3 - Managing Fixed Assets - Detailed Method

We give an overview of the tracking module in this document.  Detailed instructions on the processes will be contained in additional help documents.

NOTE:  RIMSS is configured to calculate depreciation using the Straight-Line Method.  Any other method of depreciation will need to be calculated separately from RIMSS and entered manually.

Setup Required for Detailed Fixed Asset Tracking

1. G/L Accounts
   1. Fixed Assets - separate accounts for each Fixed Asset category that you want to track on the balance sheet.  These will need to be Type Fixed Asset and referenced to Fixed Asset.
   2. Accumulated Depreciation - separate accounts for each Accumulated Depreciation category that you want to track on the balance sheet.  You can create an individual Accumulated Depreciation account for each Fixed Asset category, but you can combine all depreciation into a single account if preferred. These will need to be type Fixed Asset and referenced to Fixed Asset.
   3. Amortization Expense - at least account to track the YTD Depreciation expense.  These will need to be type Expense and referenced to Fixed Asset.

1. Fixed Asset Master Records - create one Master Record for each asset you are tracking.  All details can be tracked on the Master Records.

How to set up and depreciate a Fixed Asset using the detailed method

1. When purchasing a new Fixed Asset, you will first create the Fixed Asset Master Record.  In our example, we will be booking a new Gantry Crane for the shop.

2. Post the purchase of your asset.  The offset to the Bank or Liability Account will be the referenced Fixed Asset account.  Choose the newly created asset for the reference.  This can be booked on any accounting entry, including IR/Bills, Payments, and Journal Entries.  My example is a payment document.

I now will see my new Fixed Asset with the asset value included on my Fixed Asset list.  This list is your detailed Fixed Asset Report.

3. RIMSS will now include this asset in Depreciation Journal Entries.  Depreciation can be run on the schedule that you choose.  The system will calculate correctly whether you run monthly, quarterly, or annually.  The Depreciation Journal is also the detailed Depreciation Report for the period.

All entries will be reflected in financial reports on the date they are entered.  Fixed Asset Masters will automatically update the Cost, Accumulated Depreciation, YTD Depreciation Expense, and Net Book Value after each accounting entry is made.  YTD Depreciation Expense will automatically reset at the beginning of your Fiscal Year in RIMSS whether it is a standard on non-standard Fiscal Year End.