In AssetAccountant™ we support journalling to your general ledger in a flexible reporting manner. Classifications are known to some as profit/ cost centres, dimensions or tracking categories and facilitate this flexibility. They allow the division of the data in your journals into journal line items that make sense to you and your business.


[0:15] From your assets home page select register settings near the top right corner of your screen. Then select Classifications from the Register Settings selection.


In this menu, you have the option to create new Classifications or edit existing Classifications. In the video example, you will see that the classifications for Profit Centre and Location already exist. If you would like to add a new field to either of these Classifications simply select 'Edit' and fill in the next blank field in the pop-up form, select Save and you have successfully edited your Classification.


[0:35] To create a new Classification select Add Classification. You will be met with a popup screen requiring a name for this new Classification in the video example we go with Project. And as many options for the division of your journals as you see fit for this Classification in our example we use three projects named 100, 200, 300, of course, this is flexible to your business's needs. Once you are satisfied with your Classification setup select save and your new Classification group is now set.


[1:04] Now that you have set Classifications lets add an asset and apply these Classifications. From the assets home page select Asset from the Add dropdown near the top right of the screen. Give the asset all the standard information required such as name, cost, group, purchase date and depreciation settings. In our example, on the create new asset screen, you will notice the three new fields that match your custom set Classifications. Select from your preset categories which fields apply to this new asset and what the value is, select save.


[1:49] In the case that one of your assets transferred between a Classification option AssetAccountant™ allows you to track the move through a fully auditable trail. To effect the transfer select the asset in question, then on the left-hand panel select transfer aligning with the appropriate Classification you wish to make the change. Choose the effective date and the new Classification value on the popup menu and select save. You will also notice on this screen that you can make reversals to any Classification at any time.


[2:49] Now that your asset is labelled to apply its appropriate Classifications journalling is still as simple as ever. Simply select Journals from the sub-menu on the assets home page, select Create, apply the date you wish to journal select Create again. And your journal is now posted with the additional Classifications segregation and application. Of course, if your asset register is set with Quickbooks Online integration you would then be able to post this journal to your general ledger. As well, you can export the data in a manner that suits you and your business's needs.