Entering historical equipment cost records
Methods for entering historical equipment cost records
Note: This functionality is available only if you have the Equipment Module.
You can enter historical cost records for each piece of equipment. There are many ways to enter the cost records. Select a method appropriate for the piece of equipment. While some methods require additional time and effort, those methods produce more detailed reports than the faster methods of entry.
For example, you might only need the total costs for an older piece of equipment, whereas you might want the individual costs for a new piece of equipment.
Important! Sage 100 Contractor does not automatically create equipment costs for payroll records assigned payroll record type 3-Hand Computed or 4-Startup. If you are using the Payroll module and have entered the year-to-date payroll history, determine the equipment costs associated with payroll and figure those costs into the appropriate historical cost entries.
Method 1
For each piece of equipment, enter one equipment cost record. Determine the amount from the total cost to date for the equipment at the time when the general ledger was set up. It is recommended that you assign the record cost type 5-Other. Post each record to the period just prior to the current period.
Because you are entering a single amount that may cover many cost codes, create a special cost code for this purpose. You might name the cost code something like Unassigned or Lump Sum Start Up.
This method provides reports based on cost codes, cost types, or accounting periods that do not contain any detailed data.
Method 2
For each piece of equipment, enter one equipment cost record for each cost code. Determine the amount from the total costs to date for each cost code for each piece of equipment at the time when the general ledger was set up. It is recommended that you assign the record cost type 5-Other. Post each record to the period just prior to the current period.
This method provides reports with an accurate breakdown of costs for each cost code except in Journal reports or Current Cost Summary reports. Reports based on cost types or accounting periods do not contain any detailed data.
Method 3
For each piece of equipment, enter one cost record for each cost code in the prior fiscal year and another cost record for the current fiscal year. First, determine the accumulated costs for each cost code in the prior fiscal year. Then enter a separate cost record for each cost code, posting each to period 0.
Next, determine the accumulated costs for each cost code in the current fiscal year. For each cost type, enter a separate cost record. Post each record to the period just prior to the current period.
This method provides reports with an accurate breakdown of costs for each cost code, but does not provide accurate Journal or Current Cost Summary reports. Reports based on cost types or accounting periods do not contain any detailed data.
Method 4
For each piece of equipment, enter one cost record for each combination of cost code and cost type in the prior fiscal year. Then enter another cost record for each combination of cost code and cost type in the current fiscal year.
First, determine the accumulated costs for each combination of cost code and cost type in the prior fiscal year. Then enter a separate cost record for each combination of cost code and cost type, posting each to period 0.
Next, determine the accumulated costs for each combination of cost code and cost type in the current fiscal year. For each combination of cost code and cost type, enter a separate cost record. Post each record to the appropriate accounting period.
Suppose you are starting up in period 7. Determine the accumulated costs for each combination of cost code and cost type in each period. Then enter a cost record for each combination of cost code and cost type in periods 1 through 6.
This method provides reports with an accurate breakdown of costs for each cost code and cost type during the previous and current fiscal years.