About fixed asset entry

You create a record for each of the organisation’s fixed assets that you want to manage by using Visma Net.

If you have made a mistake when creating the record for an asset, you may delete or annul the asset, and then record the asset correctly.

Entering a fixed asset

To enter assets one at a time, you use the Fixed assets (FA303000) window, which is the primary data entry form for the Fixed assets workspace, and enter all pertinent information. For a new asset, you specify at least the following parameters:

The asset class.
Once you select a class, the system fills in common fixed asset settings, such as property type, asset type, useful life, depreciation book or books, and appropriate general ledger accounts that can be used for an asset to be created.
You can change most of the default settings, if required.
The acquisition information, such as the receipt date, the original acquisition cost, and the quantity of units in the asset.
The start date of the depreciation (for a depreciable asset) or the placed-in-service date (for a non-depreciable asset).
The department to which the asset belongs.

You can change the acquisition cost of the asset only before you release the purchasing transaction, so that the data on the Balance tab of the Fixed assets (FA303000) window will be updated correctly. After the purchasing transaction is released, the data will be posted to the books and cannot be modified even though the Orig. acquisition cost field on the General settings tab of the window is available for editing.

Entering a fixed asset into the system creates a Purchasing + transaction. The cost of the asset is recorded as an unreconciled amount, which you can view on the Reconciliation tab in the Fixed assets (FA303000) window. You can later reconcile the acquisition cost of the asset with the financial documents declaring the asset acquisition.

Entering a non-depreciable fixed asset

Non-depreciable assets are the assets that cannot be depreciated or those assets that do not lose their value over their useful time.

Land and most intangible assets are considered non-depreciable assets because they have an unlimited useful life.

When you create a non-depreciable fixed asset by using the Fixed assets (FA303000) window or a fixed asset class (for grouping non-depreciable assets) by using the Fixed assets (FA303000) window, you need to clear the Depreciate check box so that users will not be required to fill in the Useful life, years field.

After saving an asset and releasing an appropriate transaction, you can perform any common operation with a non-depreciable asset, such as disposing, splitting, transferring, and creating additions and deductions. However, the depreciation will not be calculated for such asset.

Converting items into fixed assets

All the transactions that are associated with converting acquired items into fixed assets are aggregated on one account and subaccount by default. You specify the fixed assets accrual account and subaccount in the Fixed assets preferences (FA101000) window as the default account and subaccount for such transactions.

To convert items to assets, you use the Fixed assets (FA303000) window. You select the appropriate fixed asset accrual account in the Account field in the top part, and after that, transactions associated with the selected account appear in the upper table of the current window. You can convert one item or multiple items at once, each into one asset or multiple assets. In the lower table, you can add a line for each particular asset manually, or add all required asset lines (that correspond to the quantity of items specified in a transaction in the upper table) at once by selecting an asset class for a transaction in the upper table.

You can set up the conversion parameters on three different levels: in the top part, in the lines of the upper table, and for the assets in the lower table. The settings in the top part are used as the defaults for the invoices in the upper table; the settings in the line of the upper table are used as the defaults for the assets in the lower table. You can override any default settings by changing them in the lower table for each new asset individually.

If you use the fixed assets accrual account and subaccount to aggregate not only the items for conversion but also other items, you should hide the items that you don’t want to convert. In this case, select the Reconciled check box for those items in the upper table. The items will be hidden when you process the conversion of the new assets.

Converting a purchase into a fixed asset creates Purchasing + and Reconciliation + transactions.

Importing fixed assets

You can import assets with accumulated depreciation into Visma Net without updating the general ledger.

You can create a record for each asset manually or import the existing records from other applications.

To add an existing asset manually, you switch the Fixed assets workspace to the initialisation mode and add a new record in the Fixed assets (FA303000) window.

For the asset, you specify the asset parameters, such as the date when the asset was acquired, the original cost, the start of the depreciation, and the asset class.

Also, you must specify the accumulated depreciation amount and the last depreciation period. Then you calculate the depreciation and check the results. If the resulting depreciation amounts match the depreciation in the legacy application, you can switch off the initialisation mode.

Specifying the quantity of items included in the asset

A fixed asset may contain more than one unit.

You can specify the quantity of units in the asset when you create the asset.

Later, you can split the asset (if, for example, you want to dispose of part of the asset). For more information, see: About fixed asset splits

Deleting an asset

You can delete a fixed asset from the system if it does not have any transactions associated with it.

If transactions were made but were not released, you can first delete the transactions and then delete the fixed asset.

When you delete an asset, the asset record is completely removed from the system and the system can later reuse the asset ID. For more information, see: Delete a fixed asset

Concepts

Tasks

Windows

Fixed assets (FA303000)