Add Fixed Asset Types

This guidance is only for IRIS Financials Version 7.0.2223 or later. If 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.