Entering Fixed Asset Transactions

You can use the FA-GL transaction type to create general ledger entries or use the Asset-JC transaction type to create cost code and general ledger entries.

Entering FA-GL Transactions

The FA-GL transaction type allows you to create a general ledger entry for a fixed asset transaction. In other words, you will be able to charge fixed asset costs to a general ledger account instead of a specific job. The number of hours for FA-GL transactions will not be added to the total hours and daily hour amounts in the Time Card Entry window. The negative number of hours will be sent to the fixed asset job and cost code. TimeTrack FA-GL transactions create job transaction entries that credit the fixed asset job number, default cost code, and general ledger account assigned to the cost code. With this option, TimeTrack verifies that the job and default cost code exist for the fixed asset when entering an FA-GL transaction. To create FA-GL transactions, you must check Option 1 in the Fixed Asset Options window. See Setting up Fixed Assets for details.

1. Select Transactions > Time Track > Time Card Entry.
2. Enter a Batch ID. After choosing a batch ID, you can view which employees and week-ending dates are included in the batch by choosing the expansion button in the Batch ID field. Double-clicking an employee name from the list in the Expanded Batch Lookup window enters the employee ID and week-ending date in the Time Card Entry window.
3. If the Employee ID field is blank, enter an employee ID.

4. The week-ending date appears in the Week Ending field based on setup options. You can edit the date. The transaction number is assigned when the transaction is saved or when you attach a note to the transaction using the notepad button. See Entering Notes. The number is taken from the Computer Check field in the Payroll Setup Options window (Setup > Payroll > Payroll > Options).

5. Enter FA-GL in the TRX type field.
6. Enter a day of the week.
7. Enter asset ID. The asset ID must be set up as a job of the same name in Job Cost.
8. Enter the number of hours the asset was used.
9. Enter a general ledger account for the debit portion of the transaction.
10. View the total cost. The total cost calculates automatically as is calculated by multiplying the hours by the cost recovery rate. The total cost will be used as the debit amount charged to the selected general ledger account. See Set up Cost Recovery Rate for details. The Pay Rate field will always display $0.00.
11. Select Save.
12. Commit the transactions. See Committing Time Card Transactions.

Entering Asset-JC Transactions

The Asset-JC transaction type allows you to charge fixed asset costs to a default cost code or to a general ledger account you designate. The number of hours for Asset-JC transactions will not be added to the total hours and daily hour amounts in the Time Card Entry window. The negative number of hours will be sent to the fixed asset job and cost code. Asset-JC transactions create job transaction entries that credit the fixed asset job number, default cost code, and general ledger account assigned to the cost code. With this option, TimeTrack verifies that the job and default cost code exist for the fixed asset when entering an Asset-JC transaction. To create Asset-JC transactions, you can use either Option 1 or Option 2 in the Fixed Asset Options window. See Setting up Fixed Assets for details.

1. Select Transactions > Time Track > Time Card Entry.

2. Enter a batch ID, employee ID, and week-ending date. The transaction number is assigned when the transaction is saved or when you attach a note to the transaction using the notepad button. See Entering Notes. The number is taken from the Computer Check field in the Payroll Setup Options window (Setup > Payroll > Payroll > Options).

3. Enter Asset-JC in the TRX type field.
4. Enter a job number, day of week, and JC cost code number. For Asset-JC transactions, all cost codes except labor will display.
5. Enter an asset ID. This cannot be the same as the job number. The system will verify that a cost recovery rate has been established for the asset. If you selected Option 1 in the Fixed Asset Options window, the division must correspond to that of the asset job number. If you selected Option 2, the division must correspond to that of the Job Cost job number.
6. Enter the number of hours the asset was used.
7. View the total cost. The total cost calculates automatically and is calculated by multiplying the hours by the cost recovery rate. The total cost will be used as the debit amount charged to the selected general ledger account. See Set up Cost Recovery Rate for details. The Pay Rate field will always display $0.00.
8. Select Save.
9. Commit the transactions. See Committing Time Card Transactions.