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when using Asset Models in v13 do I have to have 1 Fixed asset account per Asset Model?
When trying to assign Asset model to the fixed asset it seems it only allows one Asset model to be assigned to the Fixed Asset account in Chart of accounts
Please advise
Hi Garry:
You can have only one Asset Model associated to an Asset. But the same Asset Model can be associated with multiple assets. For example, you could set up one Asset Model for Vehicles and associate it with every asset which is a vehicle so that things like the depreciation method are applied consistently across all the vehicles.
In the case that I have a combination of the same type of assets (3 different types of vehicles, one type depreciates in 5 years, another in 7 and the last type in 10 years for Example) it means that I have to set up 3 Assets models, one per each type of Vehicle but i can have 10 vehicles of each type and only use the 3 models to register and calculate depreciation . But generally I would only need one Fixed asset account called Vehicle to register the tree types of Vehicle.
So my question still stands, do I have to create one Fixed Asset account per Asset model? (using the above example, I would need to create 3 Vehicle Fixed Assets accounts, Vehicles A, Vehicles B and Vehicles C in my chart of accounts?
When creating the Asset Model it did permit the Fixed Asset account to be the same in many of the models created.
Hi Garry: You do not have to create one Fixed Asset account per Asset model. You can have multiple Asset Models use the same Fixed Asset account.
In your example, you can create one Vehicle Fixed Asset account and use it on all 3 Asset Models - Vehicle A, Vehicle B and Vehicle C. When you create a new Asset, as soon as you enter the fixed asset account on the record, the Asset Models that use that Fixed Account will get displayed in a bar above the Asset name. You can then click on one of those Asset Models to apply them to that asset.
Hope this makes things a little clearer.
Hi Garry: You do not have to create one Fixed Asset account per Asset model. You can have multiple Asset Models use the same Fixed Asset account.
In your example, you can create one Vehicle Fixed Asset account and use it on all 3 Asset Models - Vehicle A, Vehicle B and Vehicle C. When you create a new Asset, as soon as you enter the fixed asset account on the record, the Asset Models that use that Fixed Account will get displayed in a bar above the Asset name. You can then click on one of those Asset Models to apply them to that asset.
Hope this makes things a little clearer.
Financial Inspection Oversight Service (FIOS)
Union de Honduras
Telf.: 2232-0634
" Encomienda a Jehová tus obras, y tus pensamientos serán afirmados."
Proverbios 16:3
Hi Garry: You do not have to create one Fixed Asset account per Asset model. You can have multiple Asset Models use the same Fixed Asset account.
In your example, you can create one Vehicle Fixed Asset account and use it on all 3 Asset Models - Vehicle A, Vehicle B and Vehicle C. When you create a new Asset, as soon as you enter the fixed asset account on the record, the Asset Models that use that Fixed Account will get displayed in a bar above the Asset name. You can then click on one of those Asset Models to apply them to that asset.
Hope this makes things a little clearer.
Financial Inspection Oversight Service (FIOS)
Union de Honduras
Telf.: 2232-0634
" Encomienda a Jehová tus obras, y tus pensamientos serán afirmados."
Proverbios 16:3
You can do the following if you want to use it with Vendor Bills.
1. Edit the Fixed Asset account and select "Create in draft" in the "Automate Asset" field. Leave the Asset Model field on the Fixed Asset account empty since you will be applying this manually in step 3 below.
2. Create the Vendor Bill and post it. This will create a new Asset in "Draft" status.
3. Edit the new Asset and apply the appropriate Asset Model to that asset just like you would while manually creating the asset.
You can do the following if you want to use it with Vendor Bills.
1. Edit the Fixed Asset account and select "Create in draft" in the "Automate Asset" field. Leave the Asset Model field on the Fixed Asset account empty since you will be applying this manually in step 3 below.
2. Create the Vendor Bill and post it. This will create a new Asset in "Draft" status.
3. Edit the new Asset and apply the appropriate Asset Model to that asset just like you would while manually creating the asset.
Financial Inspection Oversight Service (FIOS)
Union de Honduras
Telf.: 2232-0634
" Encomienda a Jehová tus obras, y tus pensamientos serán afirmados."
Proverbios 16:3
Glad to be of help. Please upvote the answer and click the tick mark to mark it as resolved so that others can benefit from it too.
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