Asset Management > Maintenance > Inventory Maintenance > Inventory Records

❏ Add an item.

The following fields are required, all other fields are optional. Review the Help page for additional information about the optional fields.

Inventory Type	Click to select an inventory type (C for Capital Assets or I for Inventory Assets). The field is required for depreciation calculations.
Acquired Date	Type the date in the MMDDYYYY format. If retrieved from Finance, the Check Date field from the Check Posting page is used. The field is required as it is used for inventory validation to maintain accurate depreciation calculations.
Number of Units	Type a quantity. The field is required for depreciation calculations and can be a maximum of 11 digits. When the Number of Units and Unit Cost fields are entered, the Total Cost field is calculated. Anytime the Number of Units field is changed, the Total Cost field is recalculated based on the unit cost.
Unit Cost	Type the cost of an individual unit. The field is required for depreciation calculations and can be a maximum of 11 digits. If this is a multiple unit record, the cost field can be calculated using the formula Total Cost/Number of Units = Unit Cost.
Total Cost	Type a value for the cost of an item or group of items (the cost can include sales price, shipping, and handling). Note: If the field is imported from the Finance save file, it is retrieved from the Expense Amount field in the Finance transaction file
Disposal Date	Type the date the asset was disposed of through sale or salvage. If unknown, type all zeros. The field is required for depreciation calculations.

Asset Management > Maintenance > Inventory Maintenance > Transaction Records

Enter a new transaction when:

• An item is first acquired.
• Existing transaction amounts change. If an amount is incorrect, enter a new transaction for the difference in the amount, position or negative amounts can be added.
• Amounts need to be entered multiple times for different account codes.
• Additional purchases or improvements are made to an asset.

Transaction types:

Asset Management > Maintenance > Inventory Maintenance > Depreciation Distribution Records

Define how depreciation is distributed by the LEA.

• Used for capital assets only (inventory type = C).
• Each account code is a separate record.
• There should be a distribution record for each year that the depreciation is calculated.
• Record is added during end-of-year processing after the initial records have been entered.
• Required account number elements are function and fiscal year.

Asset Management > Maintenance > Inventory Maintenance > Book Records

The following fields are required for depreciation calculations, all other fields are optional. Review the Help page for additional information about the optional fields.

Property Class	Click to select the property class description. The field is required for depreciation calculations.
Date In Service	Type the date that the record was entered into the system in the MMDDYYYY format. If entering a new record, this field is populated from the Acquired Date field on the Inventory Records tab, or you can override with a different date. The field is required and is used for inventory validation to maintain accurate depreciation calculations.
Deprec Method	Click to select a valid depreciation method code. There are only two depreciation methods available: • Straight Line (SL) - SL depreciation only. Uses the two conventions available, Full Month (FM) and Half Year (HY). • No Depreciation (ND) - Used for land or other assets that do not lose value. • If left blank, the field is populated from the property class record. CAUTION: If the depreciation method for an inventory item is changed from Straight Line (SL) to No Depreciation (ND), the following message is displayed, “Warning: When saved, any depreciation history is deleted. Do you wish to continue with this change?” Click Yes to change the depreciation method and delete the depreciation history. Since all depreciation history records for this inventory item are deleted with this change, it is strongly recommended that the user create a system backup before saving this change. Click No to disregard the change. The depreciation method is not changed, and the depreciation history is not deleted. The field is required for depreciation calculations.
Recovery Period	Type the number of years required to fully depreciate the item. The field is required for depreciation calculations. If assets are to be depreciated using partial years, the months should be converted to a decimal value (e.g., 3 months = .25, 6 months = .50, and 9 months = .75). If left blank, the number is populated from the property class record.
Deprec Cost	Type the depreciable cost of the item. If adding a new record, the field is populated from the Total Cost field on the Inventory Records tab. A negative depreciation cost can be entered. If the salvage value is not zero, the depreciation cost is negative, and the salvage value is greater than the depreciation cost, a warning is issued, and the user can save the record. When a transaction record is added, the Deprec Cost field is updated with the new amount.
Adjusted Basis	This amount is calculated as follows: Adjusted Basis = Depreciable Cost - Salvage Value. When a transaction record is added, the Adjusted Basis field is updated with the new amount.
Convention	Click to select a valid convention. The field is required for depreciation calculations. If left blank, it is populated from the property class record. • Full Month (FM) – Calculate depreciation after the first full month. • Half Year (HY) – Calculate depreciation as half or full year for the first year, depending on the acquisition date.

Asset Management > Maintenance > Inventory Maintenance > Manufacturer Information

Maintain information about the make, model, and warranty information for an asset. This information is not mandatory for depreciation; however, it is useful in retrieving information for the manufacturer.

Finance > Utilities > Extract to Asset Management

Asset Management > Maintenance > Inventory Maintenance > Transaction Records

The transaction record information is added to the Inventory Records tab.