Enter an addition to a fixed asset

Note

We will not be accepting edits to this topic, because it is generated from a business process in Lifecycle Services.

This procedure shows how to add an addition to an existing fixed asset. The purpose of Fixed asset additions is to track item additions, maintenance, or improvements for an asset, and is informational only. Any changes to the fixed asset value or service life must be made separately.

The procedure uses the Accountant role and demo data for the USMF legal entity.

  1. Go to Fixed assets > Fixed assets > Fixed assets.
  2. In the list, find and select the fixed asset for the addition.
  3. In the list, click the link in the selected row.
  4. On the Action Pane, click Fixed asset.
  5. Click Fixed asset additions.
  6. Click New.
  7. In the Name field, type a value.
  8. Set the date of the addition purchase or service.
  9. Enter the cost of the item, maintenance, or other improvement for the asset.
  10. In the Quantity field, enter a number.
    • The total cost will have no impact on the value of the fixed asset and is for tracking and informational purposes only. If the cost will be capitalized, then a write-up adjustment transaction must be posted separately.
  11. Click the General tab.
    • Set Increases service life if the addition increases the service life of the asset.
    • This field is informational only. To increase the service life, modify the Service life on the Value models and/or Depreciation books for the asset.