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.
Step | Description | Location |
---|---|---|
Define General Ledger (GL) Account Setup: Set up the asset account, the accumulated depreciation account, and depreciation expense. See Account Group Table Info Center for GL Setup information. | ||
Configure Asset Management: Complete the following steps to configure 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). | |
2 | Add Additional Books (Unique Depreciation, Useful Life, Bonus Depreciation and Section 179 Use). | |
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. | |
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. | |
5 | Add Improvement categories. | |
6 | If you are using Section 179 deduction limits, add them for additional books. | |
7 | Set up the types of assets. These are the defaults that are used in the Equipment Info Center when creating and setting up assets. | |
8 | Configure item categories. These are required for the Equipment Info Center and can be item specific or general groupings. If you use multiple companies, set item categories for each company. | |
9 | Configure items in the Item Master. These are required for the Equipment Info Center and can be item specific or general groupings. | |
10 | Configure alerts for new asset creation. | |
Create and Process the Asset Item: Create the asset item manually in the Equipment Info Center or through an AP voucher or purchase order (if you have a Vision Purchasing license). Process amortization/depreciation as needed.
See Entering and Depreciating Asset Items in Vision for information on creating asset items. |