How to create Fixed Asset Types

Fixed asset types help to sort and take care of the assets in a company. This makes things like calculating value loss, tracking assets, following rules, reporting finances, and planning budgets easier and more accurate.

Steps: 

1. Navigate to ACCOUNTING > General Ledger > Fixed Assets. 
2. Click Fixed Assets Types, located at the top of the page. 
3. Click CREATE A NEW FIXED ASSET TYPE. 
4. Enter or select the following information. 
   
   
   

   Field	Description
   Name	Enter a name. For example, computer equipment.
   Office	Enter or select an office if the fixed asset type is tied to a specific office. Otherwise, leave it blank.
   Department	Enter or select a department if you want new assets to be assigned to a specific department by default. You can assign a default department to each asset type.
   Asset GL Account	Enter or select a GL account.
   Depreciation Expense GL Account	Enter or select a depreciation expense GL account.
   Accumulated Depreciation GL Account	Enter or select an accumulated depreciation GL account.
   Gain/Loss Disposal GL Account	Enter or select a gain/loss disposal GL account.
   Default Depreciation Method	Enter or select a default depreciation method. By default, it will apply as Straight Line. Change if necessary.  Straight Line Straight Line - Monthly  Reducing Balance - Monthly Balance Reducing Balance - Yearly Basis Half Year Convention
   Default Depreciation %	Enter a default depreciation percentage (optional).
   Default Residual As % of Asset Cost	Enter a default residual as % of asset cost if applicable. Otherwise, enter 0.

5. Click SAVE or SAVE & CLOSE.