Adding or Editing Fixed Asset Types

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 Asset Types.

Fixed assets need to be categorised in order to determine how they are depreciated (including their useful life, depreciation method, etc.) These categories are created in IRIS Financials by adding accounts in the FA ledger.

You may however want to add additional categories of the same asset type, but with a different useful life. 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. This topic describes how to do this and how to check the default asset types and amend if necessary.

If you add new asset types here, you also need to add them to the applicable key lists. For more information, please see Adding a New Fixed Asset Type to the ASSET_TYPE Keylist .

1. Select Maintenance, then select Accounts from the menu.
   

2. The Select a ledger dialog is displayed. Double-select to select the FA - Fixed Assets ledger.
   

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 12 characters), e.g. ITEQUIP48 together with a suitable title, which should clearly identify the purpose of the asset type, e.g. Laptops with 48 months Depreciation. You are not able to amend the code in Account once the asset type has been saved. The code entered in Account must exactly match the code entered when the ASSETTYPE was created on the ASSETTYPE keylist.

6. The Currency field only requires completion if the currency for this asset type is different to your default setting. If required, select Drill (...) in Currency, then double-select to select the required currency from the Select a currency dialog.
   

7. The Initial State drop-down list defaults to Open. This means that any documents posted to this asset type have a status of open and can therefore be allocated, etc. An alternative option of Hold is available, although this would be uncommon.

8. Next, select the Indices tab, which is used to determine how you want to report on the asset type. If you want to report on asset types under a particular funding arrangement, for example, select the required index check box. 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 from the Values panel.
   

9. Next, select the Analysis Fields tab. Check/complete the fields.

10. Select the Security tab, which is used to determine who can access the asset type. We would advise restricting Modify access to the System Administrator, then View, and Post access for users as required.
    

11. Select Drill (...) in View, Modify, and Post, then double-select to select the required role from the Select a role dialog.
    

12. Once you have completed the relevant information, select SAVE. A warning is displayed if any mandatory information is missing, which needs to be completed before the asset type can be saved.
    

13. An Update complete message is displayed. Select OK to close the message and return to the previous window.
    

14. Select the X in the top right-hand corner to close the Account Maintenance window.

If you have added a new fixed asset type, you need to add the type to the ASSET_TYPE key list. For more information, please see Adding a New Fixed Asset Type to the ASSET_TYPE Keylist .