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).	Configuration > Asset Management > General Tab
2	Add Additional Books (Unique Depreciation, Useful Life, Bonus Depreciation and Section 179 Use).	Configuration > Asset Management > Additional Books Tab
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.	Configuration > Asset Management > Methods Tab
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.	Configuration > Asset Management > Property Types Tab
5	Add Improvement categories.	Configuration > Asset Management > Improvements Tab
6	If you are using Section 179 deduction limits, add them for additional books.	Configuration > Asset Management > Section 179 Tab
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.	Configuration > Asset Management > Asset Type Tab
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.	Configuration > Purchasing and Inventory > System Settings > Item Categories
9	Configure items in the Item Master. These are required for the Equipment Info Center and can be item specific or general groupings.	Configuration > Purchasing and Inventory > Item Master
10	Configure alerts for new asset creation.	Configuration > Workflow > User Initiated Workflows
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.