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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 setup through the Admin/Setup/Accounts menu. 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 to go in the FA Clearing Account. 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

  • 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).


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


  • 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 (uncheck Allow Time and uncheck Allow Expense).


Customize Accounts for the Project

  • 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

  • Click on the Notes Option on the left hand side.
  • Select the +Project Note to add a note to your project.
  • Title the note using a unique name such as the 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 reportings 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 Profile, 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, and you will be directed to the Invoice Setup. Click to Generate Unanet Invoice, select your primary invoice format, your invoice numbering format, and your payment terms.
    • Your default selections should be sufficient as the invoice will not be sent out.


  • Next, select Fixed Price from the menu on the left. Select + Fixed Price Item.
    • 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 over, select the end of the month to calculate depreciation, and enter the first month that you want to begin depreciating your asset. Next, click Generate Schedule and Unanet will build your depreciation schedule according to your selections.

  • Once your schedule is saved, go to the Financials menu. Select Invoicing & Posting and then select 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.

  • Click list, select the box to the left of the item and then click on 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 then use a date within an open period.

  • Click on the List tab and then select the line and Generate Invoices. Next, click List to take you to 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. Go to Admin/Setup/Additional Item Types and click + Additional Item Type.
    • Enter Fixed Asset Clearing Additional Item. Set Debit Account to Tax and Credit Account to Deferred Revenue.



  • Click on the paper icon to the left of the Additional Item to setup the accounts. Select FA Clearing Account for the Tax Account, Recognized Revenue Account, and Unbilled Account.

  • 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 of Gain/Loss on Fixed Asset. Set Debit Account to Tax and Credit Account to Deferred Revenue.
  • Click on the paper icon to the left of the Additional Item to setup the accounts. Select Gain/Loss on Disposal of Assets Account.

Finalizing Your Fixed Asset Invoice

  • Go back to the Invoicing & Posting List Invoice screen. Select the pencil to edit the invoice.

  • Your invoice will have an amount due. Add an Additional Item to remove the balance.
    • Click on Additional Items.
    • Select the Task.
    • Enter description and Select Fixed Asset Clearing Additional Item.
    • The amount will equal the value of your invoice * -1 .


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

Results & Trouble-Shooting

  • 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 can be posted at once without creating problems. Separate projects (or Tasks) should be setup for Furniture, Software, and LHI so Billed in the Project Accounts can be setup to Debit the correct Fixed Asset Account. Once your schedules are complete, your depreciation entries will be simple.
    • Click on Financials/ Billing & Revenue Post/ Enter Fixed_Assets into the Project Code/ and 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 on 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. Show both Billings and 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 Bill Date of BOT to EOT. Show both Billings and 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. Select Fixed Price from the menu on the left. Select + Fixed Price Item.
    • Pick the Task that you have just created.
    • Enter a description: Asset Disposed on 12/1/2016.
    • Use the asset disposal date as the bill date.
    • Add the purchase price *-1 in the bill amount field.
    • Select 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 menu on the left. Select + Fixed Price Item.
    • Pick the Task titled Accumulated Depreciation.
    • Enter a description: Asset Tag# 100025_Disposed 12/1/2016.
    • 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.



  • Once the accumulated depreciation entry is saved, go to the Financials menu. Select Invoicing & Posting and then select 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 list, select the box to the left of the item and then click on 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 on the List tab and then select the line and Generate Invoices. Next click List to take you to the invoice.


  • Select the pencil to edit the invoice. 


  • Your invoice will have a negative amount due. Add an Additional Item to remove the balance.
    • Click on Additional Items.
    • Select the Specific Fixed Asset Task.
    • Enter description and Select Gain/Loss on Fixed Asset Additional Item.
    • 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.


  • Save your entry then click Invoice to view your invoice. The Total Amount Due This Invoice 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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