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Asset Classes are used to define the local Asset Class Codes. Codes are maintain under Core>Asset Classes.  The asset class codes are four digit codes can be a four character code which are used to define broad classes of fixed assets. The GAAP schedules require that each item be assigned to an asset class. 

The first two digits characters of the asset classes are class must be digits and required to be defined by the State of Ohio. The following are the classes as defined by the State:

• 01 - Land and Improvements
• 02 - Buildings and Building Improvements
• 03 - Furniture, Fixtures, and Equipment
• 04 - Vehicles
• 05 - Infrastructure
• 06 - Books
• 08 - Construction in Progress

The second two digits characters are optional and may be used to further break down the asset classes if desired. An example might be to subdivide the "01 - Land and Improvements" class into two subclasses as follows:

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The Asset Classes grid displays existing asset classes.  You can search for existing asset classes by clicking in the filter row in the grid columns and entering in the desired information. By default, the grid sorts by Code.  Click on  to generate a quick extract (CSV or EXCEL format) based on what you filtered.  Click the view icon  to view a particular asset class.  From there, you have the option to edit it.

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More Information on Asset Classes

Any items Items that may have been entered without an asset class (in Classic prior to the GAAP flag being set) will not require an asset class code to be assigned. However, these items will appear in the 'unclassified' column on the Fixed Assets by Function/Class report.  It is recommended that all items entered on the system be assigned an asset class.