Managing groupings (tutorial)

Fixed Assets allows you to group a company's assets in three different ways:

Groups, branches and departments divide assets into three completely separate dimensions. They can be used in any way appropriate for each company.
In addition, General Ledger account codes can now be assigned to any mix of groupings Learn How (requires the GL Interface add-on module)

 

This tutorial shows how to create groups, branches and departments, how to move minor groups from one major group to another, and how to enter default depreciation details for new assets.

 

Open the tutorial database Learn how.

 

 

Step 1: Adding groupings

 

Open the Groupings window by selecting the Groupings command on the Administration menu.

bm6.gif

 

You will see that five major groups have already been defined (Buildings, Land, Office, Plant, Vehicles). If you double click on any major group's folder it will be expanded to show its minor groups.

 

Double click on the Office major group. You will see that the Office group is now selected, and its details appear in the Major group details frame. The fields at the bottom on the frame show that there are eighteen assets in the group, assigned to three different minor groups.

 

image\bm1.gif  Major groups have folders icons ( image\bm90.gif or image\bm91.gif ), and minor groups have page icons ( image\bm92.gif ).

 

The company is currently set up so that the Land minor group is held in the Buildings major group. This should be moved to a new major group, Land.

 

To create the major group click the Add major button and type 'Land' in the Group description field. The Group code will automatically create itself as 'Land' as well, which you may change if you need to. Click OK to add the group.

 

 

Step 2: Moving minor groups

 

The Land minor group should now be reassigned from Buildings to Land. Click the left mouse button and hold it down on the Land minor group's icon, then drag it onto the new Land major group. Click Yes to confirm the move.

 

image\bm1.gif  In practice a small company might only need one major group, and have all its assets divided into minor groups. Larger companies might want to have much more detailed breaking-down of their assets into functional groups.

 

 

Step 3: Setting default depreciation details for minor groups

 

Each minor group in Fixed Assets can have default depreciation types and rates entered, which are used whenever a new asset in created in that group. As none of this company's default rates have been set, you'll next set one of the minor groups up in more detail.

 

Open the Vehicles group and select its subgroup (also named Vehicles). Click on the Edit button (or double click the minor group in the tree) to open the Edit minor group window.

 

Set the Tax depreciation method to 'Diminishing value' and the rate to 25%, and set the accounting rate to 25%. Leave the Accounting depreciation method as 'Straight line'. Click OK to close this window.

 

Click Close to close the Groupings window.

 

 

What next?

 

This tutorial has shown how to manage the different types of groupings provided by Fixed Assets. The next section, Company options, shows how to use the administration options for a company.

 

 

See also

Asset transactions tutorials

General Ledger Asset Classes