Use the General tab to configure the capitalization minimum, asset period, asset item source, and the fixed asset gains(losses) for Asset Management.
Contents
If you use Multicompany, the Asset Management entries are only applied to the active company. You must configure Asset Management for each company.
If you use Multicurrency, the account's currency must match the functional currency assigned to the asset through the active company.
| Field | Description |
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| Capitalization Minimum
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Enter the dollar value that represents the maximum amount of the asset that will not be capitalized.
If necessary, your firm can create a workflow that triggers an alert based on the amount entered for the capitalization minimum. For example, if the asset's amount is less than the minimum amount that you establish, Vision alerts the appropriate team members.
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| Asset Periods Per Year
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Select the number of asset periods per year to synchronize the asset calendar with the fiscal calendar. This only applies if your instance of Vision is set up for 13 periods and allows you to select either 12 or 13 asset periods per year.
- If you select 12, this assumes that the 13th period is for "End of Year Adjustments".
- If you select 13, this assumes that you process 13, four-week periods and need to run depreciation in the 13th period.
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| Asset Item Source
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Asset Management works in conjunction with the Equipment Info Center. The Equipment Info Center stores the capital items that the Asset Management application tracks, depreciations, and reports on. The capital items are generated in the Equipment Info Center in one of the following ways:
- Automatically, from a purchase order or AP voucher.
- Manually, from an equipment record that you enter in the Equipment Info Center.
The
Asset Item Source options allow you to specify how capital items are entered:
- Select
Purchase Order to automatically create an asset item or equipment item in the Equipment Info Center from a change order, release order, or when you final print a purchase order. The line items that are entered for a purchase order must be created from purchasing items with
Capital Items as the item category type and with a line item that has one project specified for distributing the purchase order costs. This option only displays if you have the Vision Purchasing module installed.
- Select
AP Voucher to enable the
Create Asset check box on the AP Voucher Entry form in the Transaction Center. This option is enabled when the
Allow asset entries for AP Vouchers and Journal Entries option is selected for the security role on the Accounting tab in
. When you select the
Create Asset check box, Vision automatically generates an asset item in the Equipment Info Center for the AP voucher line item when you post the AP voucher in the Transaction Center. This allows you to process depreciation for asset items.
If you do not select one of these options, you must manually enter a new asset item as a capital equipment item in the Equipment Info Center.
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| Fixed Asset Disposal Gain/(Loss) Setup Section
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When you dispose of an asset that is not fully depreciated, it is removed from the asset register and then recognized as either a gain or a loss. If there is value remaining at the time of disposal, it may be offset by the gain that occurred by selling the asset. If the asset is fully depreciated and is disposed of, there is no gain or loss.
Use the Asset Disposal Gain/(Loss) Setup lookups to define the general ledger account, indirect account, project, phase, and/or task to record the gain or loss.
The
Project field is required if you maintain separate balance sheets.
For example, if a printer's useful life ends after three years and the printer is fully depreciated, it could be sold for $150. This would result in a gain on the sale of the asset. Or, if the printer's useful life is defined as three years but the printer is thrown away after two years, the remaining depreciation value would be removed, resulting in a loss.
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| Default Overhead Project Section
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The
Default Overhead Project field displays in either of these scenarios:
- You
do not use organizations in Vision.
- You use organizations and you
do not maintain separate balance sheets.
Use these fields to define the overhead project, phase, and task to prefill for an asset item that is created automatically from an accounts payable voucher line item. The overhead project, phase, and task that you enter in these fields prefill in the
Project,
Phase, and
Task fields in the line item grid on the AP Vouchers form in
when you have also entered the information on the AP Vouchers form that is required for the automatic creation of an asset item from the AP voucher line item. In the Equipment Info Center, you see the overhead project, phase, and task for the asset item on the General tab.
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