Equipment
Maintenance - Cost Equipment
Maintenance - CostUse this screen to enter cost and depreciation information for the piece of equipment.
If
the equipment is linked, a banner appears
at the top of the screen, and the total amounts of all linked assets are
displayed.
Click a link to advance to that section of the topic.
Access this screen by pressing F2=Cost while on the Equipment Maintenance screen. Enter costs and depreciation information associated with the equipment and review revenue and rental amounts. Press Enter to return to the Equipment Maintenance main screen.
Equipment Maintenance - Launch
Cost
G/L Revenue Distribution Inquiry
Displays the unique number of the equipment you are adding or updating.
Enter an alternate unique number for the equipment (perhaps from a legacy software system). You can use this number to retrieve this piece of equipment during transaction entry.
Displays the codes for the category, class, and sub-class to which this piece of equipment belongs. Categories and classes are set up in Category/Class Maintenance.
Displays the code for the currency in which all monetary amounts are entered or displayed on this screen.
Indicate if this equipment has been fully invoiced for capitalization purposes.
An asset's
monthly depreciation amount is estimated and calculated as an accrual
until it is verified that its initial cost has been completely entered
by setting this Fully Invoiced
flag to Y, or by setting the Invoiced flag on the
Enter/Edit Invoice - G/L Distribution screen to Y.
This ensures that when freight or other adjustments for the asset
are entered in Accounts Payable Invoice Entry
during the first part of the asset's life, they are calculated as accruals
and reversed accordingly.
Once all costs for the asset have been entered, set at least one of the "Invoiced" flags to Y, and the system brings the asset's depreciation up to date according to the true and final cost when the asset is next depreciated.
The cost to acquire this piece of equipment. If you are using the Purchasing application, and you entered and received a purchase order for this equipment, and you have the Allow to update EMCOST field set to Y in control record RARCP3, the receipt cost automatically populates this field.
If additional cost for the equipment is entered during A/P invoice entry, and the Update equipment cost field and the Replace equipment cost field are set to Y in control record IP230P, this acquisition cost is updated to include the additional cost.
If Allow to update EMCOST is set to
N, this acquisition cost must
be populated either via A/P invoice entry or by making a G/L journal entry.
In this scenario, set Update equipment
cost in control record IP230P
to Y, and in that same control
record, set Replace equipment cost
to N.
The original cost for the equipment, which may or may not be the same as the acquisition cost.
If you
are using the Purchasing application,
and the Record Original Cost Eqp
field is set to Y in control record
RARCP6, the receipt cost of the
equipment populates this field.
Enter the value of the equipment after it has been fully depreciated.
Displays the amount needed to pay off the remaining balance on the note for the equipment.
Enter or accept the amount of sales tax that was paid when this equipment was acquired. If you are using the Purchasing application, and you entered and received a purchase order for this equipment, the amount automatically populates this field.
Optional: Enter a user-defined reference note in this field.
This field displays the invoice number the equipment was purchased on.
Enter the life of the equipment (in months) for depreciation purposes. The equipment will be fully depreciated at the end of this time.
Enter the percentage for the maximum billed amount per unit that calculates for the length of a rental contract. This percentage is based on the equipment's replacement value, so for example, if a piece of equipment has a replacement value of $100,000, what is the percentage of that amount that you would want as the maximum amount you would bill a customer for renting it.
Enter the book value for the equipment. The book value is the original value of the equipment used for accounting.
Enter the amount it would cost to replace this equipment. This information is useful if the equipment is lost or damaged.
Enter the fair market value of the equipment by subtracting depreciation from the replacement value.
Example: You purchased a wet saw for $2,000 five years ago and
it was recently damaged beyond repair. The wet saw has a depreciation
life of 10 years (120 months). A similar wet saw today costs $2,500.
The destroyed wet saw had 50% (5 years) of its life remaining, so
the fair market value equals $2,500 (replacement cost) times 50% (useful
life remaining) or $1,250.
If applicable, this field displays the interest paid on the note for this equipment.
The amount of sales tax that has been collected from rental of this equipment.
Enter the freight charges that were paid when the equipment was delivered to you.
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Enter the code that represents the method you want to use to depreciate this piece of equipment.
Enter or accept the amount of depreciation on this equipment month-to-date. If you run the monthly depreciation program in the General Ledger application, or you use the FAS interface, this amount is calculated and populated by the system.
Depreciation is calculated as follows:
[(Acquisition
Cost - Salvage Value) - (Depreciation LTD)] / [(Depreciation Life in Months
- Number of depreciated months {Date into Rental minus Current Depreciation
Date})].
Enter or accept the amount of depreciation on this equipment year-to-date. If you run the monthly depreciation program in the General Ledger application, or you use the FAS interface, this amount is calculated and populated by the system. You also need to run the Reset Depreciation at Year End program in G/L to ensure that the year-to-date figure is reset at the end of your accounting year.
Enter or accept the amount of depreciation on this equipment life-to-date. If you run the monthly depreciation program in the General Ledger application, or you use the FAS interface, this amount is calculated and populated by the system.
Displays the revenue generated by this equipment year-to-date (during the current year).
Displays the revenue generated by this equipment life-to-date (the entire time since it was put into rental inventory).
Displays the revenue generated by this equipment last year.
Displays the number of days that this equipment has been out on rent year-to-date (during the current year).
Displays the number of days that this equipment has been out on rent life-to-date (the entire time since it was put into rental inventory).
Displays the number of days that this equipment was out on rent last year.
Displays the amount spent on parts for maintenance of this equipment during the current year.
Displays the amount spent on parts for maintenance of this equipment since it was put into rental inventory.
Displays the amount spent on parts for maintenance of this equipment last year.
Displays the amount spent on labor for maintenance of this equipment during the current year.
Displays the amount spent on labor for maintenance of this equipment since it was put into rental inventory.
Displays the amount spent on labor for maintenance of this equipment last year.
If applicable, enter or accept the inventory item number assigned to this piece of equipment.
Enter the code that groups this piece of equipment with other similar equipment for reporting and purchasing purposes.
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Function Key |
Description |
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F1 |
Help. Place your cursor in a field and press F1 to access online help for that field. Place your cursor outside of any field, and press F1 to access online help at the program level. |
|
F3 |
Exit. Exit the page or program. |
|
F5 |
Refresh. Refresh the screen and remove entered data. |
|
F10 |
Tax/AMT. Advance to the Equipment Maintenance - Tax/Alternative Minimum Tax screen. |
|
F12 |
Cancel/Previous. Exit the program or move back a screen. |
|
F14 (Shift + F2) |
Cost History. Advance to the Equipment Cost History Inquiry screen. |
Reset Depreciation at Year End
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