Fixed Asset Acquisitions
The Fixed Asset Module in Gravity provides support for managing and depreciating long-term fixed assets of an organization. Through the Acquisition wizard, fixed assets can be created either directly or from voucher lines that are appropriately marked. Each fixed asset will be assigned a specific set of internal books for recording and expensing depreciation in the financial records. Moreover, additional fixed asset books can be created to track depreciation for other reporting purposes, such as federal tax or personal property tax records.
Gravity's Fixed Assets module is accessed from the Microsoft Application menu as seen below.
Fixed Asset Records can be created as follows:
- From Voucher Lines.
- Directly in Fixed Assets with Journal Entries Created
- Directly in Fixed Assets without Journal Entries
When Entering Vouchers in the Expense area, user can define Non-Inventory Voucher Lines as being part of a Fixed Asset. This is done by selecting the Voucher Line and selecting the check box "Fixed Asset" at the end of the line. All Voucher lines selected can then be seen in the Acquisition wizard when creating a Fixed Asset.
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After selecting the Fixed Asset Application on the main menu you can access the acquisition wizard. The Acquisition wizard can be used with or without Voucher Lines.
The Acquisition Wizard will allow users to create a Fixed Asset record from the Voucher Lines that were triggered from Voucher Lines.
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- Enter the name of the Fixed Asset
- Enter the purchase date
- Enter the acquisition cost
- (Optional) Select the voucher line items that made up the purchase. These will be attached to the fixed asset for audit purposes
- (Options) Select to create a Journal Entry. Use this if the purchased asset has not been recorded to the correct account or not entered in the general ledger. The Apply date is the GL period to record the entry. The Asset account will be Debited and the Purchase From account will be Credited.
- Select Save to create the fixed asset and record the Journal Entry.
Note: If the items from Voucher Lines have been expensed the Purchase From account should be the expense account that the original items were purchased from.
Selecting New on the main menu allows you to complete a new Fixed Asset Record.
