Enter Depreciation Information for Asset Items Generated Automatically from Other Applications

After Vision automatically generates asset items in the Equipment Info Center from AP Voucher Transaction Entry or the Purchasing application, you must change the status of an asset item to Active and enter depreciation information for it in the Equipment Info Center before you can process depreciation for it.

The information entered in the Equipment Info Center determines how depreciation Vision calculates for an asset item when you run Depreciation Processing in the Asset Management application.

To enter depreciation information for an asset item in the Equipment Info Center that was automatically generated from another application, complete the following steps:

1. From the Vision Navigation menu, click Info Center > Equipment.
2. On the Equipment Info Center form, use the Search field to select an asset item that was automatically generated from another application. Information that you entered for the asset item from the other application prefills on the General tab, GL Cost tab, GL Book tab, and Additional Books tab, if you have additional books.
3. If the asset item is issued to an employee and you want to track this information, click the Assignment tab and on the toolbar of the Employee Assignments grid, click Associate, and associate and assign one or more employees to the asset item. Enter the assigned date and the address where the employee and the asset item.
4. On the GL Cost tab, review information from the AP voucher line item or purchasing line item that prefilled in the first row in the Acquisition grid.
   1. Add additional costs in the grid using the Insert option on the toolbar. These inserted costs are not linked to a posted transaction in Vision. The additional costs are added to the depreciation basis for the asset item.
   2. Below the grid, enter the following information that is used to calculate the depreciation basis for the asset item: the business use percentage and a salvage value.
   3. Enter any comments in the Comments text box.
5. On the GL Book tab, complete the following actions:
   1. IMPORTANT: In the Asset Status field, you must change the status of the asset item from Inactive to Active before you can run depreciation processing in Asset Management > Depreciation Processing.
   2. Review the prefilled information and confirm that it is what you expect. Make any changes, as necessary. Be sure that the correct number is entered in the Useful Life in Years field.
   3. Enter the acquisition date and the in-service date in the Acquisition Date and In Service Date fields for the asset item. The in-service date determines the period in which the depreciation calculation will start for the asset item. A full month of depreciation will be calculated for the period, regardless of the day within the period that you specified as the in-service date.

      Items added to the Acquisition Cost grid on the GL Cost tab that were posted in a period after the in-service date will be incorporated into the depreciation calculation based on whether or not the Life of Asset check box in the Acquisition grid is selected for the item.

6. If you have additional books set up in Asset Management Configuration, click the Additional Books tab, and complete the following information for each additional book listed in the book grid. The information below the book grid applies for the additional book that you currently have selected in the grid.
   1. In the book grid, enter an acquisition date and in-service date for the additional book. The in-service date determines the period in which the depreciation calculation will start for an asset item. A full month of depreciation will be calculated for the period, regardless of the day within the period that you specified as the in-service date. Items added to the Acquisition Cost grid on the GL Cost tab that were posted in a period after the in-service date will be incorporated into the depreciation calculation based on the Life of Asset check box selected for the item in the Acquisition Cost grid. See Depreciation Processing for more details.
   2. Review the prefilled depreciation method and useful life in years in the grid and change as needed.
   3. In the fields below the book grid, enter other information to calculate the depreciation basis for the asset item—business use percentage, additional costs, salvage value, additional first year depreciation, and a Section 179 deduction. The amount in the Total Acquisition Cost field prefills from the GL Cost tab.
   4. Enter any comments in the Comments text box.
7. On the Equipment form toolbar, click Save.