This article is part of the Fixed Assets Module training. Click here for more information on the Fixed Assets module.
The Fixed Assets section of the Accounting module allows users to track fixed assets in R365. Fixed assets can be any physical item that resides at a location long-term.
For example, a location purchased a grill for $2000. The manager records the purchase of the grill by creating an Asset record. The Placed In Service Date is also recorded, and the asset is marked as Active. The manager accesses the deprecation form to retire the old grill after the new one is installed.
The Asset record contains all of the details about a fixed asset. This article reviews how to create an Asset as well as the different tabs and actions on the Asset record.
If Fixed Assets is not available in the left navigation menu, please contact your R365 Sales Rep or R365 Support to enable the Fixed Assets.
Article Topics
- Creating Assets
- Asset Status and Actions
- General Tab
- Books Tab
- Service & Activity Tab
- Postings Tab
- Related Expenses Tab
- Audit Trail Tab
Creating Assets
The Asset record contains key information and details about a fixed asset. Assets can be created using several methods. During initial setup of the Fixed Assets module, the following methods are recommended:
- Create individual assets using the Fixed Assets sub-menu or in the Setup Assistant.
- Create multiple assets using templates in the Setup Assistant.
After initial setup, when new assets are acquired, they should be entered in the Potential Assets List.
For more information on how to create assets, refer to the Creating Assets article.
Asset Status and Actions
| Field | Description |
| Status | Provides a quick view of the asset lifecycle and where the asset currently lives in that lifecycle. |
| Save | Provides the following options for saving the record:
|
| Actions | This menu appears only after the Asset record has been saved for the first time. Action options vary depending on the status of the asset and include the actions shown in the image below. |
General Tab
The General tab of the Asset record contains the majority of the fields required to setup and maintain the asset.
| Field | Description |
| General | |
| Name | Name of the asset. This field is required. |
| Class | This drop-down is used to assign the asset to one or more Asset Classes. This field is required. |
| Acquisition Date | Date when the asset was acquired by your organization. This value is used to set or update the initial Placed in Service Date on the internal book. After the asset has been placed in service, any updates to this field do not update the Placed in Service Date on the internal book. Default: Today's date. |
| Number | An automatically generated number used to identify the asset. The prefix and starting number can be adjusted on the Autonumbering page. This value can be user-defined if desired. This field is required. |
| Physical Location | A short description of the specific location where the asset physically resides. The entry does not need to match the R365 location. For example, if the asset is placed in a banquet hall at Location 100, this can be something like, 'Location 100 - Banquet Hall A' or simply 'Banquet Hall A'. |
| Acquisition Cost | Purchase cost of the asset. Changing the Acquisition Cost on an active asset will create a Placed In Service - Adjustment posting. Learn more about adjusting the Acquisition Cost before making any changes. This field is required. |
| Description | A description of the asset. |
| Employee | Name of the employee who is responsible for the asset. |
| Location | Location with which the asset is associated financially. This field automatically updates if the Asset Class is changed. |
| Serial Number | Serial number on the asset. |
| Qty | Number of assets. |
| Categories | This drop-down is used to assign the asset to one or more Asset Categories. |
| Accounts | |
| Asset | Main account associated with the asset. This field automatically updates if the Asset Class is changed. |
| Gain/Loss on Sale | Account used to record gains or losses on sales. This field automatically updates if the Asset Class is changed. |
| Potential Asset Trigger | Account used to monitor for new potential assets. This field automatically updates if the Asset Class is changed. |
| Accumulated Depreciation | Account used to record accumulated depreciation. This field automatically updates if the Asset Class is changed. |
| Depreciation Expense | Account used to record depreciation expenses. This field automatically updates if the Asset Class is changed. |
| Construction in Progress | |
| CIP Account | Construction in Progress account for the asset. 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. |
| Project Budget | Monetary budget for the CIP project. This value is for information purposes only and is not used in calculations. |
| Project Start Date | Starting date for the CIP project. This value sets the date on the CIP status when the Begin Construction action is used. |
| Project End Date | Final date for the CIP project. |
| Upload File | Allows the user to upload a file from their device and attach the file to the record. |
Books Tab
The Books tab is where the user can define the depreciation method and settings for the internal book of the asset.
| Field | Description |
| Edit | Allows the user to make changes to the information on this tab. |
| Deprecation Method | Deprecation Method for the book. This value is set automatically based on the selected Asset Class. |
| Convention | Convention for the book. This value is set automatically based on the selected Asset Class. |
| Calendar | Fiscal Year set for the book. |
| Placed in Service Date | Date when the asset when into service, used to calculate deprecation. |
| Acquisition Cost | Cost of the asset at the time it was acquired by your organization. This value is set on the General tab. |
| Salvage Value | Salvage value of the asset used to calculate deprecation, depending on the deprecation method. |
| Cost Basis | This calculated value is the difference between the Acquisition Cost and Salvage Value. |
| Effective Life | Expected lifespan of the asset in whole years and/or in months. |
| Life to Date Deprecation | Value at the date of deprecation. This field cannot be edited after the first depreciation posting on the asset. |
| Net Book Value | Net book value of the asset. (Current Cost - LTD Depreciation = NBV) |
| Effective Date of Change | Date that the edits made to the asset will be implemented. Options include:
|
Service & Activity Tab
The Service & Activity tab is where tasks, notes, and email or text alerts can be recorded for the asset. This tab is also used to record the service vendor and the employee who maintains the asset.
| Field | Description |
| Service Vendor | Vendor who handles all services related to the asset. |
| Service Employee | Employee in your organization who is responsible for service on the asset and service log entries. |
| Next Service Date | Date of the next scheduled service. |
Postings Tab
The Postings tab contains every book posting (including future postings with a status of Unposted) that occur throughout the life of the asset. When the asset has a status of Draft, the Postings tab appears blank.
Once the status is updated to CIP or Active and the user sets the offset account, fields on the Postings tab populate with posting entries. Refer to Asset Actions for more information about setting the offset account.
Note: The examples below show two different assets with different values and uses.
Draft to CIP Example
Draft to Active Example
Columns on the Postings Tab
| Column | Description |
| Type | Type of posting. Types include the following:
|
| Book | Book associated with the posting. |
| Date | Date the entry was or will be posted. |
| Amount | Amount of the entry. |
| Transaction | Transaction that contains the posting. Selecting the link opens a record of the transaction. |
| Accum Dep Acct | Accumulated Depreciation account set on the General tab or Asset Class. |
| Dep Expense Acct | Depreciation Expense account set on the General tab or Asset Class. |
| Asset Acct | Asset account set on the General tab or Asset Class. |
| Gain / Loss Acct | Gain/Loss on Sale account set on the General tab or Asset Class. |
| Potential Trigger Acct | Potential Asset Trigger account set on the General tab or Asset Class. |
| Status | Current status of the posting entry, Posted or Unposted. |
| Undo | Undo a depreciation posting. |
Related Expenses Tab
The Related Expense tab shows each expense that has been linked to the asset.
Audit Trail Tab
The Audit Trail tab displays a list of changes made to the Asset record, after entering a Draft status. A row appears for each change that has been made to the record, including the field that was edited, the previous value, and the new value, as well as the user who submitted the change and the date/time the change was submitted.