When migrating to Manager from a prior accounting system, intangible assets must be carried forward at their book values from the previous system. Basic procedures for creating intangible assets in Manager are described in another Guide. Read it first.
Migration is easily accomplished in Manager as intangible assets are created. Two pieces of information are required for every intangible asset being carried forward:
To migrate an existing intangible asset, go to the left navigation pane, click Intangible Assets, then New Intangible Asset:
Complete the entry (some fields appear progressively):
Nameis the name that will appear for the intangible asset in reports and lists.
Codeis an optional alphabetic or numeric designation for the intangible asset. Numeric entries will control the asset's position in lists.
Descriptionaccepts detailed information about the intangible 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 intangible asset when first acquired.
Accumulated amortizationis the sum of all amortization entered for this intangible 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 intangible assetshould be left blank as you create the intangible asset.
Click Create. The intangible asset will show under the Intangible Assets tab:
The purchase cost of the intangible asset will be combined with any other intangible assets' costs and displayed under the Assets category on the Summary page. A contra account, Intangible assets, accumulated amortization, will record amortization to date for all intangible assets. The difference between the two account balances represents current book value of all intangible assets: