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Sage X3 - User Guide - Setting Up Fixed Assets

The document provides instructions for setting up fixed asset records in X3. It describes the information to include on the header, general, acquisition, sale, book, and tax tabs such as the asset ID, description, category, acquisition date, depreciation schedule, and sale or disposal details. Screenshots illustrate examples of each tab.

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2K views

Sage X3 - User Guide - Setting Up Fixed Assets

The document provides instructions for setting up fixed asset records in X3. It describes the information to include on the header, general, acquisition, sale, book, and tax tabs such as the asset ID, description, category, acquisition date, depreciation schedule, and sale or disposal details. Screenshots illustrate examples of each tab.

Uploaded by

caplusinc
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Setting up Fixed Assets in X3

The following instructions illustrate how to create new fixed asset records, apply
expenses, depreciation schedules, etc.

Go to Fixed Assets/ Fixed Assets

Header Information
Fixed Asset: assign fixed asset ID number
Description: specify applicable asset description

General tab
Category: assign applicable fixed asset category
Subcategory: assign applicable fixed asset subcategory
Site: define the site in which the asset is located
Short title: assign short title
Full description: assign additional descriptive information about the asset as
needed.
Postal Code: zip code of the site where the asset is located
Asst Local/Asst Loc: utilize these two fields to assign the location of the asset
(building, floor, room, etc)
Localization: free text field that can be used to further specify location
Type: set to Fixed Asset
Status: set to Active
Receipt Type: set to New or Used depending on the condition of the asset
Main Asset: if the asset is a subcomponent of a parent asset, the main asset
can be defined here for grouping purposes (ex: replacement engine for a
mixing machine)
Serial Number: assign the assets serial number
Accounting Code: should default in from the asset category
Distribution: a GL distribution code can be setup on the asset if you wish to
allocate the depreciation expenses charges across a series of departments at
the end of a period.
Dimensions: assign the applicable analytical dimension that should capture
the depreciation expense charges

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Screenshot of General tab

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Acquisition tab

Recovery: this box should be ticked when importing assets from a legacy
system. It implies that part of the annual depreciations have been posted into
the former software and therefore must not be generated into X3. This
amount has to be indicated in the Prior Depreciation field of each
depreciation tab.
Status:
o Pending: capital in progress, should not be depreciated
o Definite: allows the asset to be depreciated
Acquisition Conditions
o The line item details here will contain information relative to the
invoices that correspond to the fixed asset.

Screenshot of Acquisition tab

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Sale tab

Sale Date: date the asset was sold


Invoice #: the invoice issued during the sale of the asset
Customer: ID # of the customer to whom the asset was sold
Disposal Price: sales price of the asset
Residual tax: sales price of the asset
Sales Reason: reason the asset was sold
Scrap Reason: if the asset is disposed of by scrapping it the scrap reason
code is defined here
More/Less Value: reflects the gain/loss on the sale of the asset
Date Put into Service: Its initiated by the oldest purchase date. It is used to
initiate the depreciation start date
Depreciation Start Date: initiated b the date put into service and used as a
default value for the start of depreciation
Source Value: valuation of the fixed asset
Depreciation Base: valuation taken into consideration for depreciation
purposes
Residual Value: ultimate value of the asset when the depreciation is
completed.
Taxes: indicates whether the fixed asset is subject to land tax or professional
tax. Not yet used in any reports or processes in the US install base.

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Screenshot of Sale tab

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Book tab

This tab denotes the book depreciation schedule


Depreciation Type: E to denote book depreciation
Method: choose applicable book depreciation method (will default in from the
fixed asset category). In this example L denotes straight-line depreciation.
Calculation Start Date: denotes the date that the asset should start its
depreciation
Prior Depreciations: For assets that are imported from a legacy system, this
field should represent the accumulated depreciation of the asset before its
transfer to X3
Number of Years: represents the useful life of the asset
Depreciation Rate: denotes the rate of depreciation
Prorata Calculation: Governs the frequency of the depreciation expense
entries. Typically this field is set to Monthly.
Residual value: this field should be checked in order to take into consideration
the residual value defined on the Sale tab into the depreciation schedule.
Depreciation Schedule: this schedule will show the user the book value,
accumulated depreciation by period and the net value of the asset.

Screenshot of the Book tab

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Tax tab

The fields on this tab carry the same meaning but are set to reflect the tax
depreciation schedule.

Screenshot of the Tax tab

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