Add an Asset Category

Typically your state will have a list of categories and subcategories in the Chart of Accounts Guidelines.

If the accounting structure changes, the element values will need to be redefined.

Add an asset category

Select Capital Assets Configuration from the Purchasing and Payables > Capital Assets menu.
Click on the Asset Categories tab.
Click the Add button at the bottom of the upper grid, and the Add Category window opens.
Complete the fields as described.

Category: Enter the name. Examples are: Land & Improvements, Buildings & Improvements, Furniture,Equipment, Tech Equipment, and Vehicles. Note: You may change the category name at any time, and all items linked to the category will display the new name.
Subcategories: Optional. List subcategories separated by carriage returns. Examples are: Playground Equipment, Roof, Food Service, Desk, Computer, and Van.

Depreciation Expense: Select an element value from the pull-down menu. The list is restricted to controlling element values with the account type Expenditure. This element will be substituted in the account code for the depreciation and disposal general ledger transactions.
Asset: Select the appropriate Balance Sheet account element value from the pull-down menu. The list is restricted to controlling element values with the account type Asset. This element will be substituted in the account code for the acquisition and disposal general ledger transactions.
Accum Depreciation: Select the appropriate Balance Sheet account element value from the pull-down menu. The list is restricted to controlling element values with the account type Asset. This element will be substituted in the account code for the depreciation and disposal general ledger transactions when an asset item is accepted. Important: The accumulated depreciation account is commonly referred to as a "contra-asset" account – an asset account that typically has a credit balance. Also known as a credit asset account, the selected element value should represent an asset account that keeps a negative balance (credit).

Useful Life: Optional. Enter a default value in years for the useful life of asset items in this category. The default can be changed when adding an asset item to an asset. You can also change the default useful life here, but if the category is active, the new value will only be applied to newly added items — not to existing items.