Asset Group Code
The code can be alpha or numeric.
This code is normally structured to reflect the way you wish to categorise Assets.
For details on the use of “codes”, see The Role of “Codes” in Online Advantage
Asset Group Name
Enter text to describe the Asset Group. This is used in reporting and whenever selecting an asset group.
For more details on descriptions, see The Role of “Names & Descriptions” in Online Advantage
Postings
Asset Value Account
Enter an existing Chart of Accounts under which the value of assets in this group are recorded in the General Ledger. This account is used by the asset revaluation and asset disposal functions.
Depreciation Provision Account
Enter an existing Chart of Accounts to which the provision for depreciation for this Asset Group will be posted. This account is used in the asset depreciation calculation process.
Depreciation Expense Account
Enter an existing Chart of Accounts to which the depreciation expense for this Asset Group will be posted. This account is used in the asset depreciation calculation process.
Profit & Loss on Sale Account
Enter the Chart of Accounts used to record the profit or loss on sale of fixed assets in this group. This account is used in the asset disposal process.
Depreciation Details
These depreciation settings are the default details used for new Assets belonging to the Asset Group. The settings can be overridden for individual Assets if required.
Default Commercial Method
Select the default commercial method: Prime Cost (Straight Line) or Diminishing Value.
Default Commercial Rate
Enter the default commercial rate (percentage).
Default Tax Method
Select the default tax method: Prime Cost (Straight Line) or Diminishing Value.
Default Tax Rate
Enter the default tax rate (percentage).