How to use the Equipment Management Module to Amortize Prepaid Expenses
How to use the Equipment Management Module to Amortize Prepaid Expenses
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Viewpoint Vista - Equipment Management
Record and Amortize Prepaid Assets/Expenses
The Equipment Module can be used to setup Prepaid Expenses to be amortized over a certain amount of months.
Equipment Management > Programs > EM Equipment
Add an Equipment code for the Prepaid Assets. Click on the Info tab and the icon to create a new record.
1. Equipment Code – Use this field to identify your prepaid assets. The cost code must be unique and it can be up to 10 characters long.
2.Description – Enter a description of the cost code (i.e. Prepaid Assets/Expenses). The description can be up to 30 characters long.
3. Type – Specify the equipment type. In this case click on the Equipment radio button.
4.Status – Specify the status for this equipment. In this case click on the Active radio button.
5.Category – Specify the category (from EM Categories) to which this piece of equipment is associated. A new category will need to be created for Prepaid Assets/Expenses.
6.Department – Specify the department (from EM Departments) for this piece of equipment. The department specified here determines which set of GL Accounts will be updated when costs and revenue are posted to this piece of equipment.
7.PR Company – Enter the Payroll Company.
8.JC Company – Enter the JC Company.
Equipment Management > Programs > EM Asset Setup
In the EM Asset Setup, use Equipment 1 – Prepaid Asset/Expenses always.
1. Equipment – Enter the equipment (from EM Equipment) for which to setup this asset. Use the Equipment Code setup in the previous step.
2. Asset – Use this field to identify a unique Prepaid Asset/Expense. This allows you to set up multiple Prepaid Asset/Expense for amortization. Enter a unique asset code which can be up to twenty digits long.
3. Description – Enter a description of the Prepaid Asset/Expense. The description can be up to sixty characters long.
4. Purchase Price – Enter the cost of the Prepaid Asset/Expense.
5. Residual Value – Enter 0 here.
6. First Month to Depreciate – Specify the first (calendar) month for which to calculate amortization for the Prepaid Asset/Expense.
7. # of Months to Depreciate – Enter the total number of months for which to calculate amortization on this Prepaid Asset/Expense.
8. Method – Click on the Straight-Line radio button for amortization of the same amount each month.
9. Accumulated Depreciation – Enter the GL account to use for amortization expense for this Prepaid Asset/Expense. Entry in this field is necessary only if overriding the Accumulated Depreciation GL Account specified for this equipment’s department in EM Departments.
10. Depreciation Expense – Enter the GL account to use for amortization of this asset.
11. Asset – Enter the GL account to use for this asset.
Once the EM Asset is set up, go to the Schedule tab. Click on the “Calculate” button and the Amortization Schedule will populate based number of months to depreciate.
Equipment Management > Programs > EM Depreciation Processing
Use the EM Depreciation Processing Program to run the amortization for the Prepaid Assets/Expenses each month.
1. Click on the “Create a new batch” radio button.
2. Batch Month – Enter the batch month in which you want to post the Prepaid Asset/Expense Amortization.
3. Click on the “OK” button.
A new batch is opened.
1. Date – Specify the date to assign as the posting date for all transactions in this batch.
2. Process - Click the Process button to process the depreciation.
3. Close – click the close button to close the program.
Once you press Process the image below pops up:
Click on close on the pop up and then close on the program.
Equipment Management > Programs > EM Cost Adjustments
Click on the program EM Cost Adjustments. The batch just created will show up. Then click on “OK”.
Once the batch is open, click on File>Process Batch.
Next, click on Validate, Preview, & Post.
“Batch was successfully updated.” screen should pop up. Then click on close. Your batch has been successfully updated, and the Amortization is posted.
If you have any questions, please visit our website ConstrucTech Consulting where you can book a call with one of our consultants
Viewpoint Vista - Equipment Management
Record and Amortize Prepaid Assets/Expenses
The Equipment Module can be used to setup Prepaid Expenses to be amortized over a certain amount of months.
Equipment Management > Programs > EM Equipment
Add an Equipment code for the Prepaid Assets. Click on the Info tab and the icon to create a new record.
1. Equipment Code – Use this field to identify your prepaid assets. The cost code must be unique and it can be up to 10 characters long.
2.Description – Enter a description of the cost code (i.e. Prepaid Assets/Expenses). The description can be up to 30 characters long.
3. Type – Specify the equipment type. In this case click on the Equipment radio button.
4.Status – Specify the status for this equipment. In this case click on the Active radio button.
5.Category – Specify the category (from EM Categories) to which this piece of equipment is associated. A new category will need to be created for Prepaid Assets/Expenses.
6.Department – Specify the department (from EM Departments) for this piece of equipment. The department specified here determines which set of GL Accounts will be updated when costs and revenue are posted to this piece of equipment.
7.PR Company – Enter the Payroll Company.
8.JC Company – Enter the JC Company.
Equipment Management > Programs > EM Asset Setup
In the EM Asset Setup, use Equipment 1 – Prepaid Asset/Expenses always.
1. Equipment – Enter the equipment (from EM Equipment) for which to setup this asset. Use the Equipment Code setup in the previous step.
2. Asset – Use this field to identify a unique Prepaid Asset/Expense. This allows you to set up multiple Prepaid Asset/Expense for amortization. Enter a unique asset code which can be up to twenty digits long.
3. Description – Enter a description of the Prepaid Asset/Expense. The description can be up to sixty characters long.
4. Purchase Price – Enter the cost of the Prepaid Asset/Expense.
5. Residual Value – Enter 0 here.
6. First Month to Depreciate – Specify the first (calendar) month for which to calculate amortization for the Prepaid Asset/Expense.
7. # of Months to Depreciate – Enter the total number of months for which to calculate amortization on this Prepaid Asset/Expense.
8. Method – Click on the Straight-Line radio button for amortization of the same amount each month.
9. Accumulated Depreciation – Enter the GL account to use for amortization expense for this Prepaid Asset/Expense. Entry in this field is necessary only if overriding the Accumulated Depreciation GL Account specified for this equipment’s department in EM Departments.
10. Depreciation Expense – Enter the GL account to use for amortization of this asset.
11. Asset – Enter the GL account to use for this asset.
Once the EM Asset is set up, go to the Schedule tab. Click on the “Calculate” button and the Amortization Schedule will populate based number of months to depreciate.
Equipment Management > Programs > EM Depreciation Processing
Use the EM Depreciation Processing Program to run the amortization for the Prepaid Assets/Expenses each month.
1. Click on the “Create a new batch” radio button.
2. Batch Month – Enter the batch month in which you want to post the Prepaid Asset/Expense Amortization.
3. Click on the “OK” button.
A new batch is opened.
1. Date – Specify the date to assign as the posting date for all transactions in this batch.
2. Process - Click the Process button to process the depreciation.
3. Close – click the close button to close the program.
Once you press Process the image below pops up:
Click on close on the pop up and then close on the program.
Equipment Management > Programs > EM Cost Adjustments
Click on the program EM Cost Adjustments. The batch just created will show up. Then click on “OK”.
Once the batch is open, click on File>Process Batch.
Next, click on Validate, Preview, & Post.
“Batch was successfully updated.” screen should pop up. Then click on close. Your batch has been successfully updated, and the Amortization is posted.
If you have any questions, please visit our website ConstrucTech Consulting where you can book a call with one of our consultants
Viewpoint Vista - Equipment Management
Record and Amortize Prepaid Assets/Expenses
The Equipment Module can be used to setup Prepaid Expenses to be amortized over a certain amount of months.
Equipment Management > Programs > EM Equipment
Add an Equipment code for the Prepaid Assets. Click on the Info tab and the icon to create a new record.
1. Equipment Code – Use this field to identify your prepaid assets. The cost code must be unique and it can be up to 10 characters long.
2.Description – Enter a description of the cost code (i.e. Prepaid Assets/Expenses). The description can be up to 30 characters long.
3. Type – Specify the equipment type. In this case click on the Equipment radio button.
4.Status – Specify the status for this equipment. In this case click on the Active radio button.
5.Category – Specify the category (from EM Categories) to which this piece of equipment is associated. A new category will need to be created for Prepaid Assets/Expenses.
6.Department – Specify the department (from EM Departments) for this piece of equipment. The department specified here determines which set of GL Accounts will be updated when costs and revenue are posted to this piece of equipment.
7.PR Company – Enter the Payroll Company.
8.JC Company – Enter the JC Company.
Equipment Management > Programs > EM Asset Setup
In the EM Asset Setup, use Equipment 1 – Prepaid Asset/Expenses always.
1. Equipment – Enter the equipment (from EM Equipment) for which to setup this asset. Use the Equipment Code setup in the previous step.
2. Asset – Use this field to identify a unique Prepaid Asset/Expense. This allows you to set up multiple Prepaid Asset/Expense for amortization. Enter a unique asset code which can be up to twenty digits long.
3. Description – Enter a description of the Prepaid Asset/Expense. The description can be up to sixty characters long.
4. Purchase Price – Enter the cost of the Prepaid Asset/Expense.
5. Residual Value – Enter 0 here.
6. First Month to Depreciate – Specify the first (calendar) month for which to calculate amortization for the Prepaid Asset/Expense.
7. # of Months to Depreciate – Enter the total number of months for which to calculate amortization on this Prepaid Asset/Expense.
8. Method – Click on the Straight-Line radio button for amortization of the same amount each month.
9. Accumulated Depreciation – Enter the GL account to use for amortization expense for this Prepaid Asset/Expense. Entry in this field is necessary only if overriding the Accumulated Depreciation GL Account specified for this equipment’s department in EM Departments.
10. Depreciation Expense – Enter the GL account to use for amortization of this asset.
11. Asset – Enter the GL account to use for this asset.
Once the EM Asset is set up, go to the Schedule tab. Click on the “Calculate” button and the Amortization Schedule will populate based number of months to depreciate.
Equipment Management > Programs > EM Depreciation Processing
Use the EM Depreciation Processing Program to run the amortization for the Prepaid Assets/Expenses each month.
1. Click on the “Create a new batch” radio button.
2. Batch Month – Enter the batch month in which you want to post the Prepaid Asset/Expense Amortization.
3. Click on the “OK” button.
A new batch is opened.
1. Date – Specify the date to assign as the posting date for all transactions in this batch.
2. Process - Click the Process button to process the depreciation.
3. Close – click the close button to close the program.
Once you press Process the image below pops up:
Click on close on the pop up and then close on the program.
Equipment Management > Programs > EM Cost Adjustments
Click on the program EM Cost Adjustments. The batch just created will show up. Then click on “OK”.
Once the batch is open, click on File>Process Batch.
Next, click on Validate, Preview, & Post.
“Batch was successfully updated.” screen should pop up. Then click on close. Your batch has been successfully updated, and the Amortization is posted.
If you have any questions, please visit our website ConstrucTech Consulting where you can book a call with one of our consultants
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