Place assets in service in bulk—Fixed Assets Management

You can use the import service to place multiple assets in service at once.

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.

Step 1. Create a custom list view

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

2. Set the filter on the State column to Ready for review.

3. At the top right of the page, select Settings > Configure columns.

4. Select the following columns:

   • Asset ID

   • In-service date

   • State

   • Accumulated depreciation GL account ID

   • Asset classification ID

   • Asset GL account ID

   • Depreciation expense GL account ID

   You can include other fields, but these are the only ones needed for this task.

5. Select Manage view > Save as.

6. Enter a name for the view.

   For example, "Bulk place in service".

Step 2. Export the custom list view

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

2. From the views dropdown at the top left, select the view you created for export.

3. Optionally, filter the list to show only the assets that you want to update.

4. At the top right of the page, select Export > Excel.

Step 3. Update the exported file

1. Open the Excel file that you exported.

2. Delete rows for any assets that you do not want to update.

3. Change the values in the State column to In service.

4. Enter an In-service date for each asset.

5. Fill out the other fields required for placing assets in service if they aren't already filled in.

   • Asset classification ID

   • Asset GL account ID

   • Accumulated depreciation GL account ID

   • Depreciation expense GL account ID

6. Save the file.

Step 4. Import the updated file

1. Go to Company > Setup > Import data.

2. Select New import service.

3. Find the Fixed Assets Management section.

4. Next to Assets, select Update.

5. Upload your file.

6. Verify that the fields are mapped correctly.

   Learn about mapping fields.

7. Select Complete.

8. If there are any errors, review and correct your data.

   Learn about fixing errors in the import service.

9. Select Import.