Adding a New Fixed Asset

This guidance is only for IRIS Financials Version 7.0.2103 or earlier. If using version 7.0.2223 or later, go to Add Fixed Assets.

Fixed assets are added to the Fixed Asset ledger. For multi location establishment/organisations, a ledger is available for each location preceded by their three-character location code, e.g. LLL_FIXEDAST.

  1. Select Maintenance, then select Accounts from the menu.
  2. Double-select to select the required location fixed asset ledger, e.g. LLL_FIXEDAST (where LLL represents the location code) from the Select a ledger dialog.
  3. The Account Maintenance window is displayed, labelled according to the selected ledger. Select ADD NEW, then select ACCOUNT.
  4. A <New item> is created with blank fixed asset fields displayed on the General tab.
  5. Enter an Account code (maximum 8 characters), together with a suitable title, which should clearly identify what the fixed asset is e.g. LAPTOP20. You are not able to amend the Account code once the asset type has been saved.
  6. Enter a name for the asset in Title, e.g. Admin Assistant Laptop 2020, then select the Indices tab (there is no need to complete the Contact Details section).
  7. The Indices tab is used to determine how you want to report on the asset type. For example, if you want to report on assets under a particular funding arrangement, select the required option from the Values panel. The ACTIVITIES and FUNDTYPE indices may be mandatory (depending on your system setup), therefore if you do not want to use indices for reporting, select XNODET for both indices.
    account-maintenance-fixed-asset-indices.png
  8. Select the Analysis Fields tab. Information on this tab is used to calculate depreciation and should be completed as follows, noting that all fields in this section are mandatory. Enter or select the option for each field based on explanations in the following table.

    ITEMDESCRIPTION
    Depreciation AccountEnter the CAPITAL (or cost centre) ledger account to which the depreciation should be posted. An account is normally created specifically for the recording of depreciation. In our example, the cost centre is DEP.
    Cost Enter the original cost of the fixed asset. This is only for reference and does not affect the balance sheet. You still need to enter an invoice or journal for the opening balance of the asset (do not enter any currency symbols i.e. £, $, etc.)
    Depreciation Start PeriodSelect the accounting period from which the depreciation should start (the available range comes from the DEPNPERIOD keylist). If an asset is under construction, i.e. a building, this period should be the date you expect the work to be completed, which can be subsequently changed if required. If adding existing assets, i.e. that were acquired before you started using IRIS Financials select the actual accounting period in which the depreciation started.
    Location Select the location of the fixed asset. If your establishment/organisation has multiple locations, this needs to be the location where the asset is physically located, irrespective of who paid for it.
    Asset TypeSelect the required asset type from the drop-down list. The options available are taken from the ASSETTYPE ledger. If you need to add any new asset types, please refer to Adding or Editing Fixed Asset Types.
    Acquisition DateUsually the date of the supplier invoice. The date is not factored into the depreciation calculation and is for information only.
  9. Select the Security tab, which is used to determine who can access the asset. We would advise restricting Modify access to the System Administrator (select Z_SYSADMIN), then View, and Post access to users as required. Once you have completed the relevant information, select SAVE to save the asset type.
  10. An Update complete message is displayed. Select OK to close the message and return to the previous window.
  11. Select the X in the top right-hand corner to close the Account Maintenance window. Next, you need to enter an opening balance for the fixed asset as described in Defining Opening Balances for Fixed Assets.