Asset Record

In Fixed Assets, the Asset record contains the settings and details for an individual asset.

General Tab Buttons and Fields

The General tab contains most of the fields required to setup and maintain the asset. Additional set up options are on the Books tab.

The save options, action options, status indicator, and tab selector are available on all tabs of the asset record.

	Button/Field	Description
1	Save	Opens a menu of the following save options: Save: Saves the asset record and remains on the page. If changes have been made on the Books tab, only this option is available. Selecting save opens the submit prompt. Save and New: Saves the asset record and opens a new record. Save and Close: Saves the asset record then closes it.
2	Action	Opens a menu of available actions for the asset record: Duplicate Split Begin Construction Place in Service Depreciate Asset Disposal Partially Retire Location Transfer Deprecation Report Undo Retirement Actions available are dependent on the status of the asset.
3	Status Indicator	Indicates the current status of the asset (Draft, CIP, Active, Active fully depreciated, Retired).
4	Tab Selector	Switches to the various tabs of the asset record.
General
5	Name	The name of the asset as it will be displayed throughout R365. This name is also used for the Asset Tag Printout
6	Number	Auto-generated number for the asset. The value can be user defined. The prefix and starting number can be adjusted on the Autonumbering page. The Asset Number will used on the Asset Tag Printout.
7	Description	The description of the asset.
8	Categories	Sets the category(ies) for the asset. Multiple categories can be selected on each asset
9	Class	Sets the asset class which is used for reporting and classification. Asset classes are user defined.
10	Physical Location	The physical location of the asset. This is not the R365 location. Examples include: Banquet Hall, South Bar, Prep Line, etc.
11	Employee	Sets the employee to be associated with the asset, if any. This field is not required and is informational only.
12	Serial Number	The serial number of the asset, if any. The field is not required and is informational only. If entered, the serial number will appear on Asset Tag Printout
13	Acquisition Date	The date the asset was acquired. This value is used to set the initial ‘Placed in Service Date’ on the internal book. After being Placed in Service, any updates to this field will not update the internal book 'Placed in Service Date'.
14	Acquisition Cost	The cost of the asset at the time of acquisition. This value is used in calculating asset depreciation. Changing the acquisition cost for an active asset will create a 'Placed In Service - Adjustment' posting. Learn more about adjusting the acquisition cost.
15	Location	The location associated with asset. This location will be used on all financial transactions related to the asset. This field will be auto-updated once an asset class has been selected.
16	Qty	The number of assets. This field is not required and is informational only.
Accounts These fields will be auto-updated once an Asset Class has been selected.
17	Asset	The account used to record the asset at acquisition.
18	Accumulated Depreciation	The account used to record accumulated depreciation.
19	Gain/Loss on Sale	The account used to record gains or losses when the asset is sold or disposed of.
20	Depreciation Expense	The expense account used to record depreciation.
21	Potential Asset Trigger	The account that can trigger an asset record when activity is posted.
Construction in Progress
22	CIP Account	The Construction in Progress account used while the asset is being built or acquired. CIP Information is only required if the 'Begin Construction' Action is used. If the asset is immediately Placed in Service, CIP settings are not required.
23	Project Budget	The budgeted amount for the project tied to the asset. The budget value is informational only and not used in any calculations
24	Project Start Date	The start date of the project linked to the asset. This date value will be used to set the date on the 'CIP' Status when the 'Begin Construction' Action is used.
25	Project End Date	The end date of the project linked to the asset. This date is informational only.
26	Upload File	Opens the file explorer. Click to attach a file to the asset record.

Books Tab Buttons and Fields

The Books tab defines the depreciation method and settings for the internal book of the asset.

	Field	Description
1	Edit	Enables editing of the book details.
2	Depreciation method	The depreciation method for the book. The value is set automatically based on the selected asset class.
3	Convention	The convention for the book. The value is set automatically based on the selected asset class.
4	Calendar	The fiscal year used for the book.
5	Placed in service date	The date the asset was placed in service. This date is used to calculate depreciation.
6	Acquisition cost	The acquisition cost of the asset. This value is set on the General tab.
7	Salvage value	The salvage value of the asset. Used in depreciation calculations depending on the depreciation method.
8	Cost basis	The difference between acquisition cost and salvage value.
9	Effective life	The effective life of the asset in years and months. This value is pulled from the asset class but can be updated.
10	Life to date depreciation	The total depreciation recorded to date. This field cannot be edited after the first depreciation posting.
11	Net book value	The net book value of the asset (current cost minus life to date depreciation).
12	Effective date of change	The date when edits to the asset take effect. Options include: Original place in service date: Uses the original place in service date as the date of change. User entered date: Enables the user to enter a date of their choosing. When selected a date selector appears.
13	Submit	Opens the Submit prompt where users choose from the following options: Post Now: Updates the depreciation posting and opens the depreciation window. Post Later: Updates the depreciation posting. Cancel: Returns to the asset record with unsaved edits displayed. Submitting does not save changes made to other tabs of the asset record.
14	Cancel	Discards the changes made.

Service & Activity Tab

The 'Service & Activity' tab is where Tasks, Notes, and Email / Text Alerts can be recorded for the Asset. The Servicing Vendor can be assigned and the Employee that maintains the Asset is listed as well as the Next Service Date.

	Field	Description
1	Service vendor	The vendor responsible for providing service related to the asset.
2	Service employee	The employee assigned to maintain the asset and record service log entries.
3	Next service date	The date of the next scheduled service for the asset (informational only).

Postings Tab

The 'Postings' tab contains every Book Posting (including future postings with a status of 'Unposted') that will occur throughout the life of the Asset. When the asset has a status of 'Draft', the Postings tab will remain blank.

Once the Status is updated to 'CIP' or 'Active' and the user sets the Offset Account (refer to Asset Actions for more information), the Postings tab will begin to be populated with Posting Entries.

The examples below are two different Assets with different values and uses

Draft to CIP Example

Draft to Active Example

Postings Tab - Columns

Column	Description
Type	The type of posting. Options include: CIP: Entry when asset status changes from Draft to CIP. Place in service from CIP: Entry when asset status changes from CIP to Active. Place in service: Entry when asset status changes from Draft to Active. Depreciation: Entry for depreciation. Depreciation adjustment: Entry for manual depreciation adjustments. Retirement: Entry when asset status changes from Active to Retired.
Book	The book associated with the posting.
Date	The date the entry was or will be posted. Use the Status column to determine if the entry is posted.
Amount	The amount of the entry.
Transaction	The transaction that contains the posting. Click to open the transaction.
Accum dep acct	The accumulated depreciation account set on the asset class or General tab.
Dep expense acct	The depreciation expense account set on the asset class or General tab.
Asset acct	The asset account set on the asset class or General tab.
Gain/loss acct	The gain or loss on sale account set on the asset class or General tab.
Potential trigger acct	The potential asset trigger account set on the asset class or General tab.
Status	The status of the posting entry. Options include Posted or Unposted.

Related Expenses Tab

The Related expenses tab lists all expenses linked to the asset.

Audit Trail Tab

The Audit trail tab lists all changes made to the asset record after the status changes from Draft. Each entry includes the field name, the previous and new values, the user who made the change, and the date and time of the update.