About assets—Fixed Assets Management

A fixed asset is a long-term resource used in the operations of a business. Examples include land, buildings, manufacturing equipment, office equipment, furniture, fixtures, and vehicles.

The asset record in Sage Intacct holds a variety of information about the asset, including the in-service date, asset cost, and dimensions required to post to the GL. These fields are used to generate depreciation schedules automatically. From period to period, you post your depreciation schedule entries until the asset is fully depreciated or disposed.

The Fixed Assets Management application supports both depreciable and non-depreciable assets. Assets that are not depreciable do not have depreciation schedules.

Asset states

Assets can be in one of three states, each representing a stage in the asset life cycle:

• Construction in progress: The asset is under construction and not yet ready to be placed in service. Costs can be added to the asset, but it does not depreciate.

• Ready for review: The asset exists in Sage Intacct, but it is not yet depreciating. Review all the asset details before placing the asset in service.

• In service: The asset is in use and depreciates according to its depreciation schedules.
• Disposed: The asset was removed from service, typically due to a sale.

Assets are moved from Ready for review to In service and ultimately to Disposed. If you accidentally place an asset in service or dispose of it, you can revert that action.