Add a New Asset Type

Use the Asset Type tab to define different kinds of 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 hub.

To add a new asset type:

  1. From the Navigation menu, click Settings > Accounting > Asset Management > Asset Type.
  2. On the Asset Type tab 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 Deltek database and the description displays in the Asset Type drop-down list on the GL Book tab in the Equipment hub.
  4. Select a property type for the asset type. The drop-down list displays the property types that are entered on the Property Type tab. After you specify a property type for an asset type, the property type populates by default wherever the asset type is entered.
  5. Select a depreciation method for the asset type. Deltek defaults to the straight-line (SL) method, but you can select a different method. The drop-down list displays the depreciation methods that are entered on the Methods tab. After you specify a depreciation method for an asset type, the depreciation method populates by default wherever the asset type 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.
  7. Select an asset account, accumulated depreciation account, and a depreciation expense account. These accounts will be used as default accounts on the GL Book tab in the Equipment hub.
  8. Select the In Use option if you want the asset type to display in the Asset Type drop-down list on the GL Book tab in the Equipment hub. If this option is not selected, the asset is not available for selection.
  9. Click Save.
Parent Topic: How to Set Up Asset Types