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On this tab the following fields can be viewed:

 

hmtoggle_plus1Acquisition Date

This is the actual date on which the Asset was acquired and also from which the asset will start to depreciate. If the commission date is different to the acquisition date, ensure that the commission date is specified here, as this is the date from which the system will calculate depreciation.

 

hmtoggle_plus1Add

The user must have a security profile linked to the function Asset Information with an access allowed of Add.

 

The Add button is enabled when the user enters a new asset number.  

When the Add button is selected the new asset data is inserted into the Asset Master table.

 

The system allocates the next asset number via Number Control if auto numbering is On. If auto numbering is Off, the user can manually enter an asset number.

 

BUSINESS RULES WHEN ADDING AN ASSET:

 

1.  The asset number must be entered.

2.  An asset description between 1 and 255 characters must be entered.

3.  The Take On value may not be less than zero.

4.  If an order number is selected, a line number must be selected.

5.  If a line number is selected, an order number must be selected.

6.  An Asset Control Code must be selected.

 

hmtoggle_plus1Asset Control Code

This field specifies the Asset Control Account code to be used. It displays the account code, account class and description from the Account Codes table where:

 

The account code application equals "Asset Control",

The account code status is Active A and the status change date is less than or equal to the current date, or

The account code status is Suspended S and the status change date is greater than the current date,

The account code is an Income Statement or a Balance Sheet Account, and

The account code is a division account.

 

The number of characters to be entered before the list is shown is governed by the value of "populate length" (mandatory).

 

This account is originally debited with the asset value (not necessary to enter the purchase price).  If the asset is sold or scrapped, the Asset Control Account will be cleared and the division's Profit/Loss Code will be debited.

 

If an asset is transferred to another division, Qmuzik will automatically determine the Asset Control Code of the new division.  If it does not exist, the transfer cannot take place.

 

If an asset is transferred to a cost centre, Qmuzik will locate the Asset Control Code of the Cost Centre's Division.

 

hmtoggle_plus1Asset Group

It displays the asset group of the selected asset, from the Asset Master table (optional).  Assets are linked to asset groups that have been defined on the Asset Group function.

 

hmtoggle_plus1Book Value

This represents the current book value of the asset.

         

hmtoggle_plus1Change

The user must have a security profile linked to the function Asset Information with an access allowed of Change.

 

The Change button is enabled when an existing asset number is selected.  When the Change button is selected, the existing asset record on the Asset Master table is updated with the new field values entered.

 

BUSINESS RULES WHEN UPDATING AN ASSET:

 

1.An asset number must be selected.
2.An asset description of 1 to 255 characters must be entered.
3.The Take On value may not be less than zero.
4.If an order number is selected, a line number must be selected.
5.If a line number is selected, an order number must be selected.
6.You must be the Asset Controller in order to be able to change the Take On Value.
7.An Asset Control Code must be selected.

 

hmtoggle_plus1Date

It displays the acquisition date, of the selected asset, from the Asset Master table.  When inserting a new asset, this field defaults to today's date.

 

If an order line is selected, the date will be the completion date of the selected order line.  If no order line is selected, this is the take-on date.

 

hmtoggle_plus1Delete

The user must have a security profile linked to the function Asset Information with an access allowed of Delete.

 

The Delete button is enabled when an existing asset number is selected. When the Delete button is selected the asset record selected, is deleted from the

Asset Master table. Any responsibilities that exist at the time of deletion will be deleted.

 

The delete will not be allowed where:

 

1.The asset is a parent to another asset.
2.One or more asset stock count records exist.
3.Asset financial history records exist.
4.One or more asset loan records exist.
5.One or more asset depreciation records exist (this will ensure that a record, which was bound or resulted in journals cannot be deleted, since a depreciation record must exist to loan or effect depreciation/adjustment journals).

 

hmtoggle_plus1Description

It displays a short description of the selected asset from the Asset Master table.

 

It is an alphanumeric field with a length between 1 and 255 characters (mandatory).

 

If an asset added and the purchase order Line Number through which the asset is acquired is entered, the line description will default to the description on the purchase order line.

 

hmtoggle_plus1Insurance Value

This represents the value of the asset for insurance purposes.

 

It is possible to add an asset with a take on value of R0.00 and a take on insurance value > R0.00.

 

hmtoggle_plus1Intercompany Transfer

This checkbox is used to indicate when the acquisition of an asset is via an intercompany transfer. If it is, you may specify the Take On Book Value. When the asset depreciation beneficiary accepts responsibility, the system will automatically debit the Asset Control Account and credit the Accumulated Depreciation Account with the difference between the Take On Book Value and the Original Take On Value, if any.

 

The standard purchase order process must still be followed and the purchase order is to be placed against the Book Value of the asset. See the following example of

the process:

 

Load Purchase order (Non stock requisition) for the intercompany asset transfer - acquired for book value =  R10,000 (Original Take on value = R12,000).

 

Receiving movement  (Supplier to Store) - Journals processed:

Dr Asset Control account R10,000

Cr Creditor Provisioning  R10,000

 

Load Asset and indicate as intercompany transfer, specify the Take On Value = R12,000

 

Request Asset Depreciation Beneficiary with applicable cost centre/division and deprecation model - Asset Financial History record and Journals processed:

Dr Asset Control Account R2,000

Cr Accumulated Deprecation Account R2,000

 

Capture Creditors Invoice - Journals processed

Dr Creditor Provisioning  R10,000

Cr Creditors Control Account R10,000

 

This invoice is to be settled in the usual manner via a bank transaction or, if applicable, an intercompany loan account.

 

The depreciation of intercompany assets will be calculated on the Original Take On Value and will start depreciating from the Book Value as indicated by the supplying division.

 

hmtoggle_plus1Line Number

It displays the purchase order line number, used to acquire the selected asset from the Asset Master table.

 

When adding an asset number, it is populated with the line number a completion date, from the Order Line table where:

 

The order is a purchase order PUR, and the line is either a Non-Stock NSTK or Stock STCK line, and the Account Code field on the Order Line table is populated.

 

The number of characters to be entered before the list is shown is governed by the value of "populate length" (optional).

 

hmtoggle_plus1Order Number

Enter the Purchase Order Number through which the asset was acquired.  This field is for reference purposes only.

 

It displays the order number from the Asset Master table. When adding an asset number, this field populates with all released or closed purchase order numbers from the Order Line table where:

 

The order line is either a Non-Stock NSTK or Stock STCK line, and the Account Code field on the Order Line table is populated.

 

The number of characters to be entered before the list is shown is governed by the value of "populate length" (optional).

 

hmtoggle_plus1Parent Asset Number

Asset structures may be created using this field.  It displays the parent asset number of the selected asset, from the Asset Master table.

 

Assets that need to be componentised must be captured as separate assets and linked together using a parent asset number.

 

Similarly, when capitalizing costs to an existing assets (i.e. upgrade of equipment, additions to buildings), a new asset needs to be captured with the correct useful life, and then linked to the parent asset by specifying the correct parent asset number.

 

The number of characters to be entered before the list is shown is governed by the value of "populate length" (optional).

 

hmtoggle_plus1Quantity

It displays the quantity of the selected asset number, from the Asset Master table.

 

An asset, although being one financial entity, may be more than one item, i.e. a set of chairs.  In this case, you define only one asset, with one take on value (and all other related financial information) defined collectively for the total asset, i.e. for 10 chairs of R500 each, you will enter R5,000 in the Take On Value field.

 

Alternatively, you can define each asset separately and link them to the same parent asset number, managing the Take On Value (and other financial information), either on the parent asset or the children assets but not both.

 

hmtoggle_plus1Responsible Cost Centre\Division

The Cost Centre or Division that is displayed is the  Cost Centre or Division responsible for that specific Asset.

 

The Account linked to the asset must belong to the selected Cost Centre or Division. It will be responsible for the insurance and the depreciation and the

 

hmtoggle_plus1Status

This frame displays the status of the selected asset from the Asset Master table.

 

Active is the default option.  If the asset status is Sold S or Scrapped C, then this frame is disabled.

 

The Held For Sale status will disallow depreciation to be processed against this Asset.

 

hmtoggle_plus1Tag Number

It displays the tag number for the asset as specified for the asset on the Asset Tag Function.

 

An asset can have more than one tag specified, being the type that differs (Barcode, RFID etc). The tag with the latest date will be displayed on this screen.

 

hmtoggle_plus1Take On Value

It displays the Take On Value of the selected asset from the Asset Master table.

 

If the Take On Value is zero when you select an order line, the order line's unit price will be inserted in this field. The Take On Value can be changed only by the Asset Controller. It is possible to add an asset with a Take On Value of R0.00 and a Take On Insurance value greater than R0.00.

 

If no book value exists (i.e. there are no financial history records) the system will use this Take On Value for the depreciation calculations.

 

hmtoggle_plus1Take On Value Change Reason

When changing the Take On Value a change reason is mandatory. Only the Asset Controller is allowed to change the Take On Value.

 

If financial history records exist when changing the Take On Value of an asset; then on the next depreciation run, the depreciation will be adjusted to correct the previous depreciation calculations.

 

The table where Take On Value history records are stored is the Asset Master History table.

 

hmtoggle_plus1Tax Value

This represents the value of the asset for tax purposes after the last depreciation (wear and tear) Run. See also Tax Depreciation Model Code on the depreciation tab.