[EM] Asset Setup

1. Access the EM Asset Setup Form 0:12

• Navigate to Equipment Management in the system.

• Select Programs and then click on EM Asset Setup.

2. Create a New Record 0:26

• On the Info tab, click to create a new record.

3. Select Equipment and Assign Asset ID 0:26

• Choose the piece of equipment this asset belongs to.

• Assign a unique Asset ID (up to 20 characters) that typically matches the equipment code.

4. Fill in Asset Details 0:47

• Enter a brief Description (up to 60 characters).

• Input the Purchase Price (cost of the asset).

• Specify the Residual Value (expected value at the end of depreciation).

• If applicable, enter the Sale Price.

5. Set Depreciation Parameters 1:15

• Enter the First Month to Depreciate (the month depreciation begins).

• Specify the Number of Months to Depreciate (total useful life).

• Leave the Month Disposed Of blank until the asset is disposed of.

6. Recalculate Depreciation Schedule 1:46

• After entering all details, ensure to recalculate the schedule to prevent further depreciation.

7. Choose Depreciation Method 1:58

• Select a Depreciation Method: 

  • Straight Line: Equal monthly payments.

  • Declining Balance: Larger amounts in the first year, decreasing in subsequent years.

8. Override GL Accounts (if necessary) 2:22

• Under GL Accounts, override accumulated depreciation or depreciation expense if needed.

9. Calculate Depreciation Schedule 2:49

• Click on Calculate to update the Months, Amount to Take, and Amount Taken.

10. Review Depreciation Schedule 3:03

• Check the auto-generated Depreciation Schedule for accuracy.

11. When Posting Depreciation 3:43

• If the asset was set up after its purchase date, ensure the next depreciation run catches up on missed months.

12. Run Depreciation for Prior Year Assets 4:04

• For prior year assets, run depreciation for the final month of that fiscal year.

Cautionary Notes

• Ensure all fields are filled out accurately to avoid discrepancies in depreciation calculations.

• Do not enter a disposal month until the asset has been disposed of to prevent errors in the schedule.

Tips for Efficiency

• Regularly review and update asset records to maintain accurate depreciation schedules.

• Familiarize yourself with the GL accounts to streamline the overriding process if needed.

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