Fixed Asset Master File

The Fixed Asset Master File is where you record and maintain a master file for each of your fixed assets. These files will include:

1. Division - The branch location (Division) where the asset is located.
2. Part Number - The inventory product number for this asset.
3. Description - A description of the asset.
4. Mfr Serial # - The Serial Number of the asset. (if applicable)
5. Location - The location of the asset. (This location is used as the basis for the depreciation by Location sort)
6. Custodian - The name of the person responsible for the asset.
7. Type - The asset type. (As established by the Type Master File.)
8. Class - The correct class code for this asset. (As established by the Class Master File.)
9. ITC Option - The appropriate Investment Tax Credit Code. (This codes must be already established in the ITC Master File.)
10. Accm. Depr. General Ledger - The assets General Ledger Account Number. This account number must be first established in the General Ledger Account Master File.)
11. Depr. Expense - The General Ledger Depreciation Expense Account Number. (This account must first be established in the General Ledger Account Master File.)
12. Purchase Cost - The full original cost of this asset. (Including shipping, tax, setup, improvements, etc.)
13. Current Book Value - The current book asset value.
14. Salvage Value - The value of the asset as salvage.
15. Date Purchased - The purchase date of this asset.
16. Date in Service - The first date of service for this asset.
17. Warranty Date - The last effective date of the asset's warranty.
18. Estimated Life - The number of years estimated to be the useful life of the asset.
19. ITC Amount - Any Income Tax Credit you wish to claim for this asset.
20. ITC Credit Flag - "F" to take full credit on income tax for this asset or "R" to take reduced credit.
21. Miscellaneous Notes - For any additional information you wish to keep with this record.