From the Fixed Asset Inventory screen, select the Maintenance menu and then Sub Classes.
Click the New Record button.
Note: For any field equipped with the repeat function, click the Repeat button or press the Ctrl+R keys to repeat the previous entry for the specified field. The repeat function is only available after your initial entry.
Enter a unique ID for the sub class in the Sub Class ID field. The ID can be alphanumeric and up to 10 characters long (no spaces).
Note: To have the system automatically assign the ID using the first 10 characters (letters and numbers only) of the description, leave the ID field blank; once the record is saved, the ID will be assigned.
Enter the ID of the class for which this new sub class is tied in the Class ID field. If the ID is not known, click the down-arrow button to select the correct one, or press the Ctrl+F keys to access the search feature.
Enter a description for the sub class in the Sub Class Description field. The description can be up to 40 characters long.
Enter the replacement cost change factor to use as the default for all assets within this sub class in the Replacement Cost Change Factor field. The replacement cost change factor is the factor of how much the asset will cost next year and is used when processing replacement costs. As an example, if the purchase cost of an asset will increase 2% next year, the replacement cost change factor is 1.02; and if the purchase cost of the asset will decrease 3% next year, the replacement cost change factor is 0.97. The replacement cost change factor can be up to 10 digits long (including the decimal point and comma(s) if applicable) and will be rounded to 4 decimal places by the system if capable.
Note: Replacement Cost Change Factors are available from your insurance company.
Enter the number of years the assets within this sub class will be useful in the Useful Life field. The number entered here will be used as the default for all assets within the sub class, but can be changed for an asset if needed. The number can be up to 10 digits long (including the decimal point and comma(s) if applicable) and will be rounded to 2 decimal places by the system if capable.
If desired, enter the fixed asset balance sheet account number to debit when adding a new asset (tied to this sub class) in the Inventories Account field. Typically, the balance sheet account number entered here is the one used most frequently for recording fixed assets tied to the sub class, such as the balance sheet account number for Machinery and Equipment. The account number entered here will be used as the default for all assets within the sub class, but can be changed for an asset if needed. If the account number is not known, click the down-arrow button to select the correct one, or press the Ctrl+F keys to access the search feature.
Note: To not post entries to the Fixed Asset Fund in General Ledger when adding new assets, leave this field blank. This field is not applicable to Kansas and Nebraska school districts as fixed assets are not tracked in General Ledger in those states.
If desired, enter the fixed asset balance sheet account number to credit when adding a new asset (tied to this sub class) in the Reserved for Inventories Account field. Typically, the balance sheet account number entered here is for Investment in General Fixed Assets; for Iowa school districts only, the account number is for Investments in Governmental Fixed Assets before Depreciation. The account number entered here will be used as the default for all assets within the sub class, but can be changed for an asset if needed. If the account number is not known, click the down-arrow button to select the correct one, or press the Ctrl+F keys to access the search feature.
Note: The account number entered in this field must be within the same fund as the account number entered in the Inventories Account field. To not post entries to the Fixed Asset Fund in General Ledger when adding new assets, leave this field blank. This field is not applicable to Kansas and Nebraska school districts as fixed assets are not tracked in General Ledger in those states.
Enter the appropriate type of depreciation (None or Straight Line) to use as the default for all assets within this sub class in the Depreciation Type field, or click the down-arrow button to select the correct one. If the assets will not be depreciated, enter None. If the assets will be depreciated using the straight-line method, enter Straight Line. When adding a new sub class, None is selected by default.
If Straight Line is selected as the Depreciation Type, the First Year Depreciation Type field is enabled. Enter the appropriate first year depreciation type (None, Actual Months, Half Year, or Full Year) to use as the default for all assets within this sub class in the First Year Depreciation Type field, or click the down-arrow button to select the correct one. The First Year Depreciation Type field indicates how assets within the sub class are depreciated the first year, which is particularly important if assets were purchased other than right at the beginning of the fiscal year. If assets within the sub class will not be depreciated the first year, enter None. If assets within the sub class will be depreciated for the actual number of months (of the first year) that the school district has had the assets, enter Actual Months. If assets within the sub class will only be depreciated for six months for the first year, select Half Year. If assets within the sub class will be depreciated for a full year, select Full Year. When adding a new sub class, None is selected by default. For those school districts who must comply with GASB 34, refer to the regulations with GASB 34 and your auditor to determine which option to select; SUI recommends to use the same first-year depreciation option for all sub classes.
If Straight Line is selected as the Depreciation Type, the Debits List in the Depreciation Accounts section is enabled. If applicable, complete the Debits List to define which account number(s) to debit when recording depreciation for the assets within this sub class. To add an account number, complete the following:
In the blank line (indicated with an asterisk) at the bottom of the Debits List, enter the depreciation expense account number with the appropriate function to debit in the Chart of Account Number field. If the account number is not known, click the down-arrow button to select the correct one, or press the Ctrl+F keys to access the search feature.
Then specify the percentage to be debited to the particular account number in the Percentage field. The total percentage of all account numbers entered in the Debits List must equal 100%; if only one account number is listed, enter 100 as the percentage.
If applicable, repeat these steps until all the debit account numbers have been added.
Note: The account number(s) entered here will be used as the default for all assets within the sub class, but can be changed for an asset if needed. To not post entries to General Ledger when calculating depreciation for the assets within this sub class, leave the Debits List blank. This field is not applicable to Kansas, Missouri, and Nebraska school districts as depreciation is not tracked in General Ledger in those states.
If Straight Line is selected as the Depreciation Type, the Credits List in the Depreciation Accounts section is enabled. If applicable, complete the Credits List to define which account number(s) to credit when recording depreciation for the assets within this sub class. To add an account number, complete the following:
In the blank line (indicated with an asterisk) at the bottom of the Credits List, enter the appropriate accumulated depreciation balance sheet account number to credit in the Chart of Account Number field. If the account number is not known, click the down-arrow button to select the correct one, or press the Ctrl+F keys to access the search feature.
Then specify the percentage to be credited to the particular account number in the Percentage field. The total percentage of all account numbers entered in the Credits List must equal 100%; if only one account number is listed, enter 100 as the percentage.
If applicable, repeat these steps until all the credit account numbers have been added.
Note: The account number(s) entered here will be used as the default for all assets within the sub class, but can be changed for an asset if needed. The Credit account number(s) must balance by fund to the Debit account number(s). To not post entries to General Ledger when calculating depreciation for the assets within this sub class, leave the Credits List blank. This field is not applicable to Kansas, Missouri, and Nebraska school districts as depreciation is not tracked in General Ledger in those states.
Click the Save button.