Work with Subsidiaries (Fixed Assets - Prepaid)
Screen ID: | USSITM-020 | |
Screen Title: | Work with Subsidiaries | |
Panel ID: | 7147 | |
Tool Number: | Multiple | |
Click here to magnify |
This screen will appear after choosing an existing open or closed subsidiary item (other than accrued expense type) on the Work/View Subsidiaries screen and View or Edit. This screen will also appear when you choose subsidiary type other than AE on the initial subsidiary creation screen.
This screen is used to enter all of the basic information about a current or closed Fixed Asset, Prepaid Expense item (and all other types other than Accrued Expense) Notice that the fields and field names are slightly different between the subsidiary types.
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Fixed Assets include typical credit union assets such as equipment, furniture, and supplies. Other categories of fixed assets include Building Assets, Land Assets and Leased Assets. These other categories behave exactly like regular Fixed Assets but are separated for reporting and analysis purposes.
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A Prepaid Expense is an expense that is being paid in advance, and expended on your credit union books over a period of time. An example would be league dues or a maintenance contract, which would be paid up front with the benefit received throughout the year.
Inquiry or Maintain
This is used to view or maintain details about a current or closed Accrued Expense item.
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To view closed items, select Incl Closed Items at the bottom of this screen.
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When maintaining a subsidiary item, this screen can be used to modify any of the information which was entered when the accrued expense record was originally created. When done, use Add/Update (F5) to record all changes and return to the previous screen to choose another item to maintain.
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To add a comment, use Comments (F1). If a comment exists for this item, an exclamation point will appear on the button.
Create
This is used to enter all of the basic information about the subsidiary item, including a description and cost.
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CU*TIP: When creating fixed asset records, you can simplify your record keeping by creating a single fixed asset record to represent multiple identical items. For example, say you purchase five identical office chairs. Instead of creating five separate fixed asset records for each chair, create one record with a quantity of “5” and the total cost for all of the chairs.
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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.
For Fixed Asset items, use Tag/Serial # Inquiry to view details about serial numbers assigned to individual assets under this record.
Integration between CU*BASE and Your Imaging Solution
This screen has links to your eDocument vault (powered by eDOC Innovations) to further integrate it with CU*BASE. The “Scan e-Document” button will present ProDOC to scan a document into your eDocuments archive. If you wish to see your eDocument, you will need to go to iDocVAULT and view it manually.
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Remember: Only documents warranted by your vault can be scanned into the vault.
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Clients with In-house eDOC Vaults: The links are configured to link to specific table names. Contact a Client Services Representative for assistance if our standard table names don’t match your vault’s configuration.
Field Descriptions
Field Name |
Description |
Purchase date |
The date on which the item was purchased. This should coincide with the G/L entry made for the purchase. |
Description |
The description of the item. NOTE FOR FIXED ASSETS: If this record is being created to represent multiple items, enter a generic description. Separate descriptions can be recorded for each individual item, if desired, using the Fixed Asset Serial Number/ID Tags screens.
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Category |
This optional field lets you enter a configured category code number to classify this item for reporting purposes. Click the lookup button to see a list of your credit union's configured codes. SEE ALSO:Configuring Category Codes |
Branch |
The branch (location) number to which this item is associated. This field is required. |
Department |
This optional field lets you enter a configured department code number to associate a credit union department with this item. Click the lookup button to see a list of your credit union's configured codes. |
Vendor code |
If a vendor code has been configured for the vendor of this item, enter it here. Click the lookup button to see a list of your credit union's configured codes. If no vendor code has been configured, use the Vendor Description field instead. An entry in one of these fields is not required. |
Vendor description |
This field can be used for the vendor name, even if a vendor code has been entered. However, if the Vendor Code field is empty, this field is not required. |
Start date |
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. |
Invoice/total cost |
(For Fixed Asset types only.) The total cost for all of the items included in this record. |
Depreciation to date |
(For Fixed Asset items only.) The total amount that has been taken in depreciation on this item to date. |
Months remaining |
The total number of months over which this item will be depreciated (fixed assets) or amortized (prepaid expenses), starting now. |
Monthly expense |
The amount to be used as the monthly expense. Generally this should be the same figure that was used previously when taking expense for this item. (Maintenance only) The system calculates the monthly expense using the following formula: Net Book Value ¸Months Remaining = Monthly Exp. |
Net book value |
(Maintenance only) The system calculates this field using the following formula: Original Cost - Accum. Depr. or Accum. Amort - Salvage Value = Net Book Value |
Recalculate |
(Maintenance only) Check this checkbox if you wish the system to automatically recalculate all calculated fields when changes are made on this screen. Choose No to leave calculated fields as is regardless of other manual changes made. |
Quantity |
(For Fixed Asset types only.) The total quantity of items included in this record, up to a maximum of 210.
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Tag/Serial # |
(For Fixed Asset types only.) Check this box if you wish to require a tag number to be assigned to this fixed asset item. (A corresponding tag number would then be affixed to the physical item.) Leave the box unchecked if a tag number is not required. Then click the Add Tag/Serial # button to access a screen to add the tag or serial number. |
Life (months) |
The number of months over which this item should be depreciated or amortized (up to 999). This is a required field. |
Depreciation
method |
This field is for 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.) This field shows 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 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 to see a list of your credit union's configured G/L accounts. This is a required field. |
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 to see a list of your credit union's configured G/L accounts. This is a required field. |
Acc Depr 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 to see a list of your credit union's configured G/L accounts. This is a required field. |
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 to see a list of your credit union's configured G/L accounts. This is a required field. |
Create journal entry |
(Available in Add only) Place a checkmark in this field to generate a journal entry for the G/L recording the purchase of this fixed asset item or the payment of this prepaid expense. Remove the checkmark only if the item has already been posted to the G/L manually.
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PO/ID # |
Optional field to record a purchase order number, approval code, or other identification code for this item. |
Invoice # |
Optional field to record the invoice number used when this item was billed to your credit union. |
Insurance or Maintenance 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 |
(For Fixed Asset items only.) 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. |
Agent/Vendor Name |
(For Fixed Asset items only.)Optional 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.) The amount being insured (the original cost of the item), or the cost of the maintenance agreement.
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Policy/Contract# |
(For Fixed Asset items only.) The insurance policy number, or the maintenance agreement contract number. |
Expiration date |
(For Fixed Asset items only.) 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. |