How do I add an asset?
Create record for a new asset.
Webinar: Setting up a new asset
Adding a new asset
1. Open Connect Asset Management > Assets > Setup New Assets
2. On the Setup New Assets tab, enter the asset number, description, classification, acquisition date, condition, and quantity.
If you need more information on what to enter, the following sections include instructions for filling out each field. You can also click on the What's This? Help button to show field specific help.
The highlighted fields are required to set up a new asset. The remaining fields are optional.
3. On the Depreciation tab, enter the purchase price, estimated useful life, salvage value, and date placed in service.
When you enter the purchase price, the Estimated Useful Life field shows the default value assigned to the classification.
If you change the estimated useful life, Connect will recalculate the annual depreciation.
Salvage Value
If you're organization, tracks the salvage value, you can record it.
Date Placed in Service
The Date Placed in Service is the asset acquisition date. This is the date when the asset will start depreciating. You can enter a different date to start calculating depreciation on a different date.
Depreciation Method
Select the depreciation method for depreciating the asset. If it's a piece of land, select None. See the help topic titled What's the difference between depreciation methods?
4. On the Allocations tab, enter the asset owner.
Set up the department that owns the asset. When you add an asset, the asset is 100% allocated to the admin department. If the asset does not belong to the admin department, use the fields at the bottom of the screen to allocate the asset to a different department or change the asset type.
Is the asset ownership split between multiple departments? Click the New button to add another allocation. You can add as many allocations as needed, as long as the allocations total to 100%.
Important! GL Accounts must be consistent across funds and departments. If you're having trouble updating transactions to the General Ledger, submit a support ticket.
The Attachments tab, User-Defined tab, and Notes tab are optional.
5. Click Save (CTRL+S).
The new asset is saved. You can print the Acquisition Report to review and verify the new asset information. If you need to make any changes, use Modify Existing Assets.
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