Add Fixed Asset Types

This guidance is only for IRIS Financials Version 7.0.2223 or later if your organisation has switched on the New security screens. If it is not switched on or using version 7.0.2103 or earlier, go to Adding or Editing Fixed Asset Types .

To determine how fixed assets are depreciated (including their useful life, depreciation method, and so on), categories for fixed assets are created in the FA - Fixed Assets ledger.

If required, additional fixed asset types can be added. For example, you could create several IT Equipment categories based on a useful life of 24, 36, and 48 months, so that they can be depreciated accordingly.

1. To add fixed asset types, create an account on the FA - Fixed Assets ledger, with the following details:
   • On General, enter the Code exactly as it was entered when the ASSETTYPE keylist was created.
   • On Indices, select the Values for the relevant Indices. If you do not want to use indices for reporting, select XNODET from Values.

   • On Analysis Fields, complete the required options.

   • Set the required security for user groups with access.

2. After adding a fixed asset type, you must add the type to the ASSETTYPE key list.