The purpose of Asset Groups is to save time and effort when entering assets by “grouping” categories of Assets together. An asset "inherits" the characteristics of the group it belongs to, so you can use asset groups to set up defaults.
Go to Equipment Manager > Asset Groups. Add a new asset group.
Alternately, Asset Groups can be added via Fixed Assets > Setup > Maintenance > Asset Groups.
2. Under the Main Tab fill in the following:
Group – The name of the asset group that is being added.
Description – Describe the asset group.
Type – The type of asset. Equipment is used when the asset will be dispatched/ charged to a job. If the asset will be capitalized and not dispatched/ charged to a job, Asset will be used. Select Stock Asset for depreciable inventory. Never select Vehicle, instead choose Equipment.
Costs – Selecting this checkbox allows you to cost to the individual items. If unchecked, you can only cost to a GL account. This box is almost always checked, except under special circumstances.
Cost Type Classes – list out the Cost Type Classes that define which asset cost types can be used for assets in this asset group. This allows you to differentiate different types of equipment maintenance. Set to “*” if Fixed Assets Cost Type Classes aren’t set up.
Return Status – the default status that COINS gives to assets in this group when they are returned. Return statuses are managed in Fixed Assets > Setup > Maintenance > Return Status.
Mid Status – Select “No” for this field.
Cost Account/Revenue Account – default GL analysis for costing or revenue. Can also come from Fixed Asset Standard Cost Types if masked here.
Cost CH.Cat – the default Cost Type and Cost category for assets in this group
Caption Used for Service Meter – Method of tracking the asset. Typically, 81-hours or 80 -miles is used.
Leave Scheduled and Operated unchecked.
Template Asset for PPM – copies asset tasking
Ignore the Cargo Attributes and Transporter Attributes sections.
Main Header
3. Under the Depreciation Tab fill in the following:
Depreciation Tab
GL Accounts will default based on Fixed Assets > Setup > Configuration > FA Configuration, but also can be specified. Often, the beginning of the GL analysis will be masked and be defined on the Asset Department, with the Naturals defined on the Asset Group.
Purchase Control – the balance sheet control account that is credited when an asset purchase is entered.
Disposal Control – the balance sheet control account that is debited when an asset disposal is entered.
B/S Capital – the balance sheet account which holds the original costs of assets: it represents the sum of all asset purchases.
B/S Depreciation – the balance sheet account to be credited with depreciation transactions.
PL Depreciation – the profit/loss account to be debited with depreciation transactions.
PL on Sale – the profit/loss account used for the difference between the book value and the actual sales amount when an asset is disposed.
Depreciation Cost Type- the cost type of depreciation
Depreciation Method- the method in which the asset group will be depreciated. In this case it is SL5 – Straight line over 5 years
Optionally, enter the MBV (minimum book value) information – if an Asset doesn’t depreciate all the way to 0.
When finished, click SAVE.
The asset group now appears on the Asset Groups workbench.
Asset Group Workbench
4. Next, if appropriate, you can click back into the Asset Group hyperlink and add Rates. Refer to how-to document: “14.4 – PRIME PC – Adding Rental Rates.”
5. To add an Asset, refer to the document: “14.5 – PRIME PC – Adding an Asset.”