Place an asset in service—Fixed Assets Management

After you add and review asset details, place the asset in service to begin the depreciation process.

Placing an asset in service does the following:

• Changes the asset's state to In service.

• Generates depreciation schedules for depreciable assets. One schedule is created per depreciation rule.

Before you begin

Verify the following:

• All asset details, including the depreciation rules, are accurate and complete. If any information is missing or incomplete, edit the asset to fix it.

  Required fields for assets in service
  

  The following fields were required to create the asset:

  • Asset name

  • Status

  • Depreciate

  • Quantity

  • Asset cost

  • Salvage value

  • Acquisition date

  • Location

  Additionally, the following fields are required to place the asset in service:

  • Asset classification

  • Asset GL account

  • Accumulated depreciation GL account (depreciable assets only)

  • Depreciation expense GL account (depreciable assets only)

  • Depreciation rules (minimum 1 rule for depreciable assets only)

• The asset is in the Ready for review state.

• The asset is active.

Place an asset in service

1. Go to Fixed Assets Management > All > Assets.

2. Find the asset that you want to place in service.

3. Select the asset's name to view it.
4. At the top-right of the page, select Place in service.

5. Select an In-service date.

   The in-service date is the date when the asset is available for use by your business. This date, along with the Convention, determines when the asset starts to depreciate.

   In-service date requirements

   The in-service date must meet the following requirements:

   • Be on or after the acquisition date.

   • Be on or after the most recent transfer.

   • Be on or after the capitalization date for CIP assets.

6. Select Save.

Next step:  View depreciation schedules