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How to create Fixed Assets

Fixed assets are long-term items owned and used by a company to generate income. The article outlines the steps to enter asset details, assign them to offices or departments, and configure depreciation settings.

1. Navigate to ACCOUNTING > General Ledger > Fixed Assets.

2. Click CREATE A NEW FIXED ASSET.

3. Enter or select the following information:

  • Description- Enter the name of the fixed asset. For example, MacBook Air 15" Laptop
  • Fixed Asset Type- Select from the drop-down list the pre-defined fixed asset type.
  • Acquisition Cost- Enter the value of the fixed asset.
  • Office- Select the office that this fixed asset belongs to.
  • Department- Optional - If tracking fixed assets by department, select the department from the drop-down list.
  • Date Acquired- Enter or click on the calendar icon on the date the asset was acquired.
  • Overwrite Accounting Month?- Check this box to overwrite the accounting month. The system defaults the Accounting Month based on the Date Acquired.
  • Accounting Year- Locked field unless Overwrite Accounting Month is checked.
  • Accounting Month- Locked field unless Overwrite Accounting Month is checked.
  • Depreciation Method- Select the depreciation method from the list. The system defaults to the depreciation method linked to the Fixed Asset Type page.
  • Residual Value- Optional - Enter a residual value.
  • Depreciation %- The system defaults to the depreciation percentage linked to the Fixed Asset Type. Override if it differs from the default. Note - this field does not appear if the Straight Line-Monthly depreciation method is selected.
  • Useful Life In Months- This field only appears if the Straight Line-Monthly depreciation method is selected. Enter the number of months to depreciate this asset.
  • Journal No- This field is locked and only populated if the fixed asset is entered via a supplier invoice.
  • Transaction Type- This field is locked and only populated if the fixed asset is entered via a supplier invoice.
  • Transaction No.- This field is locked and only populated if the fixed asset is entered via a supplier invoice.
  • Supplier- Optional - Enter or select from the list the supplier of this fixed asset.
  • Serial No.- Optional - If applicable, enter the serial number of the fixed asset to appear on the Fixed Asset export.
  • Location- Optional - Enter the location of the fixed asset to appear on the Fixed Asset export.

4. Click SAVE.

Tip: Click on the Notes link at the top right to record any additional information for this Fixed Asset.