To access this screen, go to Edit | Asset Browser.
A list of the asset groups will be displayed. Groups with assets entered in them will have a + next to them.
Highlight the group into which you want to enter an asset and either:
select Options followed by Insert asset; or
right-click and choose Insert asset; or
click the Insert asset at the bottom of the menu
Once the screen is complete click Add to add the asset to the database .
Complete this field with the asset group used in Accounts Production. This determines the accounts to which Fixed Asset Register makes postings in the balance sheet. You can access a list by clicking the downward arrow next to the Asset Group field.
This facility is useful where you are entering a batch of assets which all belong to the same group, for example motor vehicles on the IRIS Chart. When you enter the first asset select group 136 and then click Set as default. Now all further assets will be automatically allocated to the motor group, until you change the default again.
This number is allocated by the system and cannot be altered.
Enter the description of the asset to appear on the reports.
If this field is ticked then when you add an asset the add new asset data entry screen is redisplayed so you can enter further assets. Once the field is ticked it remains ticked for all future assets until you uncheck the field.
If this field is not ticked when you have added an asset you are taken back to the asset browser.
Enter the cost of the asset. If this figure is unknown leave the field blank.
If you have entered the purchase price the same figure is entered in the Initial net book value field by the system. You can overwrite the amount if you want to force a new starting value for depreciation.
If the purchase price has not been entered complete this field with the amount on which depreciation is to be calculated.
Enter the spot rate conversion value of the asset. The exchange rate will be used to calculate the Business Tax Purchase Value.
The business Tax Purchase value will be used for the purpose of calculating Capital Allowances in IRIS Business Tax. This Value is based on the amount that has been entered in the Purchase Price field multiplied by the amount in the Exchange Rate : £1 = Field.
Enter the date of purchase if known.
This field must be completed.
If the date of purchase is known the system completes this field based on:
the date of purchase; and
the choice made in Set-up regarding whether depreciation is charged in the year of acquisition.
You may alter the displayed date.
If the date of purchase is unknown you must enter the depreciation start date.
This field can be left blank. The information appears on the asset details report.
These fields can be left blank. The information appears on the asset details report.
If you enter a residual value the asset is depreciated until it reaches this value.
Your entry in this field determines whether you can set up finance lease or hire purchase details for the asset. Checking the Finance Lease or Hire Purchase fields prompts the display of the Lease/HP details screen once the current screen has been completed.
The number entered here determines the rate used by Fixed Asset Register when calculating depreciation. the number refers to the central depreciation rates in Program Set-up in Accounts Production.
Fixed Asset Register attempts to complete this field for you using default rates in the following order of priority:
the rate entered for the client in Client | Change | Fixed Asset Depreciation.
the rate entered at chart level in Setup | Accounts Chart | Change Chart | Fixed Asset Depreciation Defaults.
You can choose a different rate by using the down arrow next to the field.
If there are no default rates you must complete this field. Click on the arrow next to the field to display a list and then click on the rate you want to use. It will automatically be entered in the field. New rates are set up in Accounts Production.(Follow the instructions in your Accounts Production manual.)
This field determines the account to which the depreciation charge for the year is posted in the profit and loss account. A default account number is entered in the field based on your entry in the asset group field. This account number can be changed if required by clicking the down arrow next to the field to list the account numbers.
Once the screen is complete select Add or press return to save the details.