This is the Fixed Asset Register: the list of everything your company owns and depreciates. That means vehicles, buildings, plant and machinery, computers, office equipment and tools. You record each asset here once, with its cost and depreciation details. The system then uses it to calculate depreciation and to produce the asset reports.
When to use it
When you buy (capitalise) a new asset, and to keep each asset's condition, location and value up to date. An asset must be added here before you can run depreciation on it.
Where to find it
Masters > Fixed Assets.
The fields on this screen
| Section | Field (on screen) | What to enter | Required |
|---|---|---|---|
| Asset Details | Asset Code | Your own tag or code for this asset. Keep it unique. | Yes |
| Asset Details | Asset Name | Name of the asset, such as Toyota Hilux or Lathe Machine. | Yes |
| Asset Details | Asset Group | The group this asset belongs to. It decides how depreciation is charged. | Yes |
| Asset Details | Category | Broad type of asset, used to group the asset reports. It does not decide the depreciation rate. | No |
| Asset Details | Sub-Category | A finer split under Category. Category is a fixed list; here you type your own words. | No |
| Asset Details | Description | (not explained yet) | No |
| Identification | Serial Number | The maker's serial number, as printed on the asset. Your own code goes in Asset Code. | No |
| Identification | Model Number | (not explained yet) | No |
| Identification | Manufacturer | (not explained yet) | No |
| Identification | Brand | (not explained yet) | No |
| Financial | Original Cost | What the asset cost when you acquired it. Depreciation is worked out from this. | Yes |
| Financial | Salvage Value | What you expect the asset to be worth at the end of its life. Depreciation stops once book value reaches it. | No |
| Financial | Useful Life (Years) | How many years you expect to use the asset. Depreciation is charged from the rate, not from this. | No |
| Financial | Depreciation Method | Straight line or written down value. Used only when the depreciation set has no rate for this asset's group. | No |
| Financial | Depreciation Rate (%) | Yearly percent for this asset. Used only when the depreciation set has no rate for this asset's group. | No |
| Financial | Accumulated Depreciation | Total depreciation charged on this asset so far. Set it when you first enter the asset; each posted run updates it. | No |
| Financial | Net Book Value | What the asset is still worth in your books: cost less all depreciation charged so far. | No |
| Financial | Market Value | What the asset would fetch if sold today. A note for you only - it never changes the books or depreciation. | No |
| Financial | Asset Ledger | The account in your chart of accounts for this asset. Depreciation posts to the asset group's accounts, not this one. | No |
| Procurement | Purchase Date | Date you acquired the asset. In the period you buy it, depreciation is charged only from this date. | No |
| Procurement | Supplier / Vendor | Who you bought the asset from. Type the name - it is not linked to your ledger accounts. | No |
| Procurement | Invoice Number | The supplier's invoice number for this purchase. It shows on the Asset Addition Register report. | No |
| Procurement | PO Number | (not explained yet) | No |
| Procurement | Purchase Invoice Ref | (not explained yet) | No |
| Status | Physical Condition | Current physical state of the asset. It shows on the Asset Register report. | No |
| Status | Cost Center | Branch, project or department this asset belongs to. Lets you report profit and cost per unit. | No |
Adding a record
- Open Masters > Fixed Assets.
- Click Add / New.
- Enter the Asset Code (it must be unique) and the Asset Name, and pick the Asset Group.
- Fill the financial details, at least the Original Cost.
- Add whatever purchase and identification details you have.
- Click Save.
What's already there
Your demo company comes with 125 assets already recorded: a fleet of vehicles, plus buildings, office equipment, computers and tools.
Tips and common mistakes
- The Asset Code must be unique. If you re-use a code, you will get a "must be unique" message.
- Cost and rate fields take numbers only. Do not type "Rs" or commas.
- If the Asset Group or Cost Center dropdown is empty, set those up first (Asset Group is under the asset setup screens).
- A "Fixed Asset" here is the asset itself. Depreciation is run separately and reads from this list.