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Fixed Assets

  • 1.  Fixed Assets

    Posted 14 days ago
    Hello all,

    I am entering Fixed assets into GP and was wondering what the Master Asset ID field is used for. It is not one of the mandatory fields and my company does not currently use that field. i was thinking of using it to give certain assets a label so that i could run a smartlist and find them quickly. We don't want to create a new class ID because the assets we want to label could be in several different class IDs we already have set up.
    The fear is that using the Master Asset ID could "link" the assets together and that is not what we want. The assets should be separate, but we want to be able to run a smartlist and find these specific assets quickly.

    #Fixed Assets

    Thanks
    Chris​

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    Chris Hecht
    eMagin Corp
    Hopewell Junction NY
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: Fixed Assets

    GPUG ALL STAR
    Posted 14 days ago
    Hi @Chris Hecht

    You are right, this is a 'grouping' feature and can be used anyway you see fit.

    Only caveat is that this master Asset ID must exist as it's own asset before the grouping can take place.

    The only link would be reporting, but do be sure to setup the Master Asset as having zero cost basis and set it to Not Depreciate on every book so it does not try to depreciate it.​

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    Academy - Online Interactive Learning from Experts


  • 3.  RE: Fixed Assets

    Posted 14 days ago
    Thanks @Jo deRuiter,

    Im still a little confused though. The assets we put into service and use the Master Asset ID for, we still want them to Depreciate every month.
    I was hoping that using that Master Asset ID would give me a column to add into the smartlist and i could sort them quickly.
    Would this still work in the way im intending?​

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    Chris Hecht
    eMagin Corp
    Hopewell Junction NY
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    Academy - Online Interactive Learning from Experts


  • 4.  RE: Fixed Assets

    GPUG ALL STAR
    Posted 13 days ago
    Hi @Chris Hecht

    The MASTER ASSET ID is the only one that should NOT be depreciating, the assets you assign to it will depreciate as you set them to depreciate.  In other words, the MASTER ASSET is for grouping and should therefore just be a 'nothing' asset, all the assets assigned to it will work as usual.

    The master asset has nothing to do with how the assets assigned to it depreciate.​

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    Academy - Online Interactive Learning from Experts


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