This article focuses on the use of asset types and the configuration of their accounting. We will explain how an asset type can be a useful tool and demonstrate its practical application.
Asset Type
The form allows you to maintain a list of the company's asset categories. Their configuration affects the document types used for asset accounting.
The basic asset types are:
tangible long-term,
intangible long-term,
minor (low-value),
non-depreciable.
General information about code lists can be found in the Code Lists chapter.
The document type serves three functions:
it defines the basic properties of the asset,
it divides assets into groups,
it saves the user time and effort, as a maximum number of values can be pre-defined and applied when creating individual documents.
You can open the list in the "Assets" module under "Types" => "Asset Types".
The top toolbar of the table contains a number of buttons whose functions are described in the separate chapter "Program Controls".
We recommend creating multiple asset types in Flexi for different assets — for example, "company cars" or "machinery". Each asset type in Flexi can have its own analytical accounts. This classification ensures better organization, filtering, and posting to analytical accounts as needed. It also provides a means for better control over depreciation and account balances.
Main Panel
Click the "New" button or use the keyboard shortcut Alt+N to open the form for a new record.
The top toolbar of the form contains a number of buttons whose functions are described in the separate chapter "Program Controls".
Code
Required field; can contain up to 20 characters. The value must be unique across all records.
The value appears in the type drop-down selector when creating a document.
We recommend choosing the most descriptive code possible to make it easier to distinguish between document types in the list.
Name
Required field; can contain up to 255 characters.
This field generally represents the record in overviews, print reports, and selection lists, so it should identify the record in a unique and descriptive way.
If you configured foreign languages during initial setup, clicking the "+" button allows you to fill in the "Name" field in the selected foreign languages. These language variants of the name are printed on documents when using foreign-language printing. Click the "-" button to close the foreign-language name fields.
Tab "Depreciation and Accounting"
Two fields highlighted in blue are required on this tab. The remaining fields are optional, but filling them in simplifies the accounting process.
Type
This field is required. It divides assets into groups that enable proper recording and depreciation of assets in accordance with applicable legislation. Use the selector to choose from the following values:
Tangible long-term – it is recommended to include here tangible assets as defined by the Income Tax Act that are depreciated in accordance with that act. Monthly accounting depreciation is also an option.
Intangible long-term – it is recommended to include here intangible assets as defined by the Income Tax Act that are depreciated in accordance with that act. Monthly accounting depreciation is also an option.
Minor (low-value) – it is recommended to include here assets that do not meet the above criteria and that are classified as minor assets under internal policies. They may be recorded in a separate account. Depreciation of such assets is set at 100% in the year of acquisition, 50% over two years, or a custom annual depreciation percentage can be defined.
Non-depreciable (record only) – it is recommended to include here assets that do not meet any of the above criteria. Assets recorded here will be tracked for record-keeping purposes only.
Accounts
The accounts configured here will be carried over to the "Depreciation" tab when filling in the asset card, where they can be changed by the user, or where the user can indicate whether or not to post the asset classification entry. The following accounts can be configured:
Asset account
Enter manually or select from the chart of accounts using the search icon. This account will be used automatically for posting the classification of the asset, its disposal, and any other accounting transactions related to the acquisition cost.Depreciation account
Enter manually or select from the chart of accounts using the search icon. This expense account will be used automatically for posting the depreciation of the asset.Classification account
Enter manually or select from the chart of accounts using the search icon. This is the contra account to the asset account when automatically posting the acquisition of the asset. It is also the account to which the asset purchase document will be posted.Accumulated depreciation account
Enter manually or select from the chart of accounts using the search icon. This is the contra account to the depreciation account. Any additional transactions related to the accumulated depreciation of this asset will be posted to this account.
Asset is depreciated
If you select this checkbox, assets of this type will be depreciated. This value can only be changed if no asset card of this type has been created yet. If you select that assets of this type are to be depreciated, you will need to complete the "Depreciation" tab on the asset card. Otherwise, the tab cannot be filled in.
Cost Center
Use the drop-down list to select from the list of cost centers. This field is required.
Job Order
If you want to assign an asset type to a specific job order, use the selector to choose the relevant job order.
Tab "Texts"
The "Texts" tab is included in all code lists and all tables. It contains two fields where you can enter information according to your own needs. Completing these fields is not required.
Description
You can provide a more detailed description here.
Note
The note serves to alert users to anything special about the record, or to anything other users should be aware of when working with the record.
Tab "Administration"
The Administration tab contains information about the validity and visibility of the given record in the code list across accounting periods. The validity of a record is defined by a range of accounting periods. The record is valid within the specified range of accounting periods; outside of that range, the record is not valid and will not be displayed in the code list (selection list) at all. By limiting validity, you ensure that records no longer in use are not shown during routine use of the code list. Unlike time-based record validity, it is not possible to select a range of accounting periods that does not at least partially overlap with the active accounting period.
Since record validity is tied to accounting periods, it can also be used with fiscal accounting periods.
Valid from
Select the start of the record's validity period from the list of accounting periods using the drop-down list.
Valid to
Select the end of the record's validity period from the list of accounting periods using the drop-down list.
If you require unlimited validity for the record, leave the Valid from and Valid to fields empty (remove a previously selected value by pressing the Del key). The record will then be available in all accounting periods. It is also possible to leave one of the fields empty to leave the start or end of the validity period open-ended.
If you select the same accounting period in both the Valid from and Valid to fields, the record will only be available within that single accounting period (see the accounting period shown in the header of the side navigation).