Entering and Depreciating Asset Items
You can enter and depreciate or amortize asset items.
After you enter settings in
and other related setup, you can enter asset items and process depreciation or amortization for them as outlined in the following table.Step | Description | Location |
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1 | Enter asset items in the following ways:
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or or
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2 | Enter information for calculating depreciation or amortization for asset items:
In the Equipment hub:
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3 | Process depreciation or amortization for an asset item. |
You can also:
- Transfer or split an asset item in .
- Dispose of an asset item in .
- Review summary information for asset items in .
- Review section 179 information in .
- Related Topics:
- 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. - 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. - Creating Asset Items from AP Vouchers
If you use the Asset Management application, you can have Vantagepoint automatically generate asset items in the Equipment hub from 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 and Equipment Items from Purchase, Change, and Release Orders
Vantagepoint 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 and Equipment Items Directly in the Equipment Hub
You can add asset items and equipment items directly in the Equipment hub. - Associating Units with Asset Items
In the Equipment hub in the desktop application, associate a unit with an asset item to allow you to track the unit-generated billing value for 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. - 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.
Parent Topic: Asset Management