Asset Management Overview
Asset Management is an optional Vision module that you use in conjunction with the Equipment Info Center to track and process depreciation or amortization for asset items that you capitalize.
Equipment Info Center
The Equipment Info Center 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 Info Center 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 own the Purchasing application and have it activated to be able to enter 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 Info Center.
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.
Multicompany
If you have multiple companies in Vision, you set up Asset Management configuration for each individual company. When you process depreciation, transfers, splits, and disposals, you process asset items for only the active (current) company that you selected when you logged into Vision. However, in the Search field in the Equipment Info Center, you can select to view or enter information for asset items from any company.
Multicurrency
If you use multiple currencies in Vision, all the currency values that are displayed in the Equipment Info Center and the Asset Management application are in the functional currency of the active (current) company that you have open on the screen.
Asset Management Reports
- Info Center > Equipment
- Reporting > Equipment
Configuration for Asset Management
Purchasing Items
Before you can create asset items in the Equipment Info Center, you must set up the purchasing items upon which asset items are based in Purchasing & Inventory Configuration. Asset items are created from purchasing items whose category type is Capital Items.
You set up purchasing items in Item Master Configuration in Configuration > Purchasing & Inventory > Item Master. 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 Configuration > Purchasing & Inventory > System Settings. You specify item categories for a company on the Item Categories tab in Configuration > Purchasing & Inventory > Company.
If you do not have the Purchasing module activated, but you have the Asset Management application activated, you still set up a master list of purchasing items in Item Master Configuration.
Asset Management Configuration
Before you can process depreciation or amortization in the Asset Management application, you must enter configuration settings for Asset Management in Configuration > Asset Management. 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 you use for your general ledger book. You also specify whether you want the ability 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 the Account Info Center are asset accounts that are unique for an asset type, accumulated depreciation, and depreciation expense.
For a more complete list of Asset Management configuration, see the Checklist: Configuring Asset Management.
Asset Management History Loading
Use Asset Management History Loading to enter accumulated depreciation that was posted for an asset item before you started processing depreciation for the asset item in Vision.
Asset Item Export
Use the Asset Item Export report in Reporting > Data Export to download asset item data from Vision 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 Info Center using the Advanced Data Import utility. Contact Deltek Customer Care for more information.
Related Topics
- Equipment Info Center and Asset Management and/or Purchasing
The Equipment Info Center comes with either the Asset Management module or the Purchasing module. - Asset Management Terminology
Certain terminology is important to know in regard to asset items in Vision. - Checklist: Configuring Asset Management
If this is the first time that you are configuring Asset Management, you may find it helpful to use a checklist as a guide in setting up the 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 Vision calculate depreciation or amortization differently by using "additional books." - Asset Management and Multicompany
When you use Vision Multicompany with the Asset Management application, there are specific settings that apply to Asset Management set up and processing. - Asset Management and Multicurrency
If you use multiple currencies in Vision, all the currency values that are displayed in the Asset Management and Equipment Info Center are in the functional currency of the active (current) company that you selected when you logged into Vision. - Asset Depreciation Methods
Asset Management allows you to define the types of depreciation methods that are required for managing your organization's assets. Vision defaults to using the straight-line method, however, you can add other methods and their respective calculations as needed. - Entering and Depreciating Asset Items in Vision
You can enter and depreciate or amortize asset items in Vision. - Depreciation Processing Overview
Use Depreciation Processing in the Asset Management application to process depreciation and amortization for asset items in the Equipment Info Center. - Transfer/Split Processing Overview
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. - Transferring Asset Items
When you transfer an asset item using Transfer/Split Processing, you are changing the project that is assigned to it on the General tab in the Equipment Info Center. - Splitting Asset Items
When you split an asset item using Transfer/Split Processing, you move its acquisition cost, salvage value, and any accumulated depreciation to one or more other existing asset items. - Disposal Processing Overview
Use Disposal Processing in the Asset Management application to remove an asset item from your general ledger books when you sell or scrap it. - Asset Review Overview
Use Asset Review to view summary information for an asset item. - Section 179 Review Overview
Use the Section 179 Review form to 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 that are based on fields in the Equipment Info Center.