Asset Management
Asset Management is an optional application that you use in conjunction with the Equipment hub to track and process depreciation or amortization for asset items that you capitalize.
Equipment Hub
The Equipment hub stores asset item records and the information used to calculate depreciation or amortization for each asset item. You can also assign an employee to an asset item and track an asset's assigned employee and location. You can associate units with an asset item to track the unit-generated billing values for the asset item.
The Equipment hub stores two types of items:
- Asset items: These are items that you purchased for overhead projects that are capitalized and depreciated over time. You can also enter an asset item for capital leases and prepaid items, such as general liability insurance, that are amortized over time.
- Equipment items: These are items that you purchased for regular projects that you do not depreciate. You must use the Purchasing application to track equipment items.
Transaction Center and Purchasing Applications
You can create asset items:
- Automatically from accounts payable vouchers that you enter in Transaction Entry in the Transaction Center.
- Automatically from purchase orders, change orders, or release orders that you enter in the Purchasing application.
- Directly in the Equipment hub.
Asset Management Application
In the Asset Management application, you:
- Process depreciation and amortization for asset items.
- Transfer and split asset items.
- Dispose of asset items.
- Review history, summary, and section 179 information for asset items.
Multiple Companies
If you use multiple companies, you configure Asset Management for each individual company. When you process depreciation, transfers, splits, and disposals, you process asset items for only the active company that you selected when you logged in. However, in the Search field in the Equipment hub, you can choose to view or enter information for asset items from any company.
Multiple Currencies
If you use multiple currencies, all of the currency values that are displayed in the Equipment hub and Asset Management are in the functional currency of the active company.
Reports for Asset Management
- in the desktop application
- in the desktop application
Settings for Asset Management
Purchasing Items
Before you can create asset items in the Equipment hub, you must set up the purchasing items upon which asset items are based in Purchasing & Inventory Settings. Asset items are created from purchasing items whose category type is Capital Items.
- Before you set up purchasing items, you must set up system-wide item categories and specify a type for them on the Item Categories tab in .
- Specify item categories for a company on the Item Categories tab in .
- Set up purchasing items in .
If you do not have the Purchasing application, but you have the Asset Management application, you still set up a master list of purchasing items in Items Master Settings.
Asset Management
Before you can process depreciation or amortization in the Asset Management application, you must enter settings for Asset Management in
. This includes setting up depreciation methods, asset types, property types, improvement codes, Section 179 information, and additional books if you want to process depreciation or amortization using a calculation other than the calculation that you use for your general ledger book. Also specify whether you want to be able to have asset items created automatically from accounts payable vouchers and purchase orders.General Ledger Accounts
General ledger accounts that you set up for depreciation processing in
are asset accounts that are unique for an asset type, accumulated depreciation, and depreciation expense.History Loading
Use Asset Management History Loading in
to enter accumulated depreciation that was posted for an asset item before you started processing depreciation for the asset item in Vantagepoint.Asset Item Export
Use the Asset Item Export report in Reporting to download asset item data from Vantagepoint to a Microsoft Excel spreadsheet file or other file format.
Advanced Data Import for Asset Items
You can import asset items (and equipment items) into the Equipment hub using the Advanced Data Import utility. Contact Deltek Customer Care for more information.
- Related Topics:
- Equipment Hub and Asset Management and/or Purchasing
The Equipment hub comes with either the Asset Management module or the Purchasing module. - Asset Management Terminology
You should be familiar with asset management terminology. - Asset Management Setup Checklist
You may find it helpful to use a checklist as a guide in setting up the Asset Management application. - 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 Vantagepoint calculate depreciation or amortization differently by using "additional books." - Asset Management and Multiple Companies
Keep these facts in mind when you track multiple companies in Vantagepoint and use the Asset Management application. - Asset Management and Multiple Currencies
When you track multiple currencies in Vantagepoint, 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. - Asset Depreciation Methods
The Asset Management application lets you define the types of depreciation methods that are required for managing your enterprise's assets. It defaults to using the straight-line method, but you can add other methods and their respective calculations as needed. - Entering and Depreciating Asset Items
You can enter and depreciate or amortize asset items. - Depreciation Processing
Use Depreciation Processing in the Asset Management application to process depreciation and amortization for asset items in the Equipment hub. - Transfer/Split Processing
Use Transfer/Split Processing in the Asset Management application to transfer an existing asset item from one project to another or split an asset item and distribute its amounts to other existing asset items. - Disposal Processing
Use Disposal Processing in the Asset Management application to remove an asset item from your general ledger books when you sell or scrap it. You must dispose of an asset item in the most current period in which depreciation has been run for it. - Asset Review
Use Asset Review to view summary information for an asset item. - Section 179 Review
In Section 179 Review, you can view all of the asset items that have had a section 179 deduction applied to them for a specific tax year and additional 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 Alerts
You can set up alerts to notify employees of entries and changes to asset items that are based on fields in the Equipment hub.