Add a Building, Fixed, Land, or Leased Asset Subsidiary

These steps explain how to add a building, land, leased, or fixed asset subsidiary. 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.

• NOTE: 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 the chairs, create one record with a quantity of “5” and the total cost for all the chairs. The system will automatically calculate the unit cost for each chair by dividing the Invoice/Total Cost by the Quantity.

1. Launch Tool #1772 Work/View Subsidiaries.

2. Click Add.

3. From the Item type dropdown, choose Building assets, Fixed assets, Land assets, or Lease Assets.

4. Click Continue.

5. In the Item # field, type a new item number or leave the auto-populated number.

6. Enter the Purchase date.

7. In the Start date field, input the date you want the expense to start.

8. Enter a description of the asset(s) in the Description field.

9. Enter Invoice/Total cost.

10. In the Category field, input a category code or use the magnifying glass icon to choose one from the list.

    • If category needed is not listed, one can be created.

    • If this is not applicable, you may skip this field.

11. Skip the Depreciation to date field.

12. Select a Branch number.

13. In the Month remaining field, enter the number of months to depreciate.

14. If applicable, select a Department code.

15. Skip the Monthly Expense field.

16. If applicable, select a Vendor code.

    • Vendor codes exist for vendors within the Accounts Payable Vendor List.

    • If a vendor code is entered, also enter a description of the vendor in the Vendor description field.

17. Enter the Quantity of the asset.

18. If applicable, check the box next to Tag/Serial #.

19. In the Life (months) field, enter the same number entered in the Month remaining field.

20. If applicable, enter the Salvage value.

21. Select a G/L code, if applicable.

    • If the G/L code needed is not listed, one can be created.

    • You can skip this field and manually select G/Ls instead.

      1. Select an Asset G/L #, Expense G/L#, Acc Depr G/L#, and a Gain/Loss G/L#.

22. If applicable , check the box for Create journal entry.

23. If applicable, enter PO/ID# and any other miscellaneous information.

    • If creating a fixed asset subsidiary that also carries insurance or a prepaid maintenance agreement, that information should be recorded here. A separate Prepaid Expense or Accrued Expense item should be created for those items as well.

24. If applicable, click Comments to enter any comments.

25. Click Add/Update.

    • On the pop-up, click Add/Update again.

26. If you checked the Tag/Serial # checkbox, the Fixed Asset Item Identification screen will appear.

    • Input a tag #, description, serial/ID #, and the branch the asset belongs to for each asset.

    • Click Add/Update.

    • On the pop-up, click Add/Update again.

Learn More

Learn more about fixed asset subsidiaries.

Learn about configuring subsidiary category codes.

Learn about configuring G/L codes.

View steps to adjust building, fixed, land, or leased asset subsidiaries.

View steps to close building, fixed, land, or leased asset subsidiaries.