Creating a Fixed Asset or Prepaid Expense Item - Subsidiary Detail

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PFAITM-06

Fixed Asset Item Creation
or
Prepaid Expense Item Creation

1129


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This screen will appear after the initial creation screen or the pre-existing screen for new fixed asset and prepaid expense items.

This screen is used to enter details about this subsidiary item, including depreciation/amortization amounts, G/L account offsets, and other key tracking information. When done, use Enter to continue. For fixed asset items, the Serial/ID# screen will appear next. For prepaid expenses, the final creation screen will appear next.

CU*TIP: If creating a fixed asset that also carries insurance or a prepaid maintenance contract, that information should be recorded here, then a separate Prepaid Expense or Accrued Expense item should be created for those items.

Integration between CU*BASE and your imaging solution

This screen has a link to your imaging solution to further integrate with CU*BASE.  The “Scan e-Document” button is used for scanning a document into your imaging solution. 

Field Descriptions

Field Name

Description

Purchase date

Enter the date on which the item was purchased.

Invoice/total cost

The total cost for all of the items covered by this record.

Unit Cost

(For Fixed Asset items only.) The system will calculate the unit cost using figures from the previous screen:

 Invoice/Total Cost ¸ Quantity = Unit Cost

Life (months)

Enter the number of months over which this item should be depreciated or amortized (up to 999).

Start date

This is the date (month and year) when the depreciation or amortization expense will begin being calculated. This field will default to the current month, but can be changed to a later month if the depreciation or amortization should not begin until some point in the future.

Depreciation Method
or
Amortization Method

This field shows the depreciation or amortization method to be used when accruing monthly expense for this item: Straight Line (this cannot be changed).

Salvage Value

(For Fixed Asset items only.) Enter the salvage value, if any, indicating how much this item will be worth at the end of the time entered in the Life field.

G/L code

If a G/L Code has been defined for this type of subsidiary, enter it here. Click the lookup button images\magnifyingglasslookup_shg.gif to see a list of your credit union's configured codes.

If no code exists, you must complete the remaining G/L account number fields manually.

SEE ALSO: Configuring G/L Codes

Asset G/L acct#

If no G/L Code was entered, enter the G/L account number where the value of this item should be recorded. Click the lookup button 3 to see a list of your credit union's configured G/L accounts.

Expense G/L#

If no G/L Code was entered, enter the G/L account number where the expense for this item should be posted each month. Click the lookup button 3 to see a list of your credit union's configured G/L accounts.

Accumulated Depreciation G/L#

(For Fixed Asset items only.) If no G/L Code was entered, enter the G/L account number where the accumulated depreciation amount for this asset should be posted (usually a contra-asset account). Click the lookup button 3 to see a list of your credit union's configured G/L accounts.

Gain/Loss G/L#

(For Fixed Asset items only.) If no G/L Code was entered, enter the G/L account number where the gain or loss from the sale of this asset should be recorded. This field is only used when the item is closed. Click the lookup button 3 to see a list of your credit union's configured G/L accounts.

PO/ID #

Use this optional field to record a purchase order number, approval code, or other identification code for this item.

Invoice #

Use this optional field to record the invoice number used when this item was billed to your credit union.

Agreement

(For Fixed Asset items only.) Choose Insurance if this item is insured, or Maintenance if this item is under a maintenance/service contract.

Agent/vendor ID

(For Fixed Asset items only.) Enter the vendor number for the insurance agent or the company holding the maintenance agreement. If no vendor code has been configured, use the Name field. Click the lookup button 3 to see a list of your credit union's configured codes.

Name

(For Fixed Asset items only.) Use this field for the name of the agent/vendor for the insurance or maintenance agreement on this item.

Insured Value/Contract Cost

(For Fixed Asset items only.) Enter the amount being insured (the original cost of the item), or the cost of the maintenance agreement.

  • Although this field is for informational purposes only, it can be a helpful cross-reference when handling insurance invoices. Therefore, this figure should match the amount that will be billed to your credit union for the insurance or maintenance contract.

Policy/Contract#

(For Fixed Asset items only.) Enter the insurance policy number, or the maintenance agreement contract number.

Expiration Date

(For Fixed Asset items only.) Enter the date on which the insurance policy or maintenance agreement expires.

Personal Property Tax Schedule ID

(For Fixed Asset items only.) The personal property tax ID used when filing annual property tax paperwork on fixed assets. Use this field to create a detailed report when using the Print Subsidiary TB Detail option.

 

 

 

Link to ID: https://help.cubase.org/cubase/cubase.htm#PFAITM-06.htm