| # Category Data When you select a category during asset entry, LN applies the default data associated with the category to the asset, and the following fields are displayed in the asset record: Category When you add a new category, LN automatically creates a subcategory with the same name as the category and selects it as the default subcategory for the category. When you select a category during asset entry, LN automatically applies the default subcategory to the asset. For example, in the category VEHICLES, you enter subcategories for tractors, trailers, and trucks used for shipping and for trucks used for snowplowing or other emergency road service. You can then select TRACTORS as the default subcategory. When you enter a new asset and apply the category VEHICLES to the asset, LN also applies the default subcategory TRACTORS to the asset. LN also applies some data associated with the category to the asset books. In the Categories (tffam2500m000) session, you enter default depreciation methods for all types of books. When you enter a new asset, these default depreciation methods are assigned to the asset books according to their book type. Subcategory Subcategories provide additional classification of assets within a category. A category can have several subcategories associated with it. You indicate which subcategory should act as the default for the category during asset entry. You can modify these defaults in the asset record. Asset Group Code Groups classify assets for reporting and inquiry purposes. You specify a default group for a category in the Categories (tffam2500m000) session. When you select a category during asset entry, LN automatically applies the default group to the asset. For example, you have a category called LOWEND for computer systems under $5,000. Since most assets in the LOWEND category will be computers, you can assign the group COMP as the default group for the category. LN will apply the COMP group to all assets to which you assign the LOWEND category. You set up groups in Asset Groups (tffam4500m000) session. For more information, see the Defining Groups topic. Related topics Deemed Supplies-Gifts: Taxable persons and values |