Capital Assets Overview

Use the Capital Assets module to add, accept, depreciate, and dispose of assets.

General Ledger: You may use this module to create tracking transactions in the general ledger for acquisition, depreciation, and accumulated depreciation. This feature makes it easy for users to create the financial statements required by GASB 34. AptaFund additionally recognizes assets/asset items are purchased using multiple funds and creates the appropriate transactions.

Depreciation: AptaFund supports the straight-line depreciation method with a full month convention. See About Asset Depreciation for more information.

About assets

Assets can be entered in four ways. Click here for more information on the three methods for entering current assets.

By import — convenient for setup and historical asset entry
Directly using the Asset Management window. You must enter assets "manually" when capital and inventory items are automatically received.
Through Purchasing & Accounts Payable. An asset record is automatically created when an item on a PO is marked as a Capital or Inventory asset in Purchase Order, received in Order Receipt, and the invoice is submitted and paid for in Accounts Payable.
Through Accounts Payable when submitting a direct invoice & paying for the Capital or Inventory items on it.

An asset must contain one or more asset items. The distinction is made between asset and asset item to allow you to track items such as computer and monitor within an asset named computer or multiple computers that were part of the same purchase.

Assets can be one of two types:

Capital assets create general ledger transactions for acquisition, depreciation, and disposal. The transactions depend upon the fund type out of which the asset is purchased – Governmental or Proprietary.
Inventory assets may not be depreciated and do not create any general ledger transactions. This selection allows tracking of an item through Capital Assets without affecting the general ledger.

Taxes, freight, shipping, and discounts associated with invoices are allocated across capital assets and included in their cost in Asset Management.

Set up Capital Assets

Edit and enable the Asset Number in Administration > System Configuration > Custom Numbers tab.
Add an element value in Chart of Accounts > Element Value Maintenance to track depreciation expense. The type of element value you add will depend on the Expenditure account format in your chart of accounts structure. Assign this element value an Account Type of Expenditure and use a description like Asset Tracking or Depreciation Expense. Please contact Harris Support for additional help.
Add one or more element values in Chart of Accounts > Element Value Maintenance to track asset acquisition and accumulated depreciation. The type of element values you add will depend on the Balance Sheet account format in your chart of accounts structure. Assign these element values an Account Type of Asset and use a description like Asset Tracking or the asset category description. Please contact Harris Support for additional help.
Complete the settings in Capital Assets Configuration

Use the Capital Assets module

Enter or import historical assets into AptaFund
Add assets and asset items either directly in Asset Management, through Purchasing & Accounts Payable for regular invoices, or through Accounts Payable for direct invoices.
Accept assets and asset items
Run depreciation