GL Book Tab of the Equipment Form
Use this tab to enter depreciation or amortization information for an asset item.
This information is used for calculating depreciation for an asset item when you run Depreciation Processing in the Asset Management application. The information on the GL Book tab applies for your company's general ledger or "GL book," which is based on Generally Accepted Accounting Principles (GAAP) for your company's financial statements.
Use the Additional Book tab if you need to set up and enter one or more additional depreciation books for calculating depreciation or amortization differently than the way it is calculated for your general ledger.
The GL Book tab:
- Displays only if you have the Asset Management application activated.
- Is enabled only if the equipment item is an asset item, which means that it was created from a purchasing item whose category type is Capital Items. The item category type displays in the Type field on the General tab of the Equipment form.
Contents
Asset Classification Section
Field | Description | ||||||||
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Calculation | Use the drop-down list in this field to select the accounting process to use for the asset item.
Options are:
The fields in the GL Accounts section on this tab change appropriately, based on what you select in the Calculation field. |
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Asset Type | The items in the drop-down list in this field display only after you enter a
project for the asset item on the General tab of the
Equipment form.
From the drop-down list in this field, select the asset type for the asset item. An example of an asset type is "Office Furniture." The asset types that display in the drop-down list are entered on the Asset Type tab in In Use check box selected). (with theThe asset type that you enter can determine what prefills in the following fields on the GL Book tab, based on the default entries that were made for the asset type in Asset Management Settings:
What you enter in the Calculation field also determines whether these fields prefill and whether you can change the prefilled entries in these fields. For example, if you selected Lease in the Calculation field, you cannot change the prefilled entry in the Method field, and the Useful Life in Years field does not apply for leases. |
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Property Type | This field prefills with the property type for the asset item, based on the asset type that you entered in the
Asset Type field. You can change the prefilled entry as needed. Property type is for informational purposes.
Each asset type has a property type specified for it on the Asset Type tab in . |
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Method | The method entered in this field determines how the asset item's depreciation or amortization is calculated.
This field prefills as follows, based on what you enter in the Calculation field:
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Improvement Type | Use this field and the
Improved Asset field if the current asset item that you have open and displayed on the
Equipment form has been used to improve another asset item (for example, to repair another asset item). These fields allow you to associate the two asset items so that you can see the association listed on the
Equipment Summary report in
. Each of the asset items will be depreciated separately.
In the Improvement Type field, enter the type (classification) of the additional improvement expenditure. The items that display in the Improvement Type drop-down list are entered on the Improvements tab in with the In Use check box selected. When you select a classification other than <None> in the Improvement Type field, the Improved Asset field in the Asset Classification section is enabled. In the Improved Asset field, you enter the asset item that was enhanced by the asset item that is currently displayed on the Equipment form. Example: You bought a truck, and later you attached a winch to it. You entered asset item A in period 1 for the truck and asset item B in period 6 for the winch. In the Equipment hub, you open asset item B (winch), select Betterment in the Improvement Type field, and enter asset item A (truck) in the Improved Asset field. If you instead want to add additional costs for the current asset item that will be included in the current asset item's depreciation basis for calculating depreciation, you can do either of the following:
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Asset Status | From the drop-down list in this field, select the status of the asset item.
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Acquisition Date | Enter the date that you acquired the asset item. This date is for informational purposes. | ||||||||
In Service Date | This field applies only if you selected
Depreciate or
Prepaid in the
Calculation field on this tab.
Enter the date that you acquired the asset item. This date determines the period in which the depreciation calculation starts for the asset item. Vantagepoint calculates a full month of depreciation for the period, regardless of the day within the period that you specified as the in-service date. |
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Disposal Date | When you dispose of an asset item in Disposal Date field on the Disposal Processing form prefills in this field. You can change the prefilled date. | , the date that you entered in the||||||||
Useful Life in Years | This field does not apply when you select
Lease in the
Calculation field.
The number of years of useful life determines how many periods in total are used in the depreciation calculation for the asset item. This field prefills with the number of years of useful life for the asset item, based on the asset type that you entered for the asset item in the Asset Type field. You enter the useful life in years for an asset type on the Asset Type tab in . You can change the prefilled years in the Useful Life in Years field only if the depreciation method in the Method field is Straight-line. When you change the useful life in years after depreciation has been calculated for an asset item, you must also clear the Life of Asset check box for at least one cost row (any row) in the Acquisition Cost grid on the GL Cost tab. For asset items that are leases, (Lease is entered in the Calculation field), the lease start and end dates that you enter determine the number of periods for processing amortization for the lease. |
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Improved Asset | This field is enabled only if you selected a type other than
<None> in the
Improvement Type field on this tab.
Click the
The two asset items are each depreciated separately, but by associating them here, you will be able to see the association between the two listed on the Equipment Summary report in .Example: You bought a truck, and later you attached a winch to it. You entered asset item A in period 1 for the truck and asset item B in period 6 for the winch. In the Equipment hub, you open asset item B (winch), select Betterment in the Improvement Type field and enter asset item A (truck) in the Improved Asset field. If instead, you want to add additional costs for the current asset item that will be included in the current asset item's depreciation basis for calculating depreciation, you can do either of the following:
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GL Accounts Section
The name of the fields in this section differ, depending on what you select in the Calculation field on this tab.
Field | Description | ||||||||
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First Field in the GL Accounts Section: Accumulated Depreciation, Prepaid, or Accumulated Amortization |
This is the asset account that will be used when you process depreciation in for the asset item. This field prefills, based on the asset type that you entered for the asset item in the
Asset Type field on this tab. It prefills with the
account entered in the
Accumulated Depreciation
Account field for an asset type on the Asset Type tab in
. Click the
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Second Field in the GL Accounts Section: Depreciation Expense, Prepaid Expense, or Amortization Expense |
This is the indirect account or other expense account that will be used when you process depreciation in for the asset item. This field prefills based on the asset type that you entered for the asset item in the
Asset Type field on this tab. It prefills with the
account entered in the
Depreciation Expense
Account field for an asset type on the Asset Type tab in
. Click the
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Lease Details Section
This section is enabled when you select Lease in the Calculation field on this tab.
Field | Description |
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Lease Start Date and Lease End Date | Enter the start date and end date of the lease in these two fields. These dates determine the number of periods to amortize the lease and the period in which to start processing amortization when you run depreciation processing.
Example: You enter a lease start date of January 15, 2016 and a lease end date of January 14, 2017. Amortization will be calculated for 12 periods, starting in the period that begins after February 14, 2016. If you change the date in these fields after depreciation has been run for an asset item, you receive the following warning: Warning: Depreciation has already been run on this item. Changing the Lease Start Date will impact future depreciation amounts. |
Lease Vendor | Click
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Lease Contact | Click
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Unit Association Grid
Use this grid to associate a unit with an asset item. Then, on the Unit tab in
, you can track and view the unit-generated billing value that is associated with the asset item.The units that you associate with asset items are set up in
. You enter transactions that record unit-generated billing values using either Units or Units by Project in . You can also enter units on timesheets.You can associate one or more units with an asset item in this grid. A specific unit can be assigned only to one asset item.
Grid Toolbar
Field | Description |
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Unit Association Drop-Down |
Click the drop-down arrow on a grid header to complete any of the following actions:
Not all options are available on all grids. |
Insert | Click this option to associate a unit with the asset item. The Unit lookup opens and you select one or more units to associate with the asset item. |
Delete | In the grid, select a
unit that you want to remove from being associated with the asset item, and then click this option.
A specific unit can be assigned only to one asset. You must delete the association between a unit and an asset item if you want to associate the unit with a different asset item. |
Grid Fields
Field | Description |
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Unit Number | This field prefills with the unit number (from Units Settings) of the unit that you selected. |
Unit Table | This field prefills with the unit table (from Units Settings) of the unit that you selected. |
Description | This field prefills with the description (from Units Settings) of the unit that you selected. |