Adding Fixed Asset Groups

PANTHEON

Fixed asset (FA) groups are used to organize FAs based on their type, function, or accounting treatment. For example, FAs may be grouped as buildings, land, vehicles, IT equipment, or machinery. New groups can be created when a new asset category is introduced or when internal changes occur, such as the creation, merging, or restructuring of departments.

Case summary Tecta Plc. has recently established a new IT department. The FAs assigned to this department will be classified under a dedicated group called IT Equipment. To support this change, the person responsible will create a new FA Group named IT Equipment. This is done as follows: Accessing the Fixed Assets Register Accessing the Fixed Asset Groups Register Adding a New Group

1. Accessing the Fixed Assets Register

Person responsible opens the Fixed Assets register by navigating to Financials | Fixed Assets | Fixed Assets.

The Fixed Assets register opens.

In the next step, the person responsible opens the Fixed Asset Groups register.

2. Accessing the Fixed Asset Groups Register

The person responsible double clicks the Group field in the Header.

The Fixed Asset Groups register opens in a new tab.

In the next step, the person responsible adds a new group.

3. Adding a New Group

Person responsible clicks the Insert Record button on the Toolbar to create a new group.

A new, empty line appears in the list.

The person responsible clicks the ID field and enters the new group ID IT Equipment. Then repeats the same in the Name field.

The person responsible clicks the Post Edit button on the Toolbar to save the new group.

The new group IT Equipment is now created, saved, and ready for use.