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Review background information on working in the Equipment hub, including tips for entering and depreciating asset items, creating asset items from purchasing items, associating units or employees with asset items, and more.
Related Topics:
- Equipment Hub and Asset Management and/or Purchasing
The Equipment hub comes with either the Asset Management module or the Purchasing module. - Entering and Depreciating Asset Items
You can enter and depreciate or amortize asset items. - Asset Management Terminology
You should be familiar with asset management terminology. - Purchasing Items Used to Create Asset Items and Equipment Items
Asset items and equipment items that are stored in the Equipment hub are created from purchasing items whose category type is either Capital Items or Equipment. - Creating Asset and Equipment Items from Purchase, Change, and Release Orders
DPS can automatically generate asset items and equipment items in the Equipment hub from the line items that you enter in purchase orders. - Creating Asset Items from AP Vouchers
If you use the Asset Management application, you can have DPS automatically generate asset items in the Equipment hub from the AP voucher line items that you enter in AP Voucher Transaction Entry. - Associating an AP Voucher Line Item with an Existing Asset Item
If you use the Asset Management application, in Transaction Entry for AP vouchers, you can associate AP voucher line items with existing asset items in the Equipment hub. - Creating Asset Items and
Equipment Items Directly in the
Equipment Hub
You can add asset items and equipment items directly in the Equipment hub. - GL Book and Additional Books for Asset Depreciation
In addition to processing depreciation or amortization for your general ledger for your financial statements ("GL book" depreciation), you can have DPS calculate depreciation or amortization differently by using "additional books." - Identifying Asset Items with an Active or Inactive Status
You can produce a list of only active or inactive asset items. - Associating
Units with Asset Items
In the Equipment hub, you can associate a unit with an asset item, which allows you to track the unit-generated billing value for the asset item. - Assigning
Employees to an Asset Item
You can assign employees to asset items on the Assignments tab in the Equipment hub. This lets you track who is using an asset item and is responsible for it. - Recovering an Asset Item from an Employee
When employees return asset items that they no longer use, you can unassign the employee and enter a recovery date to track the return of the asset item. - Section 179 Deductions for Asset Items
The United States government allows US companies to use a section 179 deduction to accelerate the depreciation for assets. The government sets a yearly limit, which you can find in IRS Publication 946. Use the section 179 deduction for any additional books that you set up for an asset item. The deduction cannot be applied for your GL book. - Asset Impairments
A fixed asset becomes impaired when its fair market value suddenly drops below the value of its carrying value (acquisition cost less accumulated depreciation), and the loss is not recoverable. - Asset Management and Multiple Companies
Keep these facts in mind when you track multiple companies in DPS and use the Asset Management application. - Asset Management and Multiple Currencies
When you track multiple currencies in DPS, all of the currency values that are displayed in Asset Management and the Equipment hub are in the functional currency of the company that is associated with an asset's project. - Entering Purchasing Items on the Fly in the Equipment Hub
When you enter a new asset or equipment item directly in the Equipment hub, you can also enter a new purchasing item upon which to base the asset or equipment item.
Parent Topic: Equipment Hub