startCCH Fixed Asset Register: Asset Summary
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CCH Fixed Asset Register: Asset Summary

CCH Fixed Asset Register
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    This page takes you through the set-up process within the Fixed Asset Register.

    Asset Summary Set-up

    Setup is accessed via the Setup icon in the Fixed Asset Register's Asset Summary Ribbon.

    Fixed_Asset_Register_Summary_Setup_1.png

    The Set Up screen is used to set up the client's Asset Classes such as Fixtures and Fittings or Motor Vehicles. Every Asset must belong to an Asset Class.

    Fixed_Asset_Register_Summary_Setup_2.png

    The Asset Class provides:

    • The nominal accounts that act as control accounts for the Fixed Asset Register. When postings are made to these accounts in CCH Accounts Production, a Analyse in Fixed Asset Register? message appears so that the posting can be broken down into its effects on individual assets.
    • The nominal accounts that are used for depreciation postings.
    • Defaults that are used when an asset is set up, e.g. the Depreciation Method.

    Columns

    Asset Class

    Code - The code of the Asset Class, e.g. FF for Fixtures and Fittings.

    Name - The name of the Asset Class, e.g. Fixtures and Fittings. 

    Balance Sheet Category - The description used on CCH Accounts Production's fixed asset note for this Asset Class. 
    Assets brought into Corporation Tax are grouped by Balance Sheet Category. For instance, there could be Asset Classes in the FAR for "Freehold Property" and "Leasehold Property", but both Asset Classes could be aggregated as "Land and Buildings" on the fixed asset note. In this case both Asset Classes would have a Balance Sheet Category of "Land and Buildings".

    Sections for:

    Asset Cost Nominals, Balance Sheet Depreciation Nominals and Profit and Loss Nominals

    Each section display Nominal Accounts, whch are selected in the same way as in CCH Accounts Production. Enter a word from the account name and all matching accounts are displayed. For instance, you can enter "motor" and all motor vehicle accounts are displayed. Alternatively, enter the first few digits of the accounts code and all matching nominals are displayed. The nominal accounts cannot be overridden on individual Assets.

    Default

    Depreciation Method - Select from: None, Straight Line or Reducing Balance, the method may be overridden for individual Assets.

    Depreciation Percentage -  a default is displayed that can be overridden for individual Assets.


    View Master Asset Classes

    The Master Asset classes hold defaults to facilitate the setting up the Asset Classes. 

    Fixed_Asset_Register_Summary_Setup_3.png

    Every client with a Fixed Asset Register needs Asset Classes set up. They are usually set up once and do not need to be altered in subsequent years unless the client buys a new type of asset.

    When selecting Code to add a new Asset Class, A Create from a Master Asset Class? message appears. If you answer Yes, then the Master Asset Class can be selected. The Master Asset Class has default nominal accounts already set up. This saves you from having to select all the nominal accounts each time an Asset Class is set up.

    The Asset Classes are saved at client level so whichever Accounting Period you go into for a client, you see the same Asset Classes.

    However if a client converts to FRS 102, then the nominal accounts on the Asset Class are invalid in the new year.

    If this happens, you are warned when you first open the Fixed Asset Register in the new year and you are taken into the Set Up screen to correct the Asset Classes for the new year.

    The Master Asset Classes only speed up adding a new Asset Class; there is no way to speed up editing an existing Asset Class.

    More detail on the Usage of the Asset Class Nominals can be found here.

    Ribbon

    Export - Export the Asset Summary to Excel, from where it can be printed if required.

    Periods - Use this option to specify the options such as "Calculate Depreciation in the Year of Acquisition" that can be set by Accounting Period.

    Set up - Used to set up the Asset Classes and the nominal accounts that each class uses.

    Post Depreciation - Posts depreciation journals back to CCH Accounts Production.

    FAR Report - Used to list all assets with their cost and depreciation for the year. 

    Import from Excel - Used to import asset balances from a spreadsheet or another FAR system.

    Import from VAP - Used to import asset balances from the legacy VAP FAR.

    Related documents

    Part Disposals
    Part Disposals
    Changing Entity Type
    Changing Entity Type
    Asset Movement
    The document outlines the functionality of the Asset Movement screen, detailing how asset transactions are recorded in the Fixed Asset Register, independent of CCH Accounts Production. It describes five types of movements: Cost B/Fwd, Addition, Adjustment, Revaluation, and Disposal, each with specific criteria and purposes. The document also covers the protocol for asset movement dates, especially concerning finalized periods, and discusses the Change of Method movement for altering depreciation methods. Additionally, it includes guidelines on how movements affect nominal accounts and the conditions under which movement deletion is permissible.
    Asset Classes
    The Asset class section is used to define the ledger accounts which must be used for the posting of the asset transactions and the method of depreciation.
    Master Asset Classes: Fixed Asset Register
    The document outlines the functionality of Master Asset Classes within the Fixed Asset Register's Set Up screen in CCH Accounts Production. These classes provide default settings for client-level Asset Classes and are integral to the CCH chart of accounts versioning system. While Master Asset Classes cannot typically be edited, users can modify them when creating a new Practice Master Pack. Access to Master Asset Classes is through the Set Up screen or the menu path: File > Maintenance > Accounts > Master Asset Classes.