at least one item. The only required Þelds are the purchase date, the quantity, and the cost.
If you want to make the asset part of the physical inventory but are not adding the asset through a handheld terminal, the following Þelds are required:
If you want to make the asset part of the physical inventory, the following Þelds are required:
• On the Detail tab, you must type or select the bar code and condition. You can optionally enter the serial number and model, which make up the product category.
• On the Location Detail tab, you must select or type the location detail for the item. You can select the entire location detail in the Location Detail Level 1 Þeld, but you must edit that entry and enter the level 2 and level 3 Þelds in their proper Þelds.
You can also enter tax information for the item on the Detail tab, and associate the item with an invoice, purchase order, or activity on the Invoice, Activity tab. These Þelds are just informational and do not send any information back to the Tax, Accounts payable, Purchase Order, or Activity and Project Accounting applications.
TIP If you need to enter more than eight items on this form, use the More Items form action before you use the Add form action.
After you use the Add form action, you can add new items only by using Items (AM21.3).
Overrides tab You can override any of the asset or asset book information on the template. Consider the following points:
• The Type, Account Group, and Category Þelds are required Þelds. You can either accept the defaults from the template or override them.
IMPORTANT If the asset type is associated with a depreciation allocation, the accounting unit associated with the depreciation expense account must be one of the accounting units on the depreciation allocation.
• If you want this asset to be part of the physical inventory but you are not entering it from a handheld terminal, you must select Y (Yes) in the Inventory Þelds.
• If you want this asset to be part of the physical inventory, you must select Y (Yes) in the Inventory Þelds.
• To add a work-in-process, tax-exempt, simulated, or used asset, select yes in the appropriate category.
NOTE A work-in-process asset is an asset that is real but incomplete, on which work or activity continues.
Control Totals tab Check whether the total number of items added is the total number of items for the asset and the total cost of the items is the total cost entered.
TIP This feature is useful if you are entering a large number of items.
NOTE AM21.1 is an add-only form. To inquire on or change existing leased asset information, use Leased Asset Additions and Adjustments (AM21.2).
If the addition template that you use includes a posting book, you will be prompted to verify journal entries for the asset. The program automatically navigates to Journal Entries (AM21.5).
IMPORTANT If the Display Journal Entries system option is set to N (No) on System Options (AM16.1), journal entries are added without being displayed. You can still open Journal Entries (AM21.5) to see what journal entries were added and to modify them at any time before you release the asset.
TIP If you select the compute option, when you assign books to an asset, and the asset in-service date is in the prior year, you may want to alter the record to include the prior year's depreciation. For more information, see"Adding Assets With Previous In-Service Dates" on page 164.
3. On AM21.5, accept, change, or delete system-prompted journal entries related to the asset addition:
a. To accept a journal entry, choose Add. The asset is added.
b. Change any data in the journal entry, if necessary.
c. To delete the journal entry, close the form without choosing Add. The asset is added, but the journal entry is not recorded in either the Asset Management or General Ledger applications.
4. Add any additional leased asset items on Items (AM21.3) .
5. Verify the accuracy of asset books by running Addition Report (AM220) for an edit listing of the new assets added to the Asset Management application.
NOTE You can change or delete an asset record anytime before you release the asset.
However, after you release an asset, you can only adjust, transfer, or dispose of it.
a. Select N (No) in the Released Þeld to include only unreleased assets in the report.
b. Select a range of in-service or purchase dates to limit the report to the latest assets.
c. Select the Additional Options tab to Þlter the report by creator and/or creation date range. When you run the report, only criteria matching the Creator ID and Creation Date range values is displayed.
6. Select a range of in-service dates to limit the report to the latest assets.
If any information is incorrect, return to AM21.2, AM21.3, or AM21.4 to change or delete the asset information.
7. Release leased assets.
Release Method
Options
Mass/Batch Run Processing Release (AM170). This program will also transfer journal entries to the General Ledger application.
Online Use the Release form action on AM21.2, AM21.3, or AM21.4.
NOTE This procedure produces journal entries. Depending on the procedure and process you want to perform, these entries are transferred to Lawson General Ledger, Strategic Ledger, or Project Accounting.
TIP You must release all assets associated with a lease before you can release the lease.
8. Return to the Lease Management application and release the lease.
Release Method
Options
Mass/Batch Run Mass Lease Release (LM121). Use this form to run a batch FAS13 test on selected leases and/or release leases.
Online Use the Release form action on: LM21.2
Related Reports and Inquiries
Details on Asset Management reports are found elsewhere in this user guide.
For more information, see"Reports" on page 341.
To Use
List new assets and their tags Asset, Tag Listing (AM221)
List asset books Asset Book Listing (AM222)
List items Item Listing (AM223)
List repairs Repair Report (AM224)
Generate a report of reconciled leased asset information by book.
Leased Asset Report (AM278)
Inquire on leased asset books Leased Asset Book Analysis (AM91.1)
Projecting Asset Depreciation
You can project asset depreciation based on speciÞc depreciation method, in-service date, convention, basis, and optional depreciation factors such as salvage amount or salvage percent and table year.
STEPS
To deÞne asset projections
1. Access Leased Asset Addition and Adjustment (AM21.2) or Books (AM21.4).
2. Choose Projection to open Projections (AM21.7).
3. DeÞne the depreciation method, life, remaining life, in-service date, convention code, and depreciation basis for the projection.
4. Use the Depr Option form tab to deÞne the projection.
You can deÞne more detailed depreciation information for the projection, including the salvage amount, year-to-date depreciation amount, life-to-date depreciation amount, and table year.
5. Choose Inquire.
Projection Detail (AM21.8) displays the annual depreciation amounts based on the projection data you entered.
6. Run Projection Report (AM255) to calculate future depreciation for assets by book for budgeting, forecasting, or other planning purposes.
You can include simulated and existing assets in this report.
Adding Repair Information
You can manually add repair information to existing leased assets in Asset Management. The asset name defaults from Leased Asset Addition and Adjustment (AM21.2).