How do I capitalize assets?

Move the asset cost from the expense account to a balance sheet account.

Moving the asset cost to a balance sheet account is usually done to distribute the asset cost over the future periods that will be benefited by asset. If the asset's total cost is less than the threshold set by the organization, the system considers the asset's total cost as an immaterial cost that will not be capitalized. Disposed assets will not be included.

Contents

How do I capitalize assets?
1. Capitalizing assets

Capitalizing assets

1. Open Connect Asset Management > Organization > Capitalize Assets.

2. Set up the Selection Criteria.

Use the Selection Criteria to filter and select assets.

Which assets do I want to capitalize?

I want to include all assets. Change the Value column to ALL for all of the fields in the Selection Criteria.
I want to select the assets. Change the Selection Criteria to filter assets. To add/remove a field: Double-click the on the Column heading. To filter the field contents: Modify the option that displays in the Value column.

3. Set up the Capitalize Assets Acquired On or Before field.

The system will capitalize assets that were acquired on or before the given date.

What date do you want to use?

I want to use the current date. If the interface to the Connect General Ledger is turned on, then the system will use the current date as the default date. If a different interface has been selected, you may need to enter the current date in the Capitalize Assets Acquired On or Before field. Continue to the next step.
I want to use a different date. Type a new MM/DD/YYYY in the Capitalize Assets Acquired On or Before field.

4. Select the Set GL Period To field.

The GL Period is the period the system will use to record the transaction. This option is only available when the GL Interface is Caselle 4.x.

Which GL period do you want to use for posting transactions?

I want to use the default GL period. The default setting uses the fiscal year end.
I want to change the GL period. Select a MM/YY (MM/DD/YYYY) from the Set GL Period To drop-down list.
I can't make a selection. This option is only available when the application is interfaced to the Connect General Ledger.

5. Click GO (CTRL+G).

The asset is capitalized.