5 - Create a Fixed Asset Master for Detailed Tracking
When you are ready to begin creating Fixed Asset Master Records, navigate to:
Fixed Assets > New > Asset
RIMSS will open a blank New Fixed Asset document for you to complete and save.
Field definitions are listed below. Any fields noted with an * are required to save the record or for RIMSS to calculate depreciation.
Asset Identification Fields
*System ID: Will be auto-populated by RIMSS once the record is saved.
Reference ID: Custom ID Number for internal tracking
WG Master Link: Add a link to a wholegood to track expenses on Rental Units and Company Vehicles. See additional documentation on this feature.
*Name: Short Name of the Asset
Serial#: Serial Number of the Asset
Description: Long Description of the Asset
Asset Location: Description of the Location of the Asset
Created Location: Auto-Populated by RIMSS
Category: Custom List to Categorize Assets in Reporting
Group: Custom List to Categorize Assets in Reporting
Type: Custom List to Categorize Assets in Reporting
Key Dates Fields
Build Date: Date Asset was built
*Depr. Start Date: Month to begin Depreciation - the full month will always depreciate. There is no partial month depreciation in RIMSS.
Retirement Date: Date the Asset is retired or sold
Purchase Date: Date of aquisition
Warranty Expiration: Date of expiration of Warranty
Inactive: Can be checked after disposal of asset and end of year taxes are complete to remove the asset from reporting
Depreciation Fields
*Method: Options are Straight-Line or None. Choose None if it will not be Straight-Line. You will need to manually calculate and enter Depreciation for any method other than Straight-Line.
*Useful Life (months): Enter the number of months for depreciating the unit. Do determine this number, verify with your tax professional.
*Convention: Full Month is the only option in RIMSS
Accounting Fields
*Asset Account: In the dropdown, assign the account that will house the Asset Value of the Asset. Cost dollars will only populate on this record if posted to the assigned account. This cannot be the same account used for Accumulated Depreciation.
*Accum. Depr. Acct.: In the dropdown, assign the account that will house the Accumulated Depreciation of the Asset. Accumulated Depreciation dollars will only populate on this record if posted to the assigned account. This cannot be the same account used for Cost.
*Depr. Exp. Acct.: In the dropdown, assign the account that will house the YTD Depreciation of the Asset. YTD Depreciation Expense dollars will only populate on this record if posted to the assigned account.
Cost: This field is populated by RIMSS from the sum of all accounting entries made to the assigned Asset Account and referenced to the Fixed Asset Master record.
Accum. Depr.: This field is populated by RIMSS from the sum of all accounting entries made to the assigned Accumulated Depreciation Account and referenced to the Fixed Asset Master record.
YTD Depr. Exp.: This field is populated by RIMSS from the sum of all accounting entries made to the assigned YTD Depr. Exp. Account in the current fiscal year and referenced to the Fixed Asset Master record.
Net Book Value: Auto-populated by RIMSS using the formula: Total Cost - Total Accumulated Depreciation
*Salvage Value: The value expected to remain on the Asset after all depreciation is complete. Verify this amount with your tax professional. The salvage value can be set to 0.00 if applicable.
User Defined Fields
These fields can be customized and used to track information on Fixed Assets that we do not already provide a way to be entered. Text, Number, and Date formatted fields are available.
Below is an example of a Fixed Asset Master set up with only the minimum required fields for RIMSS to be able to track and calculate periodic depreciation. You may add or edit information that is not required at any time.
Editing the required fields is allowed, but if you edit required fields after depreciation has begun, the depreciation schedule will be adjusted and the system will make an adjusting Depreciation Entry to account for the changes the next time a Depreciation Journal is created.
If any of the required fields are not completed, you may still be able to save the record, but the system will not include the asset in Depreciation Calculations.
Once the Fixed Asset Master is created, you will need to create the accounting entry to book the asset value to the correct G/L account. RIMSS will populate the Cost on the Fixed Asset after you save the entry. You may use any document in RIMSS that allows you to post to the Fixed Asset account. Below is an example of a payment document posting cost for this Fixed Asset.
Now my Asset shows the booked Cost and the Net Book Value from the Payment above on the Fixed Asset Master Record and in the Fixed Asset List.
