Fixed Assets Suffix


Fixed Assets Suffix is quite confusing, at least that’s what I was thinking about.

According to GP:

When you enter an asset ID, you also must enter a suffix for it. The asset ID is used throughout Fixed Asset Management to identify assets; the suffix is used to identify components of assets. The default suffix is 1. You can accept the default suffix or enter or select a different one.

For someone who do not understand what exactly it is, I would like to simplify.

Consider the following scenario:

I am purchasing 10 laptops of identical configuration for my staff. Following will be my asset record:

Asset ID: LAPTOPS
Suffix: 1
Acquisition Cost: $3000 ($300 per laptop)
Quantity: 10
Location: My Office
Physical Location: IT Stores
Custodian: IT Manager or IT Department (whichever way you would like to perceive)

Now, my IT department allocates one laptop to an employee belonging to Finance department. I must now pass an Asset Transfer for one laptop from this asset ID. Once I transfer one laptop, following will be my new & updated asset records:

— For all other 9 laptops that are not allocated yet
Asset ID: LAPTOPS
Suffix: 1

Acquisition Cost: $2700 ($300 per laptop)
Quantity: 9
Location: My Office
Physical Location: IT Stores
Custodian: IT Manager or IT Department

— For 1 laptop that got allocated to an finance employee
Asset ID: LAPTOPS
Suffix: 2
Acquisition Cost: $300
Quantity: 1
Location: My Office
Physical Location: Finance Department
Custodian: Employee to whom this laptop is allocated to

Asset Suffix will be incremented as and when you do a partial transfer. It is not advisable to use Asset Suffix for non-identical assets. For instance, if you purchase 10 laptops but non-identical configurations, it’s not standard practice to create one asset ID with quantity 10.

Hope this helps.


VAIDY

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