Add a New Asset Type

Use the Asset Type tab to define the different assets and their associated details. The assets that you enter on this grid are available for selection on the GL Book tab in the Equipment Info Center.

To add a new asset type, complete the following steps:

  1. From the Vision Navigation menu, click Configuration > Asset Management > Asset Type.
  2. On the Asset Type grid toolbar, click Insert to insert a blank row on the grid.
  3. In the Code field and Description field, enter the code and related description for the asset type. The code is stored in the Vision database and the description displays in the Asset Type drop-down list on the GL Book tab in the Equipment Info Center.
  4. Select a property type for the asset. The property types that are entered on the Property Type tab in Configuration > Asset Management display in this drop-down list. After you specify a property type for an asset, the property type populates by default wherever the asset is entered.
  5. Select a depreciation method for the asset. Vision defaults to the Straight-line method (SL), but you can enter additional types of depreciation on the Method tab in Configuration > Asset Management. The methods that are entered on the Method tab will display in this drop-down list. After you specify a depreciation method for an asset, the depreciation method populates by default wherever the asset is entered.
  6. The Useful Life in Years field displays the defined useful life, in years, for the selected depreciation method. The useful life determines how many periods, in total, should be applied to the depreciation method. If you use straight-line depreciation (SL), you can edit this field as needed. For all other types of depreciation, the useful life in years is not editable and is defined on the Methods tab of this form.
  7. Select an account, accumulated depreciation account, and a depreciation expense account. These accounts are the default accounts that are used on the GL Book tab in the Equipment Info Center.
  8. Select the In Use option for each asset on this grid that you want to display in the Asset Type drop-down list on the GL Book tab in the Equipment Info Center. If this option is not selected, the asset is not available for selection.
  9. Click Save.
Parent Topic: How to Set Up Asset Types