Summary

If you are creating assets that have similarities such as the same useful life and general ledger accounts, you can group these asset characteristics into an asset class so you can quickly assign these similarities to each asset you create.

Step by Step

1     Open the Class Selection window (FA> Maintenance> Class).

• The Class Selection window will display all of the class codes in the database.
• Select a class code and click DELETE to delete the selected class code.
  • Class codes that are attached to existing assets cannot be deleted.
• Select a class code and click EDIT to edit the selected class code.
• Click CREATE CLASS to create a new class code. This will open the Class Maintenance window.

2     Create a new class code. 

• Enter a unique class code in the Class Code field. A Class Code can be up to 10 characters in length.
  • This is a required field and cannot be edited once the class code has been saved.
• Enter a Description for the class code. The Description can be up to 48 characters in length.
• In the Depr. Method field, select the default depreciation method for the class.
  • Select None if you do not want to set up a default depreciation frequency for this class of assets.
  • Select Monthly to calculate depreciation on a monthly basis.
  • Select Yearly to calculate depreciation on an annual basis.
  • Select Half Year Convention to record six months of depreciation the first year the asset is acquired and six months of depreciation the last year of the assets life. The depreciation will be computed this way regardless of the actual date the asset was acquired.
  • Select Unit Based to calculate depreciation based on how much an asset is used.
  • These selections are defaults for assets assigned this class but can be overridden on the individual asset master.
• The Life Units field is used to determine if the expected life of this class of assets will be measured in months or years.
• Enter the Expected Life for these assets based on the units selected above. This value must be greater than zero.
• Select the default general ledger accounts to be used for this class if these are different than the defaults specified on the FA Setup window (FA> Utilities> Setup> Default Accounts section).
  • Partial accounts can also be attached to class codes in the event that the costs associated with the assets within this class need to be distributed to different accounts within the same fund.
• The Departments section is used to associate departments with the class code.
  • Click ADD to attach a department to the class code. This will open the Department Selection window.
  • Highlight a department and click the Select button   to attach the department to the class code.
  • Departments are created and maintained on the Department Maintenance window (SS> Maintenance> Department).
  • Once a department is attached to the class code, click the search button   in the Account Number column to associate a GL account with the department.
• Click the Save button when complete.