Location: Bookkeeping module > Dashboard > Client specific > Fixed Assets
You can watch a video here for a fixed asset overview
Help/Guide
You can add the Asset from + Asset icon: By Clicking on “+ Asset” the system will redirect you to purchase invoice window and you can add purchase details of fixed Asset.
Once purchase details are saved, the Asset will be listed in the Fixed Asset window depending on the nature of the asset as ‘Tangible Fixed Assets’, ‘Leased Fixed Assets’, ‘Intangible Fixed Assets’.
Fixed Assets can also be added through “Opening Balances” Section. The user can input the Cost Value and Accumulated Depreciation on fixed assets. Once done, you can 'explain' the asset.
You can select Action from ‘Select Action’ drop down as:
Edit/Explain:
You can add asset details such as Name, Account, acquired date, Price, The asset is depreciable or not. Account Code (for Fixed Assets) can’t be changed in Edit/Explain.
You can also add depreciation detail such as P&L Account type, Method of depreciation, Rate, Depreciation start date, and auto depreciation. Depreciation Rate is applicable under “Reducing Balance” and “Years” is relevant under the Straight Line Method.
Sell:
In case the user wants to sell the Asset before the useful life period is ended then they need to click on this icon. If an Asset is sold some value will be realised.
By clicking on this, a window containing asset summary and details will be opened. In the details section, you can enter the sales detail such as Date, Depreciation Charge, Account, Sale Price, VAT, Notes, Total Loss.
Dispose of: In case there is no residual value then you may simply dispose of the Asset by clicking on this, a window containing asset summary and details will be opened. In the details section, you can enter the detail such as Date, Depreciation Charge, VAT, Notes, Total Loss.
Depreciation: To charge the Depreciation, click on this icon. Please note that if Accumulated Depreciation is not allocated in case of b/fwd Assets then the system will not allow you to Charge the Depreciation on the rest of the Assets.
Once all the Accumulated Depreciation is Explained, you are able to charge the Depreciation by providing relevant dates and click on calculate icon. The Depreciation will be charged and you may then save the details.
Auto-Journal: If in case user runs the depreciation then it will debit the selected profit and loss Account whilst editing the fixed assets (available options: Administration Account/Cost of sales/Selling and Distribution Expense) and credit the “fixed Asset-Depreciation Charge for the Year” in the Balance Sheet.
Roll Back: In case the Depreciation charged is not correct then you may simply Roll back the Depreciation Charged and charge again.
Active: By clicking on Active checkbox button you can activate that particular asset for depreciation.
Auto Depreciation: If you tick the Auto checkbox button the software will calculate depreciation automatically on the basis of accounting Periods created for the particular Client
Disposed: Once the Assets are sold or disposed of it will list to dispose of the window depending on the nature of asset as ‘Tangible Fixed Assets’, ‘Leased Fixed Assets’, ‘Intangible Fixed Assets’.
Disposed Asset can be activated again by selecting the action as ‘Activate’