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Slide notes: Before we discuss an Asset Master or an Asset Item, it is useful to refresh the understanding of what the difference is between an Asset Master and an Asset Item. Here we show where the Asset fits in the Asset Register hierarchy.

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Now, when we look at the bottom of the diagram, we see that an Asset as represented in the Asset Register, is actually an Asset Master and that an Asset Master may have a number of Asset Items attached to it.

A Typical Asset Master and Item

Slide notes: In fact, an Asset always starts out with a Master and 1 Item, usually with the same description, and although it is not forced, the convention is to make the Asset Item Key the same as that of the Asset Master, followed with '-01', '-02', etc. for any Items that are added. In many cases, for the life of the Asset, there may be only the 1 Asset Item attached to the Master.

Copy of A Typical Asset Master and Item

Slide notes: But in fact, the Asset Master has the capacity for multiple Asset Items to be introduced during the lifetime of the Asset Master. In this example, we see subsequent events that include refurbishment and revaluation. Although the same Asset, these new events introduce additional Capitalization Amounts, each with a new and separate Depreciation cycle.

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Slide notes: So, there cannot be an Asset Item unless there is 1st an Asset Master, and we define a new Asset Master from the File Maintenance options at the Asset menu.

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Slide notes: The Asset Key is of our own design, but it is recommended to use some structure where all the Asset Keys will have the same length. It is possible to use the Group Code in the Asset Key, but this is not recommended, because if the Asset is ever re-classified that means that we change its Group but we cannot ever change the Asset Key after the Asset is defined. Therefore, it may be better to just use a number sequence for the Asset Keys.

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Slide notes: Of course, an Asset Master always has a Description, and it also has a Transaction Status that can be OPEN or CLOSED. When CLOSED, no Transactions or Depreciation may be performed on it.

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Slide notes: The Control Accounts are derived from the selected Asset Group, and are not captured.

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Slide notes: The Control Code determines the Depreciation and Disposal Accounts for the Asset, and may be changed at any stage during the lifetime of the Asset.

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Slide notes: There are 2 primary choices for the basis of Depreciation calculation.

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Slide notes: Here we have the Help on that option. These 2 options are variously used in different parts of the world as a standard, and we need to choose which of the 2 is our basis. It is likely that the one or the other will be used for all our Assets, rather than 1 on some Assets and the other on other Assets.

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Slide notes: The Group is a property of the Asset that cannot be changed once the Asset is created. However, if we apply re-classification to the Asset, then the system will change the Group during that process.

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Slide notes: The Sub Group and Department are optional fields, and can also be changed at any stage.

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Slide notes: The Asset Items will always appear here automatically. In other words, we cannot capture them here, but when Asset Items are defined and linked to Asset Masters, then they appear here automatically.

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Slide notes: External Verification is an optional memo field provided for capturing of Verification detail for the Asset at any stage. However, it is more common to use the Verification options on the Asset Items rather than on the Master.

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Slide notes: The Notes field is also optional, and any Notes pertaining to the Asset Master may be captured here.

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Slide notes: The system will automatically indicate the User who last updated the Asset Master record.

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Slide notes: From the update option on the Asset Master, we can also enter various views and drills offered for the Asset Master.

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Slide notes: And of course we can drill down to any Transactions on the Financial Account for this Asset Master.

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Slide notes: Now we do an example of creating a new Asset Master. First we assign the Asset Key, which does not exist yet.

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Slide notes: We put a Description.

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Slide notes: We select an Asset Control Code.

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Slide notes: And we select the Group. This will also result in the Control Accounts for the Asset being derived.

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Slide notes: Sub Group and Dept are optional, so in effect it is possible to choose UPDATE now and create the new Asset Master record.

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