Create Simple Asset – A summary of the activity
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Fixed Asset is any owned object that has been acquired for use, having an enduring benefit and having a money value with revenues in the future period. Goodwill, Patent Rights, Plant and Machinery, Land and Building, are some of the examples of fixed assets. Capitalization is the process by which the fixed assets of an organization are constructed and accounted. After capitalization the account entries are posted in the finance book. The assets are taken for depreciation on the day when it is put to use, based on its in-service date.
This activity allows you to create a simple asset. The assets created through one or many capital documents at 100% of the document value are defined as “Simple Assets”. You can create simple assets based on the invoices or sundry payments, if this business component is mapped to the invoicing components or the “Sundry Payment” business component. If it is not mapped, then you can create the asset by directly entering the asset and the document information. If this business component is mapped to the “Asset Planning” business component, then you can capture the asset proposal details while creating the asset. On capitalization each and every asset is identified by a combination of asset number and the tag number, which is unique across the company. Initially only one tag is associated with the asset on creation. You can also add multiple tags through this activity. This activity also allows you to capture the additional details of an asset. You can also update the document details through this activity.
On creation, the system updates the status of the asset / tag to “Fresh”. The system generates a unique capitalization number on creating the asset. The system also generates the asset number based on the parameters set in the “Company Parameter” business component. The system also updates the login ID of the user and the system date along with the simple asset details.
Getting familiar with the pages inside
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Go to page… |
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Create Simple Asset |
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Additional Details |
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Document Details |
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Create Bulk Tag |
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View Accounting Information |
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Attach notes |
Attaching notes |
What you can do in this activity
Capitalization of assets based on the invoices
Allocate asset to the cost center
Allocate asset to physical location
Automatic generation of asset tag
Capture additional information of an asset
Capitalization of assets based on the invoices
If this business component is associated to the invoicing components or the “Sundry Payment” business component, then the assets can be created based on these documents.
Go to “Create Simple Asset” page.
Retrieve the document details by specifying the search criteria.
Specify the document and the asset information and create the simple asset.
An asset can be created by refering to more than one invoice or sundry payment documents.
Allocate asset to the cost center
The asset details can be allocated to the respective cost center during capitalization for analysis purpose.
Go to “Create Simple Asset” page.
Enter the cost center number for allocating the asset.
Allocate asset to physical location
The assets can be allocated to the physical asset location. This means the assets will be physically present in that location.
Go to “Create Simple Asset” page.
Specify the asset location in which the assets are to be placed.
The asset number can be user defined or can be generated by the system. If the parameter setting in the “Company Parameter” business component has been set to “Yes”, then the system generates the number. The systems generates unique asset numbers based on the asset class code as the prefix, otherwise the number is user-defined.
Go to “Create Simple Asset” page.
Enter the asset number if you want to specify the code.
If the parameter has been set to “Yes”, then the system generates a unique asset number.
Automatic generation of asset tag
The system automatically generates an asset tag on creation of an asset. Initially an asset comprises only one tag.
Go to “Create Simple Asset” page.
Specify the necessary information and create the asset.
The system creates the assets and generates a unique number for it. The system also generates a unique tag number for the asset created.
Multiple asset tags can also be created for an asset in this activity as running serial numbers.
Go to “Create Bulk Tags” page.
Specify the number of tags for the asset.
The system creates the tag number and tag cost is proportionately apportioned based on the number of tags automatically on creation.
Capture additional information of an asset
Additional details of the assets can also captured through this activity for any future reference.
Go to “Additional Details” page.
Specify the additional information like the serial number, bar code and so on.
Update the additional information.