- FIXED ASSET TAG #
- The selected Tag number displays.
If the item is bulk, all the tags for this product are listed
and one can be selected from Asset Tag
Search.
STATUS- Status reflects the current situation of an item. When setting
up equipment, the status should be set to A for Active. Valid
status codes as listed in the drop-down list include:
A - Active (Ready to rent, or On Rent)
D - Disposed (sold)
M - Missing (stolen, borrowed)
R - Repair Shop (in Repair Shop for the long term)
S - Scrapped (this item has been scrapped)
Note: When the status of a Non-Bulk product is changed from/to
Active, the description key (RSPFK4) is changed during the next
Daily Close 2.
e.g. If status is no longer Active the product is removed from this
lookup product list, and if status is changed to Active, the
product is added into the lookup file.
DIVISION- This division is the owning division on the Tag and is used for
depreciation and inventory value reporting.
This "Owning Division' can be updated when equipment is moved
from one location to another using by the Permanent
Transfers feature in Inventory
Transfers.
The Division can also be changed in Update
Asset Tags, or from a data import from the Restructure Class/Group/Rates/Tag, or the Asset Tag Import utility.
SERIAL #- Enter the serial number for this rental item. Use up to 20
characters.
This is really only relevant to non-bulk equipment or when the Tag
is for a single unit.
The serial number is mandatory on a non-bulk rental product for
SmartEquip exports and can be updated by an import from the
SmartEquip Compliance utility.
Duplicate Serial Number Alert:
When a serial number is entered or updated on the Asset Tag
of a Rental Inventory record, the Duplicate Serial Numbers warning is triggered if the
serial number being assigned to the Tag matches the serial number
on an existing Asset Tag or matches a serial number on a Serialized
Sales Product.
This alert to the operator is helpful to prevent a new equipment
record from being created when it already exists or when a Transfer Sales to Rental should be processed
instead of creating a new product.
The serial number for rental equipment is included in some
inventory reports including:
Note: The Received Non-Bulk Serial# File
can be used to identify non-bulk items with no serial number
assigned, and Find Rental Inventory By
Serial# can be used to review serial numbers for bulk and
non-bulk Rental products.
DATE ACQUIRED- Enter the date when the items for this Fixed Asset Tag were
purchased.
The Date can also be changed in Update Asset
Tags, or from the Asset Tag Import
utility.
Note: This date is mandatory for non-bulk rental equipment when
the Rouse feature is active in the in the Software Integration.
WARRANTY EXPIRY- The default expiration date is based on the "Date Acquired"
plus the "Number of Days of Warranty" defined for this product's
group in Equipment Groups. This expiry
date can be over-typed as required.
If the warrant has not expired, the warranty expiry date is
displayed in the Warranty Expiry
Information window when a non-bulk rental asset is put on a
Work Order to alert the operator of the warranty term.
If the warranty has not yet expired, the Warranty in Affect Alert is triggered when the W.O.
header for a non-bulk rental is completed. The expiry message can
be customized by division in the Divisional Work
Order Parameters.
If there is no 'Warrant Expiry' date on the Tag then no
warning is triggered in the Work Order.
An expiry date listing can be generated from Warranty Expiry Report.
WARRANTY DEPOT- Enter the warranty depot name. This is an information field
only and defaults from the product group when a new product is
added.
WARRANTY TYPE CODES- This field only applies to non-bulk rental equipment.
Warranty comments can be printed on the Work Orders for non-bulk
rental equipment.
Window to assign multiple Warranty Type Codes to the product, as
outlined in Warranty Type Codes and
Expiry.
DISPOSAL REASON- This field only applies to non-bulk rental equipment and tracks
the reason for selling or disposing of a rental product defined
when the product was sold on an invoice, as outlined in Disposal Reason Codes.
This field is disabled for bulk rentals.
DATE LAST DISPOSAL- This date is updated automatically when an item from this Fixed
Asset Tag was last sold.
DATE LAST TRANSFER- This date is updated automatically when an item from this Fixed
Asset Tag was last transferred to an External Branch or to a Sales
item.
ORIGINAL QUANTITY- This is the total quantity for this fixed asset tag, prior to
any sales or transfers.
This quantity cannot exceed the sum of the quantity assigned to the
Locations.
Note: Each Serialized item should have its own fixed asset tag
to record a unique serial number.
QUANTITY SOLD- When a rental item is sold, the quantity sold will
automatically be updated.
QUANTITY TRANSFERRED- When the rental item is transferred to an external division (an
independent company), this field will automatically be updated.
This value also reflects any quantities transferred from rental to
sales items.
QUANTITY ON HAND- The current quantity on hand for this tag is displayed.
Current On Hand = Original Quantity - Quantity Sold - Quantity
Transferred
Note: The Verify Tag Qty = Loc Qty
utility can be run to identify rental products where the quantity
On Hand does not match the total quantity on the Fixed
Tags.
HISTORIC UNIT COST- This value represents the cost of purchasing a single unit
new.
It is information only but is useful for data analysis
reporting.
This cost is populated when a new tag is created with quantity
and cost.
This cost is not re-calculated if the Total Original Cost is
changed in case this has been entered manually.
If this cost is updated manually or updated by the Restructure Class/Group/Rates/Tag utility using the
Tag Cost Restructure option, a record is written to the
Audit Log for "RSRI_HISTORIC_UNIT_COST",
with date, operator, product, tag and field values.
TOTAL ORIGINAL COST- This is the value of the Original Quantity.
Total Original Cost = Average Cost Each * Quantity on this
Tag
Whenever the average cost for a product is changed use Post Product Average Cost Changes to print an
audit report and to generate the G/L postings for the change in the
Inventory value.
Note: If the Original Cost is left blank or zero, when an
addition is reported the value of the first addition becomes the
Original Cost and any subsequent additions will be reflected
in the Accumulated Additions.
The Original Cost can also be changed in Update Asset Tags, or from the Asset Tag Import utility.
ACCUMULATED ADDITIONS- Accumulated Additions can include any freight, brokerage, duty,
exchange or other items which add to the original purchase cost of
the items.
This field will be updated when entering invoices for inventory
purchases in Accounts Payable.
A window is provided to view the Accumulated Additions details.
ACCUMULATED DISPOSALS- The Accumulated Disposals are automatically updated whenever an
item for this Fixed Asset Tag is sold.
If the rental item is Non-bulk, the Fixed Asset Tag will
be automatically updated during the Daily Close program.
If the item sold is a Bulk rental, the Daily Close procedure
will update this field once the user has selected the Fixed Asset
Tag for posting the costs to the General Ledger, using Allocate Bulk Disposals.
ACCUMULATED TRANSFERS- Accumulated Transfers are automatically updated whenever an
item with this Fixed Asset Tag is transferred to an external branch
(a division or store that is not maintained in this software) or to
a sales product.
NET ORIGINAL COST- The Net Original Cost is automatically calculated.
Net Original Cost = Total Original Cost + Accumulated Additions
- Accumulated Disposals - Accumulated Transfers.
Depreciation Configuration Values:
-
- ACCUMULATED DEPRECIATION
- The total Accumulated Depreciation for this Fixed Asset tag is
displayed.
The Accumulated Depreciation can also be changed in Update Asset Tags, or from the Asset Tag Import utility.
Total Accumulated Depreciation = Accumulated Depreciation
Each * Quantity on this Tag
Depreciation History Window:
A window is provided to view the Depreciation history details by
date that were created when Depreciation
was run and accepted.
The Accumulated Depreciation history information
includes:
DATE - date used to calculate the depreciation
AMOUNT - amount of depreciation calculated for this tag on this run
BASE - tag value amount on which the depreciation was calculated
CLASS - the depreciation class assigned at the time of the run
METHOD - the depreciation method assigned at the time of the run
CLERK - operator ID signed in when the depreciation was run
DATE RUN - system date when depreciation was run
SOURCE - auto (system generated), manual, computer (depreciation calculation), adjust (imported change)
Note: These history records are available only to explain how the
depreciation was calculated, but are not used as the basis for
further depreciation calculations.
TOTAL BOOK VALUE- The Total Book Value is automatically calculated.
Total Book Value = Net Original Cost - Accumulated
Depreciation
DEPRECIATION CLASS- The Depreciation Class assigned to this tag displays.
This value defaults from the Group when a
new tag is created.
Valid classes can be selected from the drop-down list.
This class will be used to determine how depreciation should be
calculated on this tag when the Depreciation is run.
The Depreciation Class on the tag can be updated by the Update Depreciation Class by Group utility, or by
the Update Asset Tags, or from the
Asset Tag Import utility.
DEPRECIATION AMOUNT PER UNIT- If a Flat Rate depreciation class, as setup in Depreciation Classes, was entered in the
Depreciation Class field for the tag, enter the
Depreciation Amount Per Unit.
The amount entered times the quantity on the tag is the
Depreciation amount charged. The Residual percent still
applies.
ACCUMULATED # OF DEPRECIATIONS- The accumulated number of times this tag has been depreciated
is automatically updated when Depreciation
is run and accepted.
YTD # DEPRECIATION- The Year to Date number of times this item has been depreciated
is automatically updated when Depreciation
is run and accepted.
YTD DEPRECIATION- The Year to Date amount of depreciation is automatically
updated when Depreciation is run and
accepted.
Note: If the Depreciation Method is
changed on a Depreciation Class, the 'YTD
Number of Depreciations' and the 'YTD Depreciation Dollars' on all
Asset Tags assigned that Depreciation
Class for 'Standard' or 'Alternate' depreciation, are re-set to
ZERO, so that the calculations for the new Method are not skewed by
the calculations from the old Method.
Accumulated Depreciation History on the tag is not changed.
A record is written to the Audit Log for
the category of 'CLASS DEPRECIATION METHOD' recording what was
changed.
AVERAGE COST- This is the Average Cost per unit and is adjust automatically
if the Original Cost is changed.
Average Cost each = Net Original Cost divided by Current On Hand
Quantity
AVERAGE BOOK VALUE- This is the Average Book Value per unit and is adjust
automatically if the Book Value is changed.
Average Book Value each = Total Book Value divided by Current On
Hand Quantity
ALTERNATE BOOK VALUE- An alternative Book Value for each Fixed Asset Tag may be
tracked using an alternate Depreciation Method.
This may be necessary for tax or management purposes.
Refer to Calculate Alternate Depreciation
for further details.
A window is provided to view this parallel value and
depreciation information.
The data fields are the same as for the standard Book Value fields
as follows:
Fixed Asset Tag - window on Alternative Book Value
-
- TOTAL ORIGINAL COST
- Accept the Total Original Cost is displayed, calculated
as AVERAGE COST EACH *QUANTITY (on this Fixed Asset Tag), or type
in the correct cost.
ACCUMULATED ADDITIONS- Leave this field blank as Accumulated Additions will be
automatically updated by any freight, brokerage, duty, exchange or
other items which add to the original purchase cost of the
items.
This field will be updated when entering invoices for inventory
purchases in Accounts Payable.
ACCUMULATED DISPOSALS- Leave this field blank as Accumulated Disposals will be
automatically updated whenever this item is sold.
ACCUMULATED TRANSFERS- Leave this field blank as Accumulated Transfers will be
automatically updated whenever this item transferred to an external
branch or transferred to a sales product.
NET ORIGINAL COST- The Net Original Cost is automatically calculated and
displayed.
Net Original Cost = Total Original Cost + Accum Additions - Accum
Disposals - Accum Transfers.
ACCUMULATED DEPRECIATION- Enter the total accumulated depreciation for this Fixed Asset
tag.
Total Accumulated Depreciation is equal to Accumulated Depreciation
Each multiplied by the quantity on this Fixed Asset Tag.
Depreciation History:
A window is provided to view the Depreciation History.
The depreciation history is created when Alternative Depreciation is run. The history shows
how the software calculated the depreciation and is not used as the
basis for further depreciation calculations.
The fields in this window include:
DEPRECIATION DATE - date used to calculate the depreciation
DEPRECIATION AMT - amount of depreciation for this run
DEPRECIATION BASE - amount the depreciation was calculated on
CLASS - the depreciation class assigned
MTHD - the depreciation method assigned
CLERK - operator ID who ran the depreciation
DATE RAN - system date when depreciation was run
SOURCE - COMPUTER = generated from Calculate Depreciation
- MANUAL = manually added using Review Alternate Depreciation Calculations
- AUTO = system calculated (such as % of rental)
- REC-ADD = initially recorded when rental item added in Add Rental Products
- CONVERSN = updated from Data Import or Asset Tag Revaluation Tool
TOTAL BOOK VALUE- The Total Alternative Book Value will be automatically
calculated and displayed.
Total Book Value = Net Original Cost - Accum. Depreciation.
DEPRECIATION CLASS- Assign this item to an alternative depreciation class or select
one from the drop-down box as setup in Depreciation Classes.
This value defaults from the Group when a
new tag is created.
This class will be used to determine how depreciation should be
calculated on this tag when the Alternate
Depreciation is run.
This Alternate Depreciation Class on the tag can be updated by
the Update Depreciation Class by Group
utility.
Note: A Depreciation Class with the 'Post Percentage of Rental
Revenue Method' assigned to it can not be selected, since this
method is not available with the Alternate
Depreciation process.
ACCUM # OF DEPRECIATION- Leave this field blank as the accumulated number of times this
tag has been depreciated will be automatically updated when
Alternate Depreciation is run.
YTD # DEPRECIATION- Leave this field blank as the year to date number of times this
item has been depreciated will automatically be updated when
Alternate Depreciation is run.
YTD DEPRECIATION- Leave this field blank as the year to date depreciation amount
will be updated when Alternate
Depreciation is run.
AVERAGE COST- The alternative average cost of the items on this tag is
calculated from
Average Cost = Net Original Cost ÷ Current Qty On Hand
AVERAGE BOOK VALUE- The alternative Average Book Value of the items on this
tag is calculated from
Average Book Value = Total Book Value ÷ Current Qty On Hand
Finished?- Click OK to accept the values and close the window.
Refer to Alternate Depreciation for
details.
Finished?- Click ACCEPT button to accept the Fixed Asset Tag information.
- Cost Adjustment:
- If any change was made to the tag that alters the cost total,
an adjustment must also be posted to the G/L.
A Cost Adjustment window is displayed to
capture the date of the G/L posting.
Quantity Discrepancy:
- On exiting the tag window, if the quantity total on the Fixed
Asset tags for the product does not match the current Quantity
On Hand for the product, the Quantity
Discrepancy warning window is triggered.