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Title: Using Unanet to Manage Your Fixed Assets

Brief description:

This Quick Topic covers a method to track fixed assets in Unanet. It is recommended that fixed assets be recorded against a clearing account through AP Entries, JE Entries and Expense Reports. If you follow the steps below, once you are prepared to enter a Depreciation Schedule, the transaction will remove the asset from the Clearing Account and debit it to a Fixed Asset Account. 

What’s covered in this document:

Create a Fixed Asset Clearing Account

A Fixed Asset Clearing Account will need to be created (Admin > Setup > Accounts).

For more information on setting up Accounts: Chart of Accounts.

Create Expense Types belonging to FA Clearing Account

The Expense Type for your fixed asset entries should be set up to go in the FA Clearing Account (Admin > Setup > Expense > Expense Types).

When Expense Reports containing fixed assets are posted, they will be debited to the FA Clearing Account.

For more information on Expense Types: Expense Types.

Create a "Fixed Assets" Project

Navigate to Project > List.  Click the +Project link or Copy Project link to create a new project.

On the Project Profile tab:

  • Ensure an active PROJECT STATUS is chosen.
  • Select the Owning Organization that depreciation will be charged against.
  • Project Code should reflect that it is for fixed assets (e.g., FIXED_ASSETS).
  • Project Title should reflect what type of fixed assets are tracked in this project (e.g., Equipment).


Navigate to
 Project > List > List tab > Edit Pencil Icon > Accounting tab. 

On the Project Accounting tab:

  • Set the Billing Type to FP.
  • Select the Posting Group, generally the Default type.
  • Select the Cost Structure.


On the Project Access, Time, and Expense tabs:

  • Time and expense will not be entered against this project, so set the options on these tabs to not allow time and expense reporting (check boxes for Allow Time Reporting and Allow Expense Reporting are not selected).

      

Customize Accounts for the Project

Navigate to Project > List > Edit Pencil Icon > Accounts (left menu). 

  • Billed should be set to the Equipment Account.
  • Deferred Revenue should record to Depreciation Expense.
  • Recognized Revenue should be set to Accumulated Depreciation.
  • Unbilled will be set to an FA Clearing Account.

Add Notes to the Project

Navigate to Project > List > Edit Pencil Icon > Notes (left menu). 

  • Click the +Project Note link to add a note to your project.
  • Title the note using a unique name such as Asset Tag# - OR - create in Admin > Setup a Note Type called "ASSET_TAG" and select this in the note.
  • Select a relevant note type for Administrative Actions.
  • Add attachments to include invoices, packing slips, or whatever other records may be valuable in tracking your asset.
  • The notes may also be used by your IT department to communicate when an asset has been disposed of. For this reason, creating a note type for Fixed Assets will allow quick communication of all disposals. 

Optional: Create Project Type of Fixed Assets

In Admin > Setup, create a Project type of Fixed Assets. You may decide to apply this Project type to the project and tasks, to filter it out in reports or postings.

Add Tasks to the Project

Tasks are added using a two-level work breakdown structure.

  • The first Task is going to be Accumulated Depreciation. The dates should be set to BOT to EOT. No other values are required for this Task but you will need to customize the accounts on this task only. Specifically, you will want to set the Recognized Revenue category to Equipment. All other categories will default to the project level accounts. This is necessary to complete disposals of fixed assets, discussed later. 



  • Top-level Tasks represent groups of assets such as computers or printers. On the Task Profile tab, you will enter the Note title from above as the Task Name, for example:
    • Asset Tag # 100025_Dell Latitude Laptop. Note that adding each asset separately is recommended for disposal and reporting purposes. 



  • On the Task Budget tab, enter the active date of the asset on the Revised Date Begin field. Next, enter the purchase price of the asset on the Expense Budget Bill field. 



  • The Task Accounting tab requires no changes.
  • On the Task Other tab, you will enter pertinent information for tracking purposes. Depending on your needs, you may use the UDFs to store asset tag #s, locations, or other pertinent details. If you have multiple locations, then it is valuable to record that information here. In the example below and on the export templates, the Task Output and Task Status fields are being used to track locations.



  • The task will include the location of the asset so it is recommended to record a separate task for each asset.
  • You may still want to include classes of assets such as Computers, Printers, and Servers. Create a task to represent each asset or combination of assets. Once a new task is created, you can select to Demote the secondary listings to show the association.

Add the Depreciation Schedules to the Project

  • Once the task has been created, you can enter your depreciation schedule. Click on Billing (left menu), and select Invoice Setup. Click the check box for GENERATE UNANET INVOICE, select the Primary Invoice Format, the Invoice Number Format, and the Payment Terms. The default selections should be sufficient as the invoice will not be sent out.



  • Next, select Fixed Price from the left menu. Click the +Fixed Price Item link.
    • Pick the Task that you have just created.
    • Enter a Description.
    • Use the asset purchase date as the Bill Date.
    • Add the purchase price in the Bill Amount field.
    • Select Custom Schedule. Split into the number of calendar months that you want to depreciate, select the end of the month (Last Day of Period) to calculate depreciation, and enter the first month that you want to begin depreciating your asset. Click Generate Schedule and Unanet will build your depreciation schedule according to your selections.



  • Once your schedule is saved, navigate to Financials > Invoicing & Posting > Billing & Revenue Post. Enter "Fixed_Assets" into the PROJECT CODE and enter the Bill Date from the depreciation schedule in the INCLUDE ACTUALS THROUGH field. POST DATE should also equal this date.



  • Select the List tab, select the check box for the desired item, and then click Post.



  • Once posted, select Financials > Invoicing & Posting > Add Invoice.
  • Enter "Fixed_Assets" into the PROJECT CODE and enter the Bill Date from the depreciation schedule as the THROUGH DATE, INVOICE DATE, and POST DATE. If the period is closed, use a date within an open period.
  • Select the List tab, select the check box for the desired line item, and click Generate Invoices. Click List to display the invoice.

Create an Additional Item for Fixed Asset Invoices

  • To generate the invoice for $0, you will need to first create an Additional Item to be used for your Fixed Asset entries. Navigate to Admin > Setup > Accounting > Additional Item Types. Click +Additional Item Type link.
    • Enter "Fixed Asset Clearing" for the NAME. Using the dropdown menus, set DEBIT ACCOUNT to "Tax" and CREDIT ACCOUNT to "Deferred Revenue."



  • Click the paper icon to the left of the Fixed Asset Clearing item to set up the accounts. Select the FA Clearing Account for the Recognized Revenue, Tax, and Unbilled accounts.



  • While creating the Additional Item for the billings, it will also be useful to create the Additional Item that will be used for disposals. Create an Additional Item type using "Gain/Loss on Fixed Asset" for the NAME. Using the dropdown menus, set DEBIT ACCOUNT to "Tax" and CREDIT ACCOUNT to "Deferred Revenue."
  • Click on the paper icon to the left of the Gain/Loss on Fixed Asset item to set up the accounts. Select the Gain/Loss on Disposal of Assets account.

Finalizing Your Fixed Asset Invoice

  • Go back to Financials > Invoicing & Posting > List Invoices screen. Select the pencil to edit the invoice.



  • Your invoice will have an amount due. Add an Additional Item to remove the balance.
    • Click Additional Items (left menu).
    • Select the TASK from the dropdown menu.
    • Enter a DESCRIPTION and "Select Fixed Asset Clearing" from the ADDITIONAL ITEM TYPE dropdown menu.
    • The AMOUNT will equal the value of your invoice * -1.



  • Save your entry, then click Invoice (left menu) to take you back to your invoice. The Total Amount Due This Invoice field should now equal zero. Go back to the list and complete the invoice.



Results & Troubleshooting

  • The result of your entry is that FA Clearing will be credited twice and debited once. The double credit will offset the debit entry from the initial AP Entry or Expense Report. Equipment will be debited. There will be no entry to Accumulated Depreciation and Depreciation Expense will be Debited and Credited, leaving a zero balance.



  • If the values do not show as offsetting in the GL then there may be a problem with the posting group. You will want to ensure that it is set up to pull the account from the Project. More information on posting groups can be found here: Posting Groups.
  • You will repeat this method of creating Notes, Tasks, and Depreciation Schedules for each asset. Please note that multiple schedules can be posted at once without creating problems. Separate projects (or Tasks) should be set up for Furniture, Software, and LHI so Billed in the Project Accounts can be set up to Debit the correct Fixed Asset Account. Once your schedules are complete, your depreciation entries will be simple.
    • Click on Financials > Invoicing & Posting > Billing & Revenue Post. Enter "Fixed_Assets" into the PROJECT CODE and set INCLUDE ACTUALS THROUGH the end of the month. Make sure to also set your POST DATE as the last date of the month.



  • Click List, select the box to the left of the item and then click Post. The result is that Depreciation Expense will be debited and Accumulated Depreciation will be credited. Your monthly Fixed Asset entry is now automated!



  • Related to the Export templates: If you are seeing discrepancies in the export template values, be sure that once you have disposed of the asset you have removed the value from the Task Expense Budgeted Bill field.

Reporting on Your Fixed Assets

  • The Fixed Price Details report will allow you to view the Asset purchase price, Net Book Value, and Accumulated Depreciation value. Select the Fixed Asset project with a BILL DATE of BOT to EOT. Select both Show Billings and Show Revenue to report on the Net Book Value of your assets. 

  • To export the Net Book Value of all assets you should use this Export template:
    • Remember to enter "Fixed_Assets" into the Project Code and to Enter BOT to EOT 
  • In order to pull the Assets by Location for Property Tax Information use this Export template:  (This report only pulls UDFs 1 & 2 but additional fields can be added)

Disposing of Fixed Assets

  • Begin by determining the value of the Accumulated Depreciation. Run the Fixed Price Details report. Select the Fixed Asset project with a FIXED PRICE BILL DATE of BOT to EOT. Show both Show Billings and Show Revenue to report on the Net Book Value of your assets. The Fixed Price Details report will allow you to view the Asset purchase price (Amount), Net Book Value (Deferred), and Accumulated Depreciation value (Recognized).



  • Next, enter a schedule to offset the original schedule. Navigate to Projects > List > edit pencil icon - Fixed Assets project > Billing. Select Fixed Price from the left menu. Click the +Fixed Price Item link.
    • Pick the Task that you have just created.
    • Enter a Description: Asset Disposed on xx/xx/xxxx.
    • Use the asset disposal date as the Bill Date.
    • Add the purchase price *-1 in the Bill Amount field.
    • Click Custom Schedule. Split into the same number of months as previous and over the same period as your original entry.



  • Now enter a fixed price item to record the accumulated depreciation. Select Fixed Price from the left menu. Click the +Fixed Price Item link.
    • Pick the Task titled Accumulated Depreciation.
    • Enter a Description: Asset Tag# 100025_Disposed xx/xx/xxxx.
    • Use the asset disposal date as the Bill Date.
    • Record the accumulated depreciation amount from the Fixed Price Details report in the bill amount field.
    • Revenue should be recognized When Billed. Click Save.



  • Once the accumulated depreciation entry is saved, navigate to Financials > Invoicing & Posting > Billing & Revenue Post. Enter "Fixed_Assets" into the PROJECT CODE and enter the Disposal Date in the INCLUDE ACTUALS THROUGH field. POST DATE should also equal this date. Click the List tab.
  • Select the check box to the left of the item and then click Post.



  • Once posted, select Financials > Invoicing & Posting > Add Invoice.
  • Enter "Fixed_Assets" into the PROJECT CODE and enter the Disposal Date as the THROUGH DATE, INVOICE DATE, and POST DATE. If the period is closed, use a date within an open period.
  • Click the List tab. Select the check box for the item and click Generate Invoices. Click List to display the invoice.
  • Select the edit pencil icon to edit the invoice. 
  • Your invoice will have a negative amount due. Add an Additional Item to remove the balance.
    • Click Additional Items (left menu).
    • Select the specific fixed asset for TASK.
    • Enter a Description and select Gain/Loss on Fixed Asset for the ADDITIONAL ITEM TYPE.
    • The amount will equal the value of your gain or loss on the disposal * -1. Note that if it is gain, there will be a value on the invoice and you will offset that with the payment.
    • Click Save. Click Invoice (left menu) to view the invoice.



  • The Total Amount Due This Invoice field should now equal zero, or a positive value if there was a gain. Go back to the list and complete the invoice.
  • The result of the entry will be that the entire value of the asset will be removed from the fixed asset account, the recorded depreciation will be removed from the Accumulated Depreciation account, and the Gain/Loss on the disposal will be recorded to the Gain/Loss on Disposal of Asset account. 
  • Once you have disposed of the asset you will need to remove the value from the Task Expense Budgeted Bill field. This is because the exports rely on the value from that field. If it is populated it will still show in both exports and cause discrepancies.

Additional Information

Help Docs - Fixed Price items

Help Docs - Importing Templates


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