When migrating to Manager from a prior accounting system, fixed assets must be carried forward at their book values from the previous system. This is easily accomplished in Manager as fixed assets are created. Two pieces of information are required for every fixed asset being carried forward:
Basic procedures for creating fixed assets in Manager are described in another Guide. Read it first.
To migrate an existing fixed asset, go to the left navigation pane, click Fixed Assets, then New Fixed Asset:
Complete the entry:
Item codeis an optional alphabetic or numeric designation for the fixed asset.
Item nameis the name that will appear for the fixed asset in reports and lists.
Descriptionaccepts detailed information about the fixed asset.
Starting balanceshould be checked. Before you can enter a starting balance, you must set the Start Date in the Settings tab.
Purchase costis the initial cost of the fixed asset when first acquired.
Accumulated depreciationis the sum of all depreciation entered for this fixed asset under the prior accounting system.
Book valuewill calculate automatically. It should match the book value on the final day of the prior accounting system.
Disposed fixed assetshould be left blank as you create the fixed asset.
Click Create. The fixed asset will show under the Fixed Assets tab:
The purchase cost of the fixed asset will be combined with any other fixed assets’ costs and displayed under the Assets category on the Summary page. A contra account, Fixed assets, accumulated depreciation, will record depreciation to date for all fixed assets. The difference between the two account balances represents current book value of all fixed assets: