Getting the Most from Norming Asset Management – Asset Accounting
by William Wingson | Jun 1, 2021 | Uncategorized
Current Status
Not Enrolled
The Asset Accounting module is the foundation of your Norming Asset Management system. As a participant, you will learn how the Asset Accounting enables users to maintain and control asset lifecycle for both depreciating and non-depreciating assets with ease, covering purchasing, depreciation, adjustment, impairment, revaluation and disposal.
As a participant in this course, you will be able to:
Tailor Asset Accounting to Your Business
- You will be able to use the Options form to setup all the rules about how the Norming Asset Management will look and operate.
- You will be able to use Account Sets to create a group of general account numbers to which you post Asset Accounting transactions.
- You will be able use the Categories screen to maintain a list of asset categories.
- Groups
- Locations
- Cost Centers
- Acquisition Codes
- Acquisition with GL
- Acquisition with AP – Create A/P Invoice
- Acquisition with AP – Convert A/P Invoice
- Acquisition with AP – Create Miscellaneous Payment
- Acquisition with Inventory Control
- Acquisition with Project and Job Costing
- Acquisition with Asset Maintenance
- Depreciation Periods
- Disposal Types
- Disposal with G/L Transaction
- Disposal with A/R Invoice
- Disposal with I/C Receipt
- Depreciation Methods
- Standard Depreciation Methods
- How to Use Operators in Depreciation Formula
- How to Use Functions in Depreciation Formula
- How to Use Variables in Depreciation Formula
- How to Meet the US MACRS Requirement
- How to meet ACRS requirement
- Classification
- Capitalization Budget
- Tax Pooling Formula
- Asset Templates
- Responsibilities
- Optional Fields
- G/L Integration
Produce many setup reports allowing you to manage the system easily
Asset Accounting provides numerous sorting and selection options on a full range of setup reports including:
- Options, Account Sets, Categories, Groups, Locations, Cost Centers, Classifications, Acquisition Codes.
Take on existing assets, acquire new assets, and put WIP into use.
- You will be able discuss the four transaction types of acquisition entry.
- You will be able to enter an acquisition entry for new assets.
- You will be able to enter an acquisition entry for existing assets.
- You will be able to enter an acquisition entry for an add-on asset.
- You will be able to acquire assets with Inventory Control.
- You will be able to acquire assets with Purchase Order.
- You will learn how to convert an A/P Invoice to an acquisition entry.
- You will learn how to enter acquisition entry with PJC.
- You will learn how to capitalize asset maintenance expense with acquisition entry.
- You will be able to post an acquisition batch.
- You will learn how to turn WIP to asset or how to turn an asset to WIP.
Change / Adjust various fields of an asset record
- You will be able to enter an adjustment transaction.
- You will be able to post an adjustment transaction.
- You will be able to create an adjustment batch for a group of assets at once.
Use Asset Accounting tools to view, maintain and manage asset information.
- Asset Register
- Asset Activities Inquiry
- Master/Component Inquiry
- PJC Equipment Mappings
- Import Asset Wizard
Calculate asset depreciation in the way you like.
- You will be able to make a depreciation projection.
- You will be able to create a depreciation batch.
- You will be able to post a depreciation batch.
- You will be able to reverse asset depreciation.
- You will be able to post a reversal depreciation batch.
Beginning to Intermediate users of Norming Asset Management – Asset Accounting application, including:
- All professionals involved in managing or participating in Asset Management and Facilities Management processes, including all staff in the Asset Management & Maintenance department, Facilities Management, Building Maintenance, IT, Operations and Finance
- Anyone who wishes to update themselves on Asset Management and how to implement it for the benefit of their organizations.
