Fixed Assets Creation

Fixed Assets Creation

Voyager Fixed Assets provides several ways to create and set up depreciation of fixed assets. This variety of ways of creating fixed assets has the benefit that your organization can choose the way that best reflects your procedures. For example, you can set up an asset to report depreciation on your Generally Accepted Accounting Principles (GAAP) books using one combination of method and convention and also set up the same asset to hit your tax books, or other books using different methods and conventions.

The following table explains the advantages of each method you can use to create assets:

Manually add a fixed asset

It is always possible to create assets directly from the Fixed Assets screen.

Add a fixed asset when you generate a purchase order for the asset

If you use purchase orders and use inventory control to track fixed assets, this method enables you to create the asset when you receive a purchase order.

Manually add a fixed asset from costs/inducements

This is a convenient way for creating a fixed asset during the lease review process as costs or inducements such as tenant improvements are added to the lease.

Review payable invoices to identify new assets

This method enables you to review invoices for items that should be set up as assets.

Review journal entries to identify new assets

This method enables you to review journal entries for items that should be set up as assets.

Add multiple related payables as one asset

This feature provides a way to review and select payables and add them as one asset. It can be useful if you have construction projects or other projects you have set up for job costing. Each month you can sweep related payables into the asset.

Add assets grouped by a G/L map

With this function, you can set up a map that groups several G/L accounts together. You can then use the map to create a single asset based on the expenses in those G/L accounts. Each month, you can sweep the activity in those accounts into the asset.

Import asset data

Your organization can use the Voyager ETL import feature to import data from other systems. You can also use it on an ongoing basis to create several assets at once. Creating tasks to use ETL to import data has the advantage of scheduling the import at off hours to limit the impact during normal business hours.

The following graphic represents an overview of creating fixed assets.

Manually add a fixed asset	It is always possible to create assets directly from the Fixed Assets screen.
Add a fixed asset when you generate a purchase order for the asset	If you use purchase orders and use inventory control to track fixed assets, this method enables you to create the asset when you receive a purchase order.
Manually add a fixed asset from costs/inducements	This is a convenient way for creating a fixed asset during the lease review process as costs or inducements such as tenant improvements are added to the lease.
Review payable invoices to identify new assets	This method enables you to review invoices for items that should be set up as assets.
Review journal entries to identify new assets	This method enables you to review journal entries for items that should be set up as assets.
Add multiple related payables as one asset	This feature provides a way to review and select payables and add them as one asset. It can be useful if you have construction projects or other projects you have set up for job costing. Each month you can sweep related payables into the asset.
Add assets grouped by a G/L map	With this function, you can set up a map that groups several G/L accounts together. You can then use the map to create a single asset based on the expenses in those G/L accounts. Each month, you can sweep the activity in those accounts into the asset.
Import asset data	Your organization can use the Voyager ETL import feature to import data from other systems. You can also use it on an ongoing basis to create several assets at once. Creating tasks to use ETL to import data has the advantage of scheduling the import at off hours to limit the impact during normal business hours.