Asset Setup
- Amy Kolnes (Deactivated)
Follow the path: Xmc>Financial Management >Asset Management>Setup >Asset
Click on Asset Number
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Click on Search
Click on the Asset
Click on OK
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Below is an overview of an example of an asset.
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NOTE: The numbering is completely up to the user. The Acquired date will have to be represented in a year that the system was in place. Therefore we have records for 2014, do not enter 2008 (even if purchased in 2008 – since there is no historical data to support this earlier date).
The Register Tab allows the ability to include Depreciation information.
Under Method select the option (currently using Straight line)
Under Convention make selection (currently we use the default of Entire Month)
Choose the number under Useful Life and the unit of measure
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NOTE: Every asset is tied to a register and the register is tied to the GL transactions and then Epicors GL. It is done by the book and fiscal calendar.
Follow the path: Xmc>Financial Management >General Operations >Asset Addition Entry
Click on Asset Number
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Click on Search (or Enter the Asset number)
Click on the corresponding asset under Search Result
Click on OK
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To add a “child asset” under a parent asset follow these steps.
Click on the Details Tab
Click on New >New Asset
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There are three options for the Types of Additional Assets: Purchase, Transfer and Miscellaneous
Purchase – this comes from an accounts payable line. This will hit asset clearing (and the asset GL account).
Transfer – will allow the asset will allow you to bring it into inventory.
Miscellaneous – is for everything else. Click on Inter-Group under Misc. Addition for historic information if using this option.
Enter the Description
Enter the Addition Cost
Click on Ready to Post
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NOTE: Applied dates are particular. It usually defaults to the system date, especially on the historical data. On historic conversions.
Once created, the asset will be given its own unique number; however, you can see the parent/child relationship under Asset Maintenance under the Parent/Child tab.
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NOTE: Parent and Child can be coded to different GL groups.