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Fixed Asset Status

The status of a fixed asset is used when an asset is in the process of depreciating or decreasing in book value.

  • CIP: indicates the asset is not in service or ready for use (e.g., current building construction or machinery installation)

  • Depreciating: indicates an asset is in the process of depreciating or decreasing in book value

  • Fully Depreciated: indicates that an asset has reached the end of its estimated useful life

    Note

    Although the asset can continue to be used, it cannot continue to be depreciated.

  • Non-Depreciating: indicates assets that do not depreciate or lose value (e.g., land)

  • On Hold: indicates the asset requires the completion of additional transaction so all associated costs can be applied to the asset and the depreciation process can begin (e.g., newly created assets)

  • Retired: indicates an asset has been disposed of at no monetary value

  • Review: indicates new assets submitted from Accounts Payable

  • Salvaged: indicates that the asset has been sold in parts sold separately (not a complete entity), or the entire asset was sold for junk

  • Sold: indicates that the asset has been sold and is no longer in the possession of your institution

How To

Change the Status of a Fixed Asset

Tip

The status of assets that are Sold, Retired, or Salvaged can't be changed.

  1. Click the Asset options button and choose Update status from the drop-down.

  2. The Update Status pop-up opens. In the New Status field, choose the new status for the asset.

  3. Updating the status to Salvaged, Depreciating, or Sold requires that you provide information before saving.

    1. Salvaged and Sold: Price, Date, and Receivable/Cash for Sale Account must be provided. The Receivable/Cash for Sale Account Description automatically populates once an account is selected.

    2. Depreciating: Type, and Begin/End Date must be provided. Details about the depreciation type automatically populate once a type is chosen.

  4. Click Cancel to close the pop-up without updating the asset's status. Click Update to update the status.