Deltek Vantagepoint Help

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Asset Management Setup Checklist

You may find it helpful to use a checklist as a guide in setting up the Asset Management application.

Step Description Location
Define General Ledger (GL) Account Setup: Set up the asset account, the accumulated depreciation account, and depreciation expense.
Set Up Asset Management: Set up the default values for Asset Management.
1 Set Capitalization Minimum, Asset Periods per Year, Default Disposal Project and Account, and turn on the ability to automatically create asset items from accounts payable vouchers and/or purchase orders (Asset Item Source options). General tab of Settings > Asset Management, in the desktop application
2 Add Additional Books (Unique Depreciation, Useful Life, Bonus Depreciation, and Section 179 Use). Additional Books tab of Settings > Asset Management, in the desktop application
3 Set up Depreciation Methods. Straight-line is the default but you can add new methods as needed, such as Useful Life in Years, Recovery Years, Sum of Years Digit, or MACRS. Methods tab of Settings > Asset Management, in the desktop application
4 Add Property Types. You can add as many as needed (Personal Property, Real Property, and so on). You may find it useful to include non-asset, or pre-paid items. Property Type tab of Settings > Asset Management, in the desktop application
5 Add Improvement categories. Improvements tab of Settings > Asset Management, in the desktop application
6 If you are using Section 179 deduction limits, add them for additional books. Section 179 tab of Settings > Asset Management, in the desktop application
7 Set up the types of assets. These are the defaults that are used in the Equipment hub when creating and setting up assets. Asset Type tab of Settings > Asset Management, in the desktop application
8 Configure item categories. These are required for the Equipment hub and can be item specific or general groupings. If you use multiple companies, set item categories for each company. Item Categories tab of Settings > Purchasing & Inventory > System, in the desktop application
9 Configure items in the Item Master. These are required for the Equipment hub and can be item specific or general groupings. Settings > Purchasing & Inventory > Items Master, in the desktop application
10 Configure alerts for new asset creation. Settings > Workflow > User Initiated Workflows, in the desktop application
Create and Process the Asset Item: Create the asset item manually in the Equipment hub or through an AP voucher or purchase order (if you use the Purchasing application). Process amortization/depreciation as needed.