Update fixed asset information

  • 5 minutes

You can update the information on a fixed asset.

Change a fixed asset group

Make sure that you assign fixed assets to the correct fixed assets group. You would use the fixed assets group when you:

  • Create inquiries and reports.

  • Set up new fixed assets.

  • Integrate ledgers and post fixed asset transactions to the appropriate ledger accounts.

To update a fixed asset group, follow this procedure:

  1. Go to Fixed assets > Fixed assets > Fixed assets.

  2. Select the fixed asset on which you want to change the fixed asset group.

  3. Select Change fixed asset group.

  4. In the New group field, enter or select a value.

  5. Select the option to assign a fixed asset number to the selected fixed asset.

    The Fixed asset number field is available if you select the New fixed asset number option. If automatic numbering is set up for fixed assets, this field shows the next available fixed asset number. You can change that number.

    If manual numbering is set up, this field is blank and you need to enter the new fixed asset number.

  6. Select OK.

Reclassify fixed assets

To reclassify a fixed asset, you need to transfer it to a new fixed asset group or assign a new fixed asset number to it in the same group.

When you reclassify a fixed asset:

  • The system creates all books for the existing fixed asset for the new fixed asset. It copies any information that you set up for the original fixed asset to the new fixed asset. The status of the books for the original fixed asset is Closed.

  • The new books of the new fixed asset contain the date of the reclassification in the Acquisition date field. The system copies the date in the Depreciation run date field from the original asset information. If the depreciation has already started, the Date when depreciation was last run field displays the date of the reclassification.

  • The system cancels the existing fixed asset transactions for the original fixed asset and regenerates them for the new fixed asset.

To reclassify a fixed asset, follow this procedure:

  1. Go to Fixed assets > Periodic tasks > Reclassification.

  2. In the Fixed asset group field, select the group to reclassify.

  3. In the Fixed asset number field, select the fixed asset to reclassify.

  4. In the New fixed asset group field, select a group to transfer the fixed asset to.

  5. In the Reclassification date field, enter a date.

  6. In the Voucher series field, enter or select a value.

  7. Select OK.

If the new fixed asset group is attached to a number sequence, the system updates the New fixed asset number field with the number from the new fixed asset group number sequence. Otherwise, the system updates the New fixed asset number field with the number from the number sequence that you set up on the Fixed assets parameters page. If a number sequence isn't set up on the Fixed assets parameters page, enter a number in the New fixed asset number field.