Asset Classes

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 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

1. From the Core menu, select "Asset Classes" to display the Asset Class grid.
2. Click 
3. Enter desired information into the asset class window
   1. Type: Use drop-down to select a state defined class.
   2. Code: Will default to the Type selected followed by 00 (i.e. 0300).  You may optionally modify the second two digits to further break down the asset class (i.e. 0305).
   3. Description is the description entered to define the asset class.
4. Click on to add the asset class.   Click on to cancel out without saving changes.

Search/View an Asset Class

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.

Edit an Asset Class

NOTE: Only the description of the Asset Classes may be edited. 

To edit an asset class:

1. Query for desired asset class
2. Click on the edit icon  
3. Make desired description changes
4. Click on  to post the changes to the system. Click on Close to close the window and return to the grid without saving changes.

Delete an Asset Class

Delete may be used to delete an asset class that does not have any associated inventory items.  

1. Query the desired asset class
2. Click on the Delete icon 
3. Confirm you want to delete by clicking on 

More Information on Asset Classes

Any items that may have been entered without an asset class 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.