Asset Classes are used to define the local Asset Class Codes. It is located under the Core menu. The asset class codes are four digit codes 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 of the asset classes are 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 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:
- 0101 - Land
- 0102 - Improvements
Create an Asset Class
- From the Core menu, select "Asset Classes" to display the Asset Class grid.
- Click
- Enter desired information into the billing
- Enter an existing ledger code or s
- Local Class is the four digit code assigned to identify an asset class.
- Description is the description entered to define the asset class.
Search/View an Asset Class
Edit an Asset Class
Delete an Asset Class
More Information on Asset Classes
Any items that may have been entered without an asset class prior to the GAAP flag being set to "Y" in EISMNT/DATSCN will not require an asset class code to be assigned. However, these items will appear under an undefined class grouping on the GAAP schedules.