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How to create Fixed Assets
Fixed assets are long-term items that a company owns and uses in its operations to generate income.
Steps:
- Navigate to ACCOUNTING > General Ledger > Fixed Assets.
- Click CREATE A NEW FIXED ASSET.
- Enter or select the following information.
Field Description 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. - Click SAVE or SAVE & CLOSE.
Click on the Notes link at the top right to record any additional information for this Fixed Asset.