Uploading an Asset Register
Silverfin has designed a Fixed Asset Register (FAR) and an Intangibles Asset Register (IFAR) to help you track the NBV of your customer's assets. These templates can be rolled forward period after period, and will automatically calculate depreciation and NBV etc. There is also a configuration that your CSM can add which also allows you to post the required depreciation adjustment directly from the template into Silverfin.
When populating your Asset Registers within SIlverfin, you can manually type in the required information, but if there are a large number of assets, it is best practice to upload your existing Asset Register (often documented in Excel) into our Silverfin template, and this is very simple!
To access the FAR and IFAR, use Control+J to 'jump' directly to them, or access them through your Working Papers workflow.
For a template on this: see here FA-upload-template.xlsx
Step 1: Get the right columns in your Excel FAR / IFAR
- Ensure you have clear column headers- when you upload an Excel document into Silverfin, the system looks at the column headers to bring the information into the right place, so you need to make sure that your Excel Asset Register has column headers in Row 1
- The main columns required are:
- Acquisition Cost
- B/F Accumulated Depreciation
- SL vs RB (to differentiate between Straight Line (SL) and Reducing Balance (RB)). You can use the number 1 or lower case letters 'sl' for Straight Line and number 2 or lower case letters 'rb' for Reducing Balance.
- Years vs % (when using SL and referring to the years, please use numbers (E.g. 3.5 for 3 years 6 months), and for RB please use decimals for % (E.g. 0.25 for 25%)
- You can capture other information in bulk (E.g. Description or Invoice), or you can add these manually once the information is within Silverfin
- If you want to upload disposals or Hire Purchase, then please upload the word 'true' in your Excel import
Note: the upload is case sensitive, so please be sure 'sl' or 'rb' is in lower case on your upload template.
Step 2: Format your Excel in the right way!
- Depreciation needs to be a negative number (use the minus sign here!)
- There should be no commas in the numerical figures (it is best to use only 2dp)
- Make sure there are no breaks in the data (no blank lines in the middle of your data set)
Step 3: Separate your asset classes
- Silverfin separates the Asset Register into various asset classes, and therefore you also need to separate your upload into different documents to match this
- Here are all the asset classes used in Silverfin for Fixed Assets
Step 4: Upload your Excel FAR
- First of all, select the show / hide button against each of the required Asset Classes. Silverfin will bring through the net book values of all applicable assets so you can see which asset classes have data associated with them. You also get an indicator of whether that value has been reconciled
- Once you have selected an asset class, scroll down and you will see a blank fixed asset register for that asset class has been generated, and is ready to be populated. A summary of the nominal codes that relate to that asset class will also be shown i.e cost , depreciation etc.
- Click into one of the line items for that asset class, and select whether the depreciation policy should be RB or SL. This step is required in order for your depreciation type and %/year to upload into Silverfin.
- Refresh the page
- In the top right, select 'Actions' and then 'Import Reconciliation Data'.
- You will then be able to 'Upload Excel File'. This will allow you to browse your computer so you can upload the relevant document- the fixed asset register you prepared earlier!
Here is a short video that will walk you through these steps: FAR-1.mp4
Step 5: Match your asset classes and column headers
- If you have selected multiple asset classes in Silverfin, you need to tell Silverfin which Excel document you are uploading. You do this by selecting the correct asset class from the 'Collection' dropdown i.e Land and Buildings or Office equipment. You can see the example below on the Intangibles Asset Register- we have selected 'Goodwill.'
- You then need to match the relevant columns from your excel document to the columns in the SIlverfin Asset Register template (this is where it is important to have clear column headers
- Hit 'Replace data' to replace any existing data with your manual upload, or 'append to data' to add to any existing data. As mentioned above, if you want to post your depreciation/amortisation adjustments directly from these registers, then please let your CSM know and we can switch this configuration on for you!