Asset Keeper 22 Tutorial

▪ Asset Keeper Menu Overview

The Asset Keeper menu is designed to make it as simple as possible to locate the options you need in as little time as possible. The File menu is used to select or create data files. The Asset menu is used to perform asset maintenance. The Calculate menu performs various calculations on your asset data. The Reports menu contains a variety of reports that allow you to satisfy all of your reporting requirements. The Housekeeping menu prepares your file for the next year’s activity, allows you to change various configuration settings, and has other options to fix data that may be incorrect if you import your data from another software program. The Miscellaneous menu contains options that generally do not fit under any of the other menu pads, such as, to display a calculator or display system information about your computer. The Help menu has options to display the help file, send comments or feedback to us, and an option to update your software to the current version.

There is also a toolbar that contains many of the options that you will use on a recurring basis.

Until you create or select a data file, many of the options in Asset Keeper will not be accessible to you. The next part of the tutorial instructs you on how to create a new data file so that you will be able to explore the different menu options in Asset Keeper.

▪ File Menu

To create a data file, click on the New option in the File menu. Alternatively, you can click the New button on the toolbar.

The New Client Wizard will be displayed. Read the introductory information presented on the first screen, then click Next. Enter the information requested on each screen using any information that you wish and when you get to the final screen, click the Finish button and the file will be created. When entering the year-end, enter the year-end for the period you wish to calculate depreciation for, not the period that has already been completed and reported upon.

Next, the Client Information Screen will be displayed. The Client Information Screen allows you to enter various data to describe the client whose data will be stored in this file, as well as specify various configuration settings when this file is selected. You can review the information that can be entered or changed in the Client Information Screen by clicking on one of the sections displayed on the left side of the screen (General, Methods, Defaults, Screen Prompts, Default Methods & Lives, and File Status). You can also move from one section to the next by clicking the Next or Back buttons at the bottom of the screen. We encourage you to review each section so you will be somewhat familiar with the data that can be entered or changed here.

When you are finished reviewing the Client Information Screen, click the Finish option on the left side of the screen or the Finish button on the bottom of the screen if you used the Next button to move to the last section. After the Client Information Screen closes, you will be returned to the Main Menu.

The Client Information Screen can be accessed at any time by selecting the appropriate option from the File Menu or by clicking the Client button on the toolbar.

We will next look at the File Listing screen.

The File Listing is the screen that is used to select a file that you want to perform some maintenance on or print a report from. The File Listing is accessed by selecting the Open option from the File Menu or by clicking the Open button on the toolbar.

The File Listing is a complete listing of all the files located in your default data folder. Recall that your default data folder is set in the Configuration Wizard. Generally, the default data folder will be C:\AKDATA, but it can be set to any folder, even a network folder, that you wish to set it to.

The File Listing makes it much easier to identify your data files because it displays the actual name of the company that you entered in the Client Information screen instead of just showing you the file name, which may be an abbreviated format of the company’s name or even a number. In addition, other information about the data file is also displayed.

If you are maintaining data files for one or two companies, you probably won’t use the File Listing very much, because Asset Keeper will automatically select the last file you were using each time it starts. Additionally, at the bottom of the File Menu, you will find a list of the eight most recently selected files that makes switching from one file to another just a click away. However, if you need to maintain data files for many companies, the File Listing will prove invaluable.

The File Listing contains many features that make it easy to manage your data files, all from within the Asset Keeper program. For example, you can change the sort order of the listing from the default “Company Name” by using the drop-down combo box at the top left of the screen. You can select a file by clicking it (to highlight it) and then clicking the Select button or by simply double-clicking any of the information displayed for that company.

You can add files from another folder (other than the default data folder) or remove files that you don’t want included in the File Listing. You can print a listing of your files and you can also Save As, Copy, Delete, or Rename a file by clicking the appropriate button on the toolbar or right-clicking the Company Name.

Finally, the information in the File Listing is automatically updated each time it is opened so you can be sure that it is accurate and up-to-date.

After you are finished reviewing the File Listing, select the file named ABC Computer Consultants, LLC. During the next section of this tutorial, you will learn how to backup and restore data files in Asset Keeper.

To Backup your Asset Keeper data files, click the Backup/Restore option in the File menu to start the Backup/Restore wizard.

To make a backup of the data file, ensure that the “Backup Files” option is selected and click “Next”. Since the same wizard is used for restoring data files, you could alternatively select the “Restore Files” option to restore a previously made backup. On the next screen, you are given the option to backup all files located in the folder where your current data file is stored or you can elect to just backup the company file currently selected. Once you click that option, you will see your file appear in the list below, indicating it is to be backed up. Note that you can add more data files to this backup file by clicking any of the ellipsis buttons below and using the dialog box that appears to locate any other data files. Since we are making a backup of our current data file only, we select the option to “Backup the Files Listed Below” and leave the file selection as is. Also, we do not want to backup any .ZIP files in this backup, so we leave that option checked. Click “Next” to proceed.

On this screen, you can select the folder in which to store the backup file. Once you select the correct folder to store the backup,  click “Next” to continue. This screen allows you to type in a unique name for your backup file. Note, Asset Keeper automatically assigns a unique name to the file, which you can keep or change in order for you to be able to identify it later should you need ot restore it. Once the correct name is entered for your backup file, click “Next” to proceed.

On this screen, Asset Keeper shows you a summary of all options you have selected including the name of the data file(s) to be backed up, the name of the backup file, and the location of the file. If everything is correct on the summary screen, we click “Finish” to complete the wizard. Asset Keeper then backs up the data file or folder and places it in the folder indicated. If you need to change any information shown on the Summary screen, click the "Back" button to go back to the corresponding screens and click "Next" until the Summary screen appears and then click "Finish" to complete the wizard.

Note that Asset Keeper utilizes a .ZIP format which can be accessed automatically in Windows XP or above. Double-clicking on this .zip file in Windows will allow you to extract the data files contained therein. It is not necessary to have Windows XP in order to extract your data files. However, if you are running a version of Windows prior to XP and you do not have the PKZIP program, you will have to use Asset Keeper’s “Backup / Restore” option in order to restore a backup file. We recommend that you use Asset Keeper’s “Backup / Restore” option when restoring your data files however, because it is easy to select the location for file restoration. Unless you know how to use Windows XP’s built-in .zip feature to restore data files, it is recommended that you use the “Backup / Restore” option in Asset Keeper.

Restoring your data files is sometimes necessary if you make changes to your file and realize that those changes are not needed or were done wrong.

To begin, select the Backup/Restore option located in the File menu to start the Backup/Restore wizard. To restore a data file, ensure that the “Restore Files” option is selected before clicking “Next” to proceed. In addition, when restoring a backup file, Asset Keeper can display the contents of any previously backed up file by clicking the “Display” button. This option displays a dialog box which allows you to navigate and select a backup file to display. By clicking “Open”, Asset Keeper reads the contents of your backup file and generates a report that you can view on the screen and then print by clicking the printer icon. Once you have located the correct backup file to restore, close the report preview screen and click “Next” to continue. Note, that since the same wizard is used for backing up data files, you could alternatively select the “Backup Files” option to make a backup of your current data file. If you need to learn how to backup your data files first, see the video entitled "Backing Up Data Files" also found in this tutorial.

The “Restore” wizard displays “Files to Restore” on the next screen. Click the ellipsis button to navigate to the location of your backup file. We can display the contents of our backup file on this screen as well by clicking on the “Display Contents” option. You also have the option of restoring just one company file on this screen or all of the companies files stored in our backup file. Normally, you will only be restoring a single company’s data files at one time, however there may be times when you might want to restore all of the company files contained in your backup. If there is only a single company’s data files contained in your backup, you may select the “Restore All Files” option to restore that company’s data files once you have selected the appropriate backup file. If your backup file contains more than one company’s data file, you will need to select the “Restore just this file” option and type in the filename to restore a single company's data file. Once you have selected the appropriate options and file, if necessary, click “Next” to continue.

The next step is selecting the folder where you want to restore your data file. If the folder displayed is the desired location for your restored data files, click “Next” to continue, otherwise, click the ellipsis button next to the folder displayed to change the location of the restored company files and then click “Next” to display a summary of the options we have selected previously. If everything is correct, click “Finish” to complete the wizard. Note, that if any files already exist in this location, you are shown several options before proceeding. Here you can say “Yes” to overwrite the existing file, “Yes to All” to overwrite any duplicate files found, “Rename” which will allow you to rename the file you are restoring in order to preserve the original files, “No” which does not overwrite your existing file, and “Cancel” which will cancels the entire restore process and takes you back to the restore wizard where you can click the “Back” button to correct the data location or cancel the process entirely. Once the restore process is completed, Asset Keeper displays a message indicating that the files you selected have been restored. After clicking “OK” to close the wizard, Asset Keeper will prompt you to refresh and add any files restored to the “File Listing” Normally, you will click “Yes” to refresh the File Listing, making them available when you click the “Open” button on the main toolbar, however, you do not have to add these files to the File Listing. Alternatively, you can use the “Select” button on the main toolbar which allows you to navigate and select any company file on you hard drive or network drive without having to add it to the File Listing. Clicking either “Yes” or “No” returns you to the main menu. To select the file you have just restored click either “Open” or “Select” at the main menu to open the restored data file in Asset Keeper.

Note that Asset Keeper utilizes the .ZIP file format supported by Windows XP and Windows Vista. Asset Keeper can restore any .ZIP file regardless of the program used to create it. In addition, you are not limited to backing up only Asset Keeper data files; you can create backups of any folder or files and later restore them using Asset Keeper.

Next we’ll look at the Add / Edit screen, the primary screen used to enter or edit your asset data.

▪ Asset Menu

The most important part of any software program is the place where you enter your data. We designed Asset Keeper to make it as easy as possible to enter your fixed asset data. Although we won’t go into great detail on the actual data entry process, we will provide you with some insight that will make data entry easier and faster.  At this point, you should have the ABC Computer Consultants, LLC file selected and be sitting at the Main Menu. Select Add / Edit Assets from the Assets Menu and the Asset Listing screen will be displayed.

By default, the Asset Listing is displayed whenever you select the Add / Edit screen from the Assets Menu. Its purpose is to make it easier and faster to find an asset that you want to review or edit. There are so many features included in this screen, it is difficult to explain them in the limited space that we have, but we’ll do our best.

The Asset Listing contains specific asset data required to identify your assets. The assets are displayed in a grid format with an option to change the sort order or the method information (Federal, Book, State, etc.) displayed. You are probably familiar with most of the sort fields since they are the same ones that are available when printing reports. To this list, we added the date acquired because many users indicated that it would be useful to look at assets in chronological order.

We also include some very sophisticated searching capabilities in the Asset Listing that completely replace the Search option in the Add / Edit screen, with one very important difference. Instead of returning one asset at time, all assets that meet your search criteria are returned in a “result set” and displayed in the grid on the Asset Listing.

The sort order and result set return from a search can then be saved so that when you proceed to the Add / Edit screen, you will see your assets in the order selected and only those that meet your search criteria. If you want to see all your assets, clicking the Reset button refreshes the display to the default sort and all assets.

The Asset Listing will be such an integral part of your asset maintenance process, we also provided a way to return to it from the Add / Edit screen. This makes it possible to perform a search, save your result set, click on one of the assets in your result set that you want to review or edit, return to the Asset Listing and select another one.

For now, simply highlight any asset you wish and click the Select button at the bottom to proceed to the Add / Edit screen.

The Add / Edit screen contains the following parts:

The General page contains descriptions and general ledger account numbers that you assign to each asset, and the other pages contain data used to make the appropriate depreciation calculations.

“Add” mode is used to describe the process of adding asset data. "Add" mode is initiated by clicking the Add button. When you are in “add” mode, you will navigate through each page beginning with the General page. When the last page has been completed, the data will be saved, current depreciation will be calculated for all depreciation methods, and you will be repositioned to the first field in the General page ready to enter the next asset.

One of the shortcut keys that should be used when in “add” mode is the F2 key. The F2 key should be pressed whenever you are finished entering data in one of the tabbed pages. By pressing the F2 key, you will automatically be advanced to the first data entry field on the next page. If you are on the last page and press the F2 key, the data you enter will be saved, depreciation calculated, and you be positioned to the first field on the General page.

“Edit” mode is used to describe the process of editing asset data. "Edit" mode is initiated by clicking the Edit button. When you are in “edit” mode, you will need to click on the tab at the top of the screen to change information on that page. When you are finished editing your asset, you can press the F2 key to display a dialog screen that allows you to select calculation options.

Some other notable features on the Add / Edit screen are the following:

There is a lot more information about entering assets in the Help file, but before we leave the Add / Edit screen, some of the fields deserve a word or two.

There is an option in the Asset Menu called Quick Entry. This option is for those cases where you’ve already entered your asset data and you want to go back and enter data in one of the sort code fields. It is much faster to use this option than the Add / Edit screen if you just want to enter data in a sort code field.

An example of how you might use a Group Checkbox would be if you wanted to print a report and include just one specific asset in the report. You could check the Group #1 checkbox for that asset and then select the Include option that will only include assets whose Group #1 box is checked. Group Checkboxes add a great deal of flexibility to the Asset Keeper program, although their use may not be immediately evident.

There are many other features of the Add / Edit screen that we could describe, but in the interest of keeping this tutorial as brief as possible, we’ll let you check some of the other resources available (Help or FAQ’s) and we’ll move on to Calculating Annual Depreciation.

▪ Calculate Menu

When you enter new assets or edit assets in the Add / Edit screen, Asset Keeper will automatically calculate depreciation for each asset added or edited. However, there are times when it becomes necessary to re-calculate annual depreciation for some or all assets, for example, when applying the mid-quarter convention to new acquisitions. The Calculate Annual Depreciation option in the Calculate Menu allows you to check for, and apply, the mid-quarter convention, if applicable.

You can also run this option at any time to recalculate annual depreciation for all assets in your file. This is convenient, for example, if you used one of the global options to change the depreciation methods for a number of assets in your file. Instead of editing each asset so the depreciation is recalculated, which can be very time-consuming, you can run this option and recalculate depreciation for all assets, which takes almost no time at all.

Since this option is a wizard, we won’t spend a lot of time describing how it works, except to say that it can be run as often as you like.

One other thing to note is that if you only need to check to see if the mid-quarter convention applies, you can run the Client Summary option in the File Menu to see if the mid-quarter convention applies. If it does, you can then select this option and apply the mid-quarter convention.

If you have the ABC Computer Consultants, LLC file selected, you may want to run the Calculate Annual Depreciation wizard at this time.

If you have a book depreciation method, like our ABC Computer Consultants, LLC, you will probably want to calculate monthly depreciation. This is a common requirement if you are preparing monthly financial statements.

This option allocates annual depreciation over the months in the current fiscal year taking into account the date the asset was acquired and/or disposed. This option utilizes a wizard to select various options before performing the allocation; however, in most cases, the options don’t need to be changed from the default settings.

After monthly depreciation is calculated, you can print any of the reports in the “Monthly and Period Reports” sub-menu. Additionally, you can override monthly depreciation by finding the asset in the Add / Edit screen and clicking the Override Monthly button in the toolbar.

If you have the ABC Computer Consultants, LLC file selected, you may want to run the Calculate Monthly Depreciation wizard at this time.

This option calculates annual depreciation for up to 99 years. The default number of years to calculate is 5 years. Use the spinner control to select the number of years to calculate projected depreciation. Note that the actual number of years that Asset Keeper calculates may be less than the number you select based upon the life and the age of the assets in your file. After calculating projected depreciation, you may then print any of the projected depreciation reports located in the Reports Menu.

This option allows you to select a date for your short year-end and prorate annual depreciation over the inclusive dates. You can select which tax methods to calculate based on IRS rules for short taxable years and which book methods to prorate depreciation based on GAAP methodology. In addition, you can select which method to use as the basis for determining mid-quarter applicability and which methods to apply the mid-quarter convention, if necessary. You can print a report highlighting your selections and the basis for Asset Keeper's calculations.

After calculating short-year depreciation it is necessary to change your year-end in the Client Information Screen before resetting your file to the next year. This enables Asset Keeper to archive the short-year data and add it to your existing beginning accumulated depreciation during the Reset for the New Year. You can also recalculate short-year depreciation as often as necessary provided you first go back and calculate annual depreciation using the Annual Depreciation Wizard from the main toolbar.

▪ Reports Menu

There are so many different reports included in the Asset Keeper program, deciding which one to print is more complicated than actually printing the report. Hopefully, we can help you sort through the variety of reports and select those that will be most useful for your specific needs.

First off, each report has a report specification screen that allows you to set various parameters for the report. For example, some allow you to change the default sort order, select a range of assets to include based on the sorting criteria, set the include option to filter out certain assets, or print the report with or without subtotals. Most of these are pretty self explanatory, so we won’t spend any time on these.

The first two reports listed in the reports menu, the Asset Depreciation Report and the Asset Depreciation Short Report, are two of the most popular reports at your disposal. The basic difference between the two reports is that the Asset Depreciation Report contains more asset details than the short report, but the short report tends to be the one that most users print to review their asset data.

The remaining reports are contained in the following groups:

Asset Keeper allows printing of several reports using the "Batch Reports" option located under the Reports menu. You can select among several reports at once including the level of detail on the reports, the format (Landscape or portrait) of the reports and whether you want them saved to file or sent via email after the reports are created.

In addition, all settings for batch reports can be saved via the "Save Settings" button. The next time you select the Batch Reports option all of the settings that you saved the last time you selected this option are restored for you.

This concludes our look at reports. The next and final section will describe how to prepare your data file for the next year.

Asset Keeper will allow you to print virtually all of your prior year reports by selecting this option. You cannot print monthly reports with option and you cannot alter any prior year information. If you need to change your prior year data, you will first need to Unreset your file to the prior year using that option located at the bottom of the Housekeeping Menu. Once you have printed any prior year reports, simply select the "Current Year Reports located at the bottom of the Reports menu. Note, if you try to select an option that would normally allow you to change your prior year data, Asset Keeper will display a message telling you that you must first select the option to switch your data file back to the current year.

▪ Housekeeping Menu

After you are finished entering your new assets, calculating depreciation, and printing reports, you will need to prepare your file for the next year’s activity. This is performed by the option Reset for New Year in the Housekeeping Menu.

When this option is selected, you are asked if you want to perform a backup. We always recommend that you backup your data file prior to performing a reset for a new year; even though Asset Keeper automatically creates an unreset file that allows you to roll your file back to the way it was prior to the reset.

This option is a wizard and there is introductory information in the first screen that explains what will happen when you run this option. The next screen shows the year end that the file will be reset to and the calculation status of your depreciation methods.

The next screen has some settings that can be changed regarding what will be done during the reset. We recommend that you do not change these until you become more familiar with the program and this option. Note that a pre-reset and post-reset report will be printed. These are summary reports that are designed to validate that the reset was performed properly. It is always a good idea to store these reports with the other reports printed for the year.

By clicking Finish, you file will be reset for the next year.

Unresetting your data file to a prior year is easy using Asset Keeper’s “Unreset to Prior Year” option located in the Housekeeping Menu. Using the “Unreset to Prior Year” option allows you to restore your prior year file exactly the way it was prior to performing the “Reset for the New Year” option which is also found in the Housekeeping Menu. The only reason that an Unreset would be necessary would be if you have to change any data from your prior year file and have those changes reflected in your current year file. If you need to just print a prior year report, you can alternatively run the option “Prior Year Reports” located at the bottom of the Reports Menu. This option is safer and will not harm any current year data. It utilizes the exact same prior year data and allows you to restore your current existing file when you are finished running your prior year reports.

The Unreset wizard will guide you through the steps necessary to restoring your prior year file. Note, that you will have the opportunity to save any newly entered assets for the current year. However, any edit changes you have made to your existing asset file such as changing the cost, status code, or description will not be reflected in your prior year file since it will be restored to exactly the way it was when the reset was performed. This means if you have any disposals or traded assets for the current year, those assets will have to be disposed of again after you reset your file back to the current year-end.

To begin, select the “Unreset to Prior Year” option located at the bottom of the Housekeeping Menu. This starts Asset Keeper’s Unreset wizard and displays the warning information that this option will overwrite any existing data with your prior year data. To proceed, click “Next”. On this screen, you are given a choice of creating a Temporary Unreset File. Normally if you are unresetting your file it is because you need to change prior year data. The temporary unreset option does not allow you to change any prior year data, so it does little more than running the previously mentioned “Prior Year Reports” option. With the temporary unreset option however, you may run monthly depreciation calculations and print the associated reports. The temporary unreset option will not alter your existing current year data file, so if your intent is change prior year data, do not select the Temporary Unreset option. Click “Next” once again to proceed.

On the next screen Asset Keeper displays the option to save any current year acquisitions automatically to a separate file. If you have added any assets since the last reset and would like to preserve them so that they will appear in your file after you Reset for the New Year again, select this option. Once you have made the selection, click “Next” to continue.

Finally, you will see a summary of the options you have selected. If all of the options you want are selected for this file, click “Finish” to perform the Unreset. You are given an opportunity at this point to first perform a backup of your file. It is recommended that you make the backup since your existing file will be overwritten with the previous year’s data. Once you make your backup, a message will appear asking if it is ok to Unreset your file to the prior year. Click “Yes” to unreset your file and a final message appears indicating that your file has been unreset to the prior year. The company’s year-end is also changed to reflect the prior year-end, which can also be seen in the client information screen for the company. Now your file is ready for data input for any corrections or additions that needed to be made before the original reset for the file was done. Once you have made your changes and printed any reports which now reflect the file with any corrections madwe, you can safely perform the “Reset for the New Year” option located at the top of the Housekeeping Menu or on the main toolbar. Remember to select the option to restore acquisitions that were previously saved during the Unreset option.

If you need information regarding the “Reset” option in the Housekeeping menu, make sure to first watch the video entitled “Reset for the New Year” prior to performing the reset.

▪ Other Items of Interest

This concludes our brief review of the Asset Keeper program. There are many other features that we did not look at in the interest of keeping this tutorial as brief as possible. Some of the other features that may be of interest to you are the following. You can find more information about these features in the Help and/or the FAQ’s.
 

▪ Summary

The number of features and flexibility of the Asset Keeper program will take some time to discover. Perhaps one of our best features is that you do not need to be familiar with very many to take advantage of its power and convenience. The basic features may be all you ever need, but you can take comfort in knowing that when the need arises, chances are you’ll find a feature that will make short work of the task.

We encourage you to provide us with your feedback. There is an option in the Help menu that will allow you to fax or email your comments to our support staff. Many of the new features we add are a direct result of feedback from our users.

Finally, since support is included with the cost of your software (and upgrades), help is never more than an email or phone call away. We look forward to meeting your continuing needs.