Sage FAS Software Tutorial
Sage Fixed Asset Software (FAS) helps businesses of all sizes manage asset value and send values to a variety of accounting packages. Sage FAS is designed for commercial businesses as well as government and nonprofit organizations. The software helps businesses track each asset from acquisition to final decommissioning and disposal. By tracking all assets, organizations can remove damaged or decommissioned assets from insurance and inventory, helping reduce premiums and tax payments.
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Instructions
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Set up Sage FAS and then begin entering assets. Start Sage FAS by clicking "Start," "Programs," "Sage FAS." The main application screen opens. The software comes with an example company's data called "Westfields Bakery - Demo." You may keep or delete the data without affecting your company data. Set up your own company by creating a new database by clicking "File," "Database List Manager" from the menu. Click the "New Database" button to start a new database. In the "New Database" dialog box, enter the physical database name, which is the name that appears in Windows Explorer. Enter the logical database name, which is a unique name that appears in the Sage FAS database screens. Finally, set the folder Sage FAS uses to save data.
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Sage FAS gives business managers a real-time understanding of asset value. Start a new company by clicking "File," "New Company." The new company wizard screen will appear with basic questions to walk you through entering your company information. Click on "Next" to select the database to use. In this case, select the new database you created for the company. Click the "Next" button to open the "General Information" window. Enter the name of the organization in the dialog box. Enter the start of business date in either MM/YYYY or MM/YY format. This will be used by Sage FAS for asset calculations. This date must be older than the oldest asset for the company. Click the "Next" button. A "Congratulations" screen will appear. Click the "Finish" button to return to the main screen.
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Before entering assets, open the company again by clicking "File," "Edit Company." Select the name of the company and "Open." Click on the "Identifying Number" field to enter the Employer Identification Number in the format of ##-#######. The first two digits must be followed with a hyphen to be accepted by the program. In the "FY End" field, enter the month that the fiscal year for your company ends. Click "OK" to save the information.
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Determine where assets are located as well as who has them. Click on "Asset," "New" from the menu to add a new asset. The new asset wizard window will appear asking for specifics about the asset. Click "Next" to open the "Select Template" window. If no template is available or if the template doesn't apply, click "Next" to open the "General Information" window. Under the "Description" section, enter a general description of the asset. If your company assigns asset numbers, enter the asset number in the "Co. Asset No." field. The "Class" field is designed for a two-letter character code for the asset, such as "FF" for furniture. The "Location" field is a code indicating where the asset is located, usually a building, floor, room combination. The "Custodian" field is to assign a person the asset is assigned to for tracking purposes. Click the "Next" button when you are finished.
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Work closely with accounting to apply the correct account numbers to an asset. In the "General Ledger" field, enter the general ledger asset account number. In the "General Ledger Expense Account Number" field and the "General Ledger Accumulated Account Number" field, enter the numbers assigned by accounting. This will allow Sage FAS to export information to the accounting software used by the company. Click the "Next" button when you are finished.
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Make sure the correct value is entered for each asset. In the "Acquisition Value" field, enter the acquisition value in dollars. In the "Acquisition Date" drop-down box, select the date the asset was purchased. In the "Placed In Service" field, enter the date the asset was placed in service in MMDDYYYY or MMDDYY format. In the "Purchase Order" field, enter the purchase order number. In the "Vendor" field, enter the name of the company or supplier. In the "Mfg. Serial No." field, enter the serial number of the asset. In the "Warranty Date" field, enter the date the asset warranty expires. Click the "Next" button when you are finished.
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All asset types, including trucks and office equipment, are tracked by Sage FAS. In the "Property Type" drop-down box, choose the type of property the asset represents, such as general personal property or automobiles. In the "Depreciation Code" field, select the depreciation code to select the specific type of depreciation, such as "SL" for straight line, "DC" for declining-balance or "RV" for remaining value over remaining life. In the "Estimated Life" field, enter the estimated service life value in YYMM format. You have now entered an asset in Sage FAS.
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Tips & Warnings
Work closely with the accounting department to ensure the correct asset depreciation and accounts are chosen. This will ensure that the reports being generated will match with the business rules established by management.
Sage FAS assumes the operator knows the accounting structure of the company, including general ledger accounts. Incorrect entry of asset information will result in the wrong type of asset depreciation, and potential errors in annual reports and tax forms.
References
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