Asset Categories

As of July 12, 2021, this "Learn Veracross" site has been deprecated.  It will remain live through December 2022, but will no longer be updated. All knowledge content has moved to the new Veracross Community.  Please update your bookmarks.

 Here is the new version of this article in the Veracross Community.

What is an Asset Category?

An Asset Category is a broad grouping used to categorize a school’s assets.  Each Asset Category can be linked to a Property/Depreciation Class, and can have default GL accounts assigned to it.  When a user assigns an Asset Category to a Fixed Asset, the Depreciation/Property Class (and all fields stored on the Depreciation/Property Class) will automatically populate onto the Fixed Asset Record.  Similarly, when a user assigns default GL accounts to an Asset Category, those accounts will be automatically populated onto the  Fixed Asset, and in turn, assigned to the depreciation records that are ultimately created for the Fixed Asset (if depreciable)  

Assigning a Depreciation/Property Class and GL Defaults to an Asset Category are all 1-1, meaning you can't have multiple Depreciation/Property Classes linked to a single Asset Category. New Asset Categories can be added to break out an Asset Category that requires multiple depreciation classes if needed. (Ex: "Vehicles -5yrs" and "Vehicles -7yrs").  Asset Types are also 1-1, which means that each Asset Type can only be linked to 1 Asset Category. This should be taken into consideration when creating new Asset Categories.

Navigating to the Asset Category List

  1. From the Launchpad, navigate to the Property Control Homepage
  2. Under the "General" column, click on the Asset Category List

This query is also helpful for viewing the Asset Category List with the Default GL Account fields viewable and updatable directly from the query.

Adding a new Asset Category

  1. From the Launchpad, navigate to the Property Control Homepage
  2. Under the "General" column, click on "Add an Asset Category"
  3. Fill in the following fields:
    1. Description
    2. Depreciation Class (if one should be linked)
    3. Asset GL Account (if needed)
    4. Accumulated Depreciation GL Account (if needed)
    5. Depreciation Expense GL Account (if needed)
  4. Once complete, click Update

Adding an Asset Category to a Fixed Asset Record

  1. From within a Fixed Asset Record, navigate to the General Tab
  2. In the Asset Category Field, select the appropriate Asset Category from the dropdown menu.
  3. Once selected, click Update

If Asset Types are in use and have an Asset Category linked to them, then only the Asset Type needs to be populated, and the Asset Category will automatically populate along with all the fields stored in the Asset Category.